Create a detailed budget: Budgeting is one of the oldest and most efficient tools of money management, and yet most Americans fail to follow a budget.
To keep a tab on your finances, you must know where your money is going each month. All you need to do to create a budget is to list your current monthly expenditures, keep a provision for one-time costs (such as annual insurance payments), then draw a comparison between what you earn and what you spend.
