Get Organized

• Being financially disorganized can cost you money and hurt your credit score if you're not paying your bills on time. A single missed or late payment can cause your credit score to drop significantly and cost you in terms of interest and late fees. Creating a filing system for you bills and other financial documents keeps all your information in one place and makes it easier to track when your bills are due.
  
  

Track Spending

• Excessive spending can land you deep in debt, especially if you're using credit cards to finance your lifestyle. Get a notebook and write down every penny you spend for the next month. Once you're able to see where your money's going, begin to cut non-essential expenses. Understanding your spending habits can also help you make a budget and avoid going further into debt.
  
  

Create a Budget

• For many people, budgeting is equated with deprivation. In truth, a budget is simply an organized plan for spending your money each month. To make a budget, you have to know how much money is coming in and how much is going out. If your bills are more than your income, it may take a combination of working more and cutting expenses to get your budget to balance.
  
  

Eliminate Debt

• If you're carrying debt from month to month, you're essentially throwing money away on interest and fees. While you may see nothing wrong with paying just the minimums, you'll end up paying two or three times the original purchase price in the long run. Even if you've established a budget and cut your spending, you may have to cut expenses even further to make getting out of debt a top priority.
  
  

Become a Saver

• Saving money is a habit and like anything else, it takes time get used to it. Setting aside a specific amount of money each month can help you become a saver and build up a cushion in case of emergencies. If you're not a saver by nature or if your budget is stretched to the limit, start small and increase your savings over time. Gradually increase your savings as you pay down your debts.
  
  

Set Goals

• Setting financial goals keeps you motivated to manage your finances and it also gives you an idea of the progress you're making. The key is to set goals that are reasonable, achievable and directed toward a specific purpose. For example, if you're in debt, don't set a goal of paying off $20,000 in one year if your income is only $30,000. Set goals that are realistic to your financial situation and don't get discouraged if you fall short.