By Sandy Barnes
Berthoud Recorder

In these challenging financial times, much advice is being offered about ways to save money and live frugally. For many senior adults living on a fixed income, money management is especially critical.

Making a realistic budget can be an essential tool for getting and keeping a handle on finances. While there are many sources of information about how to develop a budget, a recent article on the MSN Money Web site offers these helpful guidelines:

• First, figure out where your money is going each month. Tally expenses, keeping careful records.
• Decide which expenses are wants and which are needs.
• Assess grocery and utility bills and consider ways to reduce them.
• Review telephone and cable TV bills.
• Balance expenses with total income and see where deficits may be.
• Account for big expenses that occur once or twice a year such as property taxes and car insurance.
• Prioritize expenses and eliminate unessential ones, if necessary.
• Include an emergency fund for unexpected expenses such as home and care repairs.
• Use a debit card instead of a credit card to keep down debt accumulation.
• Review your budget each month and make necessary adjustments.