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10 tips to create a budget

What does a bank, a sock, a cookie jar, an envelope, a mattress and one of those little purple velvet liquor bags have in common? If you said, "places where folks keep their dough," then you are right on the money.

While everyone has a budget, some people have better budgets than others. We asked Susan Tiffany, editor of the Credit Union consumer Facts, a publication of the Credit Union National Association, to come up with 10 tips for creating a good budget. The following are her suggestions:

1. MAKE GOALS

Goals can be as short-term as buying a new pair of shoes next week, or as long-term as going on vacation next spring. "But without them, you have nothing to reinforce your efforts," Tiffany says. "Start small and be realistic about what you want to accomplish. Make your goals personal. Decide what you want, not what someone wants for you."

2. INVOLVE YOUR ENTIRE HOUSEHOLD

If it's just you, great. but if you have a spouse and/or children, sit down together as a family and talk about your finances. Create a budget together, and explain to everyone that they may be asked to make sacrifices. "If you're not open and honest with the rest of the family," she says, "you run a risk of them sabotaging your budget by not adhering to it."

3. BUDGET IN FUN

A budge that leaves no money for an occasional dinner at a nice restaurant or for a family outing at an amusement park is designed to fail. You have to pay yourself first. Your budget should help you, not put you in a bind.

4. SAVE, SAVE, SAVE

If you're not having luck saving the traditional way, change your mindset. Most people look at saving as putting away money for a rainy day. But a better way to look at it is putting away money for a trip to Hawaii. And if a rainy day comes before you save enough for that trip, then fine, spend what you need to spend and start saving again for your Hawaiian vacation. It's a lot easier to look forward to a positive goal.

5. TAKE INVENTORY

If you don't know where your money goes, how do you expect to manage it? For a week, keep a record of how you spend your money. If you buy a cup of coffee, write it down. Then go back and figure out ways to cut your weekly expenses. Maybe buying regular coffee instead of the gourmet kind will save you $10 a week. Sounds small, but over a year it will really add up.

6. REMEMBER: SAVING IS HABIT-FORMING

A wise man once said that "a bad habit is easy to make but hard to live with. But a good habit is hard to make and easy to live with."

7. EXPECT CHANGES

Look down the road, and get into the habit of thinking ahead. If you know that your situation is going to change -- a new baby, new clothes for winter, a new job -- plan for it. If not, these things will catch up with you and blow your budget.

8. GET RID OF HIGH-INTEREST DEBT

Focus on identifying high interest-rate debt and work on paying that debt off. check with the credit union of your job; many have lower percentage rate credit cards and loans. The best way to keep from spending too much on credit cards is to be open-minded about what you're spending.

9. FIND A SYSTEM THAT WORKS FOR YOU

It could be the envelope system, a bank or a credit union. If it works for you and your family, use it. Experts warn, however, that it will be harder for you to save if you keep your money where it is always available to you.

10. REMEMBER: YOU H AVE TO WALK BEFORE YOU CAN RUN

Creating and sticking to a budget that works won't be easy, but in the end it will help you make the most of your hard-earned money.