One of the first things you need to gain control over your own finances is an honest assessment of your current financial flows. Every single mother needs to know how much money is coming in, how much money is going out, and how much she owes to credit cards, banks, or other creditors. You cannot build a financial future without a clear picture of what you owe, what you earn, and where your money is going.

A budget worksheet is a great way to organize your finances to make sure you're not spending more than you have can afford and to keep yourself on target to reach your financial goals. While it is almost impossible to hit your budget figures exactly during the first few months, use your shortcomings as the road map for crafting a truly refined, workable budget.

Basically, to create a workable budget, you need to assemble the following information:

• After-tax income: This is the amount you receive in a check after your employer withholds income taxes. To raise your standard of living, find a way to raise your income.

• Savings: Paying yourself first every month means building a financial cushion and a lucrative future. The more you can increase your savings, the better.

• Required expenses: These are your unavoidable, necessary costs. Trim where you can, and if you are living beyond your means, lower your expectations and your spending budget.

• Expendable expenses: These are the things you may enjoy but that you don't need to live, such as alcohol, jewelry, expensive groceries, fancy coffees, dining out, movie rentals, or cable television service. You can seriously pare down or eliminate these budget items.

It's important to figure out every conceivable expense that weighs down your true-life spending pattern. Use the following list as a guideline for creating the in-depth list of expenses you will need to create a thorough, realistic, functional budget:

• Rent or mortgage

• Personal and residential taxes

• Medical insurance, dental insurance, glasses or contact lenses, medicine, co-pays

• Car insurance, gas and car maintenance, parking expenses, tolls

• Home or renter's insurance

• Utilities (electricity, water, gas), Internet, cable, telephone, cell phone

• Groceries, eating out, entertaining at home

• Loans or credit card payments

• Savings

• Tuition or student loans

• Grooming expenses (haircuts, cosmetics)

• Clothing and clothing maintenance, shoes, coats

• Entertainment (movies, concerts, book purchases, coffee, night out with the girls)

• Special occasions (birthdays, weddings, Christmas)

• Emergencies

• Professional associations, conferences, classes

• Gym or club memberships

• Vacations, getaways

• Veterinary bills

• Children (school activities, tuition, child care, medicine, lessons)

If you've made your budget and you can't figure out how you will be able to save money given your current income and circumstances, first consider reducing some of your expendable expenses, and then reduce required expenses until you can bolster your income. If you can raise your income and still keep your budget costs level, you can plow the overflow into savings or investments. Whatever you do, avoid spending more than you earn.

Here's a sample budget reflecting narrow margins and a budget that restrains spending:

Sample Budget for One Month

If you can manage it, it's very wise to save the amount of your budget buffer. If your buffer is negative, you need to cut expenses and/or increase your income.

Review your budget regularly and make adjustments to reflect changes. If your salary bumps up slightly, make sure you know exactly how much extra cash is actually coming in. Before you rush out to buy a fancier car, allocate a healthy portion to paying down your credit card debt or to upping your monthly savings.