Most of us know someone greatly affected by the economic downturn of recent years. They may have lost their jobs, their home or may have health problems that prevent them from seeking work. You also may have noticed that the effects of their economic hardship may have been amplified lacking a financial plan. Many financially-savvy families have lived for years religiously within a budget. It has become part of their lifestyle. Others have lived paycheck-to-paycheck. Still others are one paycheck away from bankruptcy. Do you find it important to have a personal budget and savings? Do you have money for a rainy day?

If not, developing a budget may be of great help. A budget is a blueprint to your financial future. It can be simple like setting aside envelopes of cash to cover each monthly expense category or more elaborate computer software that tracks your expenditures. The important thing is to have a household budget and to stick to it.

Here are some tips.

See more articles on creating and using budgets.