6) Put all “paid” items away first. Be ruthless – it’s perfectly okay to toss receipt for those mints from two years ago.

7) Put rest of inactive items in envelopes, file folders, check files or other storage devices as are interesting, functional, and readily available from your local office supply store.

8) Have another cup of coffee and tackle active, or open, items. Decide what you’re going to pay and when. If you have an open stacking file, you will find one with four compartments (one for each week of month), very handy for this purpose.

9) Balance your checkbook. Now.

10) Enjoy your chocolate after putting everything away where it belongs and, oh, by way, check calendar for when you’ll be doing this again next month.

Of course, next month this will all be done much faster.

I highly recommend using technology to make this much easier and faster. Programs like Quicken and Microsoft Money will help. Really any spreadsheet program will do.

Have a category for each life area you spend money. Once a week or month take your receipts, checkbook records and scribbled notes and record where you spent ALL your money....every penny. One of my students was shocked to find out he was spending $75 per month on orange juice!

Legend has it that Rockefeller boys kept track of all their spending and they turned out alright.

This time next year you’ll wish you started today.

The ideal situation is to either owe or get back $100.

If you get a big tax refund then you should adjust your allowances. The more allowances you claim, less money is withheld from your check for taxes. It generally does not matter how many allowances you claim. If government gets it's money they really don't care how many allowances you claim.

Here is how to get it right. Take time to complete appropriate worksheets included on Form W-4. The worksheets will help you determine your withholding allowances based on your income, adjustments, deductions, exemptions and tax credits. The worksheets can help you figure right amount so you don't have too little withheld.

The IRS now has a calculator on their website which you can now access anytime at: http://www.irs.gov/individuals/article/0,,id=96196,00.html

If you need help ask your payroll administrator at work or an accountant.

Keep your money working for YOU!

Leo J. Quinn, Jr. owner of www.LeoQuinn.com is a financial educator from the Albany, NY area. For over eight years he has been helping thousands of people get control of their finances and get out of debt in a fraction of the normal time. He has a special offer for readers of this newsletter at http://www.1shoppingcart.com/app/adtrack.asp?AdID=132551