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In recent years, two conflicting trends have surfaced within the American culture. Many people agree that Americans are earning more than ever before, but are saving less. What is a solution to this problem? Develop a household budget.

Here are the steps to help you get started:

• Determine your net monthly household income (subtract taxes and other payroll deductions). Remember to add any supplementary income such as interest, stock dividends or income from rental properties.
• Assess your monthly expenses. Reviewing the past will help you anticipate the future. Don't guess - take time to analyze your spending habits by reviewing old bills and returned checks.
• Establish major budget categories. Review the amount you spend each month on food, housing and utilities, loan payments, dependent expenses, medical bills, taxes, insurance, recreation, clothing, and personal care items.
• Review your budget. Track your budget periodically. If you get off track, look for ways to cut back.
• Put your computer to work. There are several inexpensive, user-friendly programs that can help make budgeting fun and interesting.

Another way to start saving money is through a systematic plan. When a portion of your salary is automatically transferred to a long-term savings account, you're saving money regularly and learning to meet expenses with less money.

Learning to budget your money allows you to start achieving long-term financial objectives like saving for college tuition, retirement and other important goals.

By: Catherine A. Bernard, Senior Financial Representative, Financial Advisor, Princor Registered Representative.    

Catherine A. Bernard  is a Financial Representative of Principal National Life Insurance Company and Principal Life Insurance Company and a Registered Representative of Princor Financial Services Corporation. Securities offered through Princor Financial Services Corporation, 800/247-1737, member SIPC. Principal National (except in New York) and Principal Life are issuing insurance companies of the Principal Financial Group. Principal National, Principal Life and Princor^® are members of the Principal Financial Group^®, Des Moines, IA 50392. Catherine can be reached at bernard.cathy@principal.com or Toll Free (866)287-2638 ext.557.

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