According to the Financial Planning Association, 60 percent of Americans have no savings and are totally dependent on the next paycheck to meet living expenses.  If you have found yourself on the edge of your seat hoping your paycheck hits your checking account before your bill payments do, consider a little advice from the experts at Consumer Credit Counseling Services (CCCS), a division of Money Management International (MMI):

• Track Daily Expenditures: Carry a pocket size notebook and track every penny you spend for a month or two--from the packs of gum to vending machine snacks to lottery tickets. At the end of the month, examine your spending and determine which areas can be cut back to create surplus. You’ll be surprised to see how much money is being spent on items that could be easily sacrificed.
• Develop a Spending Plan: Regardless of how much you earn, you should take account of what's actually coming in and what's going out. It should be a monthly spending plan you can commit to. Categorize your expenses and note how much of each paycheck is needed to cover each category. Your monthly goal should allow you to end up with a budget surplus--money saved rather than spent. Reevaluate your budget quarterly and make adjustments as needed.
• Establish Priorities: Make a list of all your financial obligations and set priorities. Remember your housing and basic living expenses should be top priority. Consider calling creditors to request due date changes and reduction of your APR and minimum payments. Also, remember to communicate any dramatic changes to the family budget with all members of the family. It’s important that all members of the family understand the financial situation so that they can support change.
• Remember to Pay Yourself: It is easier said than done, but saving is one of the most important financial obligations. Setting money aside for emergencies could make the difference between a minor financial setback and major financial crisis. Consider having a portion of your paycheck automatically deducted into a savings account, your 401(k) or individual retirement account (IRA). This will discipline you, and guarantees that money is saved and invested in case of an emergency and to secure your financial future.
• Set Financial Goals: Decide on short- and long-term goals, and develop an action plan to make them happen. Let's say you want to pay off all your credit-card debt or contribute more to your 401(k) or retire early. Make your goals specific and measurable. For example, if your goal is to save an additional $100.00 a month, then determine what specific steps are needed to accomplish that goal. Maybe it is as easy as taking your lunch at least four days a week or buying regular coffee instead of gourmet brews, and stuffing an envelope with $3.25 a day instead.

Finally, if your financial obligations become overwhelming and you find yourself losing control, seek help. Your human resource department or employee services may have options available. Community service agencies such as the United Way and your local CCCS are also available and generally offer a number of services to assist you in gaining control over your finances. For more helpful budgeting tips, visit www.moneymanagement.org