1. Keep a record of all of the money you spend in one week.

To get a specific idea of where your money is going, keep a close record of it for one week. Every time you spend money, take a quick note of where you spent it. At the end of the week, take a close look at what you’ve spent.

2. Create a budget.

Based on your record of that week of spending, make a budget for yourself. Be honest and realistic about what you can afford, and be as specific as possible. Start with your fixed expenses – things that you can’t change or reduce, like your rent payment or your electricity bill. Then add your variable expenses - any costs you have that could change from week to week, such as buying a cup of coffee, shopping, etc.

3. Pay your bills on time.

Bills are one of your fixed expenses, and by paying them on time, you can protect yourself from late fees and charges that go along with missing payments. Even making the minimum payment on a credit card balance is better than missing a month.

4. Cut $10 a week on your spending.

Take a look at your variable expenses, and prioritize. Decide where you can save $10 a week on those expenses. Put that $10 aside to save for a rainy day – or an unexpected cost, like a car repair.

5. Be careful with your cash spending.

Use your budget to provide yourself with a daily “cash schedule.” Every morning, put only the amount of cash you’ll need that day into your wallet. Leave the rest of your cash in a safe place at home. If you use a checking account and ATM card, make a schedule of ATM visits for each week, and stick to that schedule. Unscheduled trips to the ATM, or extra cash in your wallet, can often cause unexpected and unnecessary spending.

6. Clip coupons.

Coupons can be a great way to manage your spending and save a few bucks. They are available in any local newspaper, and you can also find great coupons online – for example, at couponmom.com or coupons.com. Each week, set aside thirty minutes or so to find coupons for the expenses you have every week – groceries, for example. Keep track of the money you save using coupons – and put that amount aside.

7. Make a “Goal List” of larger, more expensive items for which you can save.

Once you’ve figured out your weekly spending, you can create a list of longer-term spending goals. Maybe you’d like to go on a weekend trip somewhere, or purchase a larger television. By setting a goal for yourself down the road, you will be more motivated to save the $2 you might have spent on that second cup of coffee.

8. Establish a savings or checking account at your local bank.

Most checking accounts at local banks are free to start, and require no minimum balance. In fact, if you don’t already have an account, you could open one using the first $10 you save in your first week of budgeting. By opening an account, you can start to keep close track of your money – and it gives you a safe place to store your money and manage your spending.