Very few spending plans are perfect on the first try. Be patient and keep trying. Only by keeping track of where you went over or under your goals can you arrive at a plan that works well for you.

To be effective, money management must concentrate on both the spending and the plan. A good plan will provide a flexible way to incorporate unexpected expenses, emergencies, changes in the economy, and income shifts.

Studies find that families who plan their spending and make changes in their buying habits are the most satisfied with how they manage their finances. Families who don't plan spending or make changes when income changes feel more out of control and dissatisfied.