1. Understand your income. You know where your income comes from and your financial peaks and valleys through the year.

2. Understand your expenses. Ahh… the “financial forensics”— digging into every nook and cranny to capture the essence of your monthly, quarterly, and yearly expenses.

3. Set goals. Remember all that stuff about short-term, medium-term, and long-term goals? Talking it over with your spouse in the context of your newly acquired income and expense enlightenment? If you really did do this, you're in great position to move forward.

4. Understand your habits and situation— much ado about where you spend, how you spend, and who in your family spends.

5. Get savings and spending mechanisms in place. Create the proper savings and reserves setup, the right credit cards, the right checking accounts, to put it “on the tracks” and keep it running.

6. Plan your income. Now that you know your income sources and their timing, you can lay out an income plan.

7. Plan your obligations. These are the “must-pays,” such as mortgage, rent, insurance, property taxes, car payments, and the like.

8. Plan your necessities. These are the “consumable” items and expenses, such as food, utilities, and basic maintenance expenses.

9. Set aside pocket money— spending money for daily and weekly incidentals, such as lunches, coffee, snacks, and video rentals.

10. Create a family allowance. This is where your family spending goals are covered, as well as recreation, entertainment, and routine outings.

11. Create a personal allowance. Your “PAL” is discretionary money that you alone can spend to meet goals or for whatever you want.

12. Balance and re-balance. Most often your budget doesn't come out the way you want— not enough to meet your goals or give you an adequate family or personal allowance. Push and pull, and come up with a plan that achieves an acceptable balance. Remember, you are in charge!

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