Gary North

These are basic rules. Don't violate them.

The basic plan is to start budgeting.

First, find out exactly what your income is after taxes. Use budgeting software or some other tracking tool to record this. This is your upper limit. No corner-cutting. No more games. This is it.

Second, find a way to bring in a little more money. Sell something. Have a yard sale. Do some baby sitting. Anything. Just get in more money this month.

Third, look for things to cut. Entertainment. Packaged foods. Brand-name items at the supermarket. Anything. Cut. It's a diet. You must cut back on spending.

I assume you have bought shopping list notebook. Use it.

Fourth, tell your children that cost-cutting is important. Tell them that you will spend less money on them, but you will spend more time. Find ways to do this. Go to the library regularly. Go to a park. Make it clear that they are important to you. They would rather have more time with you than trinkets.

Fifth, tell your friends the same thing if you spend money on joint entertainment. Tell them that you want to spend time with them, but you must stop spending money. This is part of the process of admitting to yourself and others that you have a problem.

Sixth, forget about a vacation away from home this year. You cannot afford it unless someone else pays for it. If grandparents are willing to pay to take you somewhere, fine. Tell them the new rules: you cannot afford it. If they offer to take you somewhere, fine. Don't ask.