Understand and estimate your current spending patterns. Track your monthly spending and try to account for every dollar spent. For the next month or two, think very closely about how your money is spent. Every time you buy something, pay a bill, or dispose of any of your money, make a strong mental note of what it is being spent on. Better yet, at the end of

Stick to your budget and don't give up. The most important step in financial planning and budgeting is to both be realistic and to stick to your personal budget. If the goal of your budget is to save $100 each month and you aren't able to save any money the first month, don't give up. Repeat the steps in this paper, and find out why you were not able to meet your budget (was it unrealistic? did something unaccounted for come up? or did you misspend?). More importantly, adjust your budget as you go and don't give up on the process. The more you scrutinize and understand your budget, the better luck you will have sticking to it and meeting your goals.

Rationalize your spending, another important rule of financial advice. Think twice before spending your money. I often find myself getting excited about making a purchase and want to jump into it immediately. Before doing so, I make myself step back and weigh that decision. I ask myself “Do I really need that item? or Is the long-term value of that item worth the opportunity cost of spending that money elsewhere?” If you can't find a solid reason to spend your money, then don't spend it!

Save your money. The smartest words ever said by anyone: “A penny saved is a penny earned.” Start small. Don’t give up. Don’t dip into your savings unless it’s an emergency. Every little bit helps. Did you know that if you saved $1 per day and invested it at 10%, you’d have almost $200,000 in 40 years? Every little bit counts, and it is very important that you take this financial advice, get out of debt and save money - and start saving it now. You can save money in many different ways. For example, using coupons at a grocery store or buying things on sale that you would buy regardless of

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