Does the idea of planning for your financial future seem too complex or confusing? Do you think you can't save money because you're barely making ends meet as it is? All excuses aside, there are two good reasons to seize control of your finances now:

• You can no longer count on your employer or the government to provide for you now or in the future. You must make your own plans.
• Financial planning is the key to paying for those big ticket items — buying your own home or funding a college education for your children.

The sooner you start planning for the future, the sooner you'll reap the rewards. Use this guide to help you build your financial freedom.

Establish a Spending Plan

The first step toward financial freedom is establishing a spending plan. The worksheet below will show you how much money you have coming in and going out. Fill in the monthly dollar amounts for each item below. Then, subtract your total expenditures from your total income.

This is the amount you can save without making any changes in your spending habits. A recommended savings rate is 10% of your take-home pay. If you find that your total is a negative number or is less than you would like to save, you need to find areas where you can cut spending. Begin by recording all your expenditures for one month (cash, check and credit) in a notebook so you know exactly where your money is going. Look for areas where you can cut back. Perhaps you can rent videos rather than going to the movies, cut down on your dry cleaning bill, use coupons at the grocery store, carpool to work or take your lunch rather than eating out.

Once you have determined how much you can save each month, enter this amount on your worksheet as one of your permanent expenditures. Pay yourself first by setting aside your savings when you receive your paycheck, before you have a chance to spend the money on anything else. It helps to have savings automatically deducted from your paycheck or checking account. Don’t get discouraged if an emergency cuts into your savings. Just get back on track the following month.