establish a sensible budget from MasterCard.com

A budget takes a little while to establish, but it definitely worth the effort. To get started, keep track of all the money coming in (income) and all the money going out (expenses) for a few months. Certain expenses are for the basic necessities of life — like rent, food, telephone, electricity, transportation, etc. These expenses usually occur every month, although the amount may vary. Other expenses are discretionary or optional — like entertainment and vacations. 

Set up your monthly budget, and then enter the actual expenses as they are incurred. Notice whether you're spending more or less than you budgeted, and take that into account when you set up your next month's budget. 

Once you figure out how you're spending money, you can start to factor savings into your budget. Making savings a part of your monthly expenses helps you commit to an ongoing savings program.

Remember: You may use credit cards to pay for many of your expenses. They allow you to you have the flexibility of paying credit card bills over time. Still, you need to think about how partial payments affects your monthly budget!