You next step is to set up a simple and workable budget. For many people living on a budget is like serving a life sentence in a maximum security prison. It doesn't have to be that way. The worst thing you can do is develop a budget that takes hours every day to manage.

While you are developing your budget you need to look for every way possible to cut corners but you have to be realistic. If you try to budget $400 a month for groceries then you need to make sure that you can make it on $400. If you can't then you have to set aside more.

Being organized is also an important aspect of money management. Assign one member of family to manage budget and bill paying. Setup your files so that you can quickly lay your hands on bills, receipts, contracts, etc.

Deciding you have willingness to get control of your money, setting your goals and developing a budget will all take an enormous amount of discipline to carry it out. I believe that if everybody applied same discipline to their finances that they use to get up in morning, go to work, take care of kids and all of other things we have to do everyday, money management wouldn't be such a struggle for some people.

Today, you don't have to do this alone. The internet has thousands of web sites that are designed to help. Most of them won't cost you a cent. However, it is going to be up to you to decide if you are ready.

What I've been talking about up to now is just spending and saving. There is a whole lot more that our kids need to know than that. They need to learn how to budget their money, effectively manage a checking account, know how to apply for loans and what they can expect to pay for priviledge of using someone else's money, learn what they have to do to make theirselves eligible for loans, how to control impulse buying and list goes on and on.

One other suggestion that I have is to get kids involved in your finances. No, they shouldn't have any control, but they need to find out just how hard it can be to keep everything going financially. It may even show them why you say no to that $80 pair of Nikes.

It's not too late for our generation to get control of our money but, for many of us, it has been a struggle from day one. Wouldn't it be great if we could save our kids from going through what we had to. All it takes is knowledge and willingness to pass it on to our kids and grandkids.

I have put together several links that may help you teach your kids what they will need to know about their money. I hope they help:

http://www.homemoneyhelp.com/BBOonline.html The Complete Budget and Bill Organizer http://www.homemoneyhelp.com/articlearchive.html Several Articles That Might help http://www.kidsmoney.org/ KidsMoney.org http://www.metlife.com/Lifeadvice/Money/Docs/kidintro.html Helping Your Child Understand Money http://www.makingallowances.com/index-fs.htm Making Allowances http://familyeducation.com/subchannel/0,2794,65-189,00.html Kids & Money