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If you're the old-school type who loves to balance their checkbook, more power to you! But know that emerging technology is making it easier than ever to track your expenses in real time, and with more sophisticated software. Mint.com, Quicken, and wallet.ai are all powerful online tools that will help you keep track of expenses and budget for the future. Budgeting is like dieting. A lot of people start with majestic intentions. Then, when they fail to see results within two months, or when they start getting bored, they throw their hands up and quit, telling themselves it's not worth it. Don't give up before the battle has even started. Prepare yourself by acknowledging that budgets take a lot of time and a little effort. Try to give yourself a full year of budgeting to determine whether it makes any difference in your finances. If, after a year of steady, scrupulous budgeting, it still hasn't made a dent in your savings or put a wad of cash in your pocket, feel free to re-evaluate. You won't be disappointed. . No, an emergency fund is not the same thing as your savings fund. An emergency fund is 6 to 12 months' worth of living expenses, frittered away for — you guessed it — an emergency. What if you lose your job? What if your daughter needs to go to the hospital? A host of emergencies can potentially burn a hole in your pocket. Being prepared is the best step, and one that makes a difference in your budget. . A tax refund, if you're entitled to it, can be a huge windfall. Imagine getting a thousand, or two thousand dollars, without really expecting it. Knowing how to spend this potential windfall, however, can be pretty tricky, especially if you're barely above water. Think about contributing to your emergency or savings fund instead of spending it on a new flat-screen TV. According to AARP, American households hold an average of $8,400 in debt. That's a lot of cheese — a lot of cheese you owe somebody else. If you happen to pay off your debt each month with your income, that's great. But if you're like many other people, you might be struggling to pay off your debts each month, meaning that you have to attack things a little more strategically.  Which debts to you pay off first? High-interest debt or low interest-debt? Attacking low-interest debt and paying off certain debt lines altogether is called "snowballing." Attacking high-interest debt first is called "avalanching." If you're highly-motivated to pay off debts, go for avalanching. High-interest debts can gather up lots of compound interest fast, making this approach ultimately cheaper. If you need help motivating yourself, however, you might want to try snowballing, even if it means you'll pay more.
Seek out technological help. Don't give it all up at the first sign of failure. Start contributing to an emergency fund Spend your tax refund wisely Pay off your debts slowly but surely.