New easy savings program credit card cash savings rewards - make sure to apply for credit cards that return a cash reward every time you use it. It is recommended you use this time of credit card for all your purchase daily. However, in order to appreciate the savings of this type of credit card returning cash for each purchase, you must pay off the balance every month. If you use a credit card, make sure to get credit cards that return cash rewards or merchandise rewards. Don't use a credit card that gives you no rewards for using that credit card.

Develop a budget - To start you must record every expenditure you and your family members make for one month. This includes everything, even the pocket change you use to buy snacks and coffee. This arduous task will give you a clear picture of where your money goes. Then, look for areas where you can cut expenses. Spend wisely and control spontaneous spending.

Curb spontaneous spending - The little things like daily coffee and snacks add up. The economist says a cup of coffee from the local coffee house every day, eating out at lunch and the weekly lottery tickets can keep you from paying down debt or setting up a savings account. Pack your own lunch most days of the week and pass up the soda and snack machines and watch the savings add up.

Pay off credit card debt, or as much debt as you can. Always try to make the largest payment you can on credit card bills, not just the minimum payment. Minimum payments are around four percent. Apply extra payments to the bill with the highest interest rate. If you have extra money because of a bonus or a gift, put at least half of the total toward an extra payment on your debt to accelerate payoff.

Set aside an emergency fund - Experts suggest setting aside at least three months’ take-home pay for emergencies before building a savings plan. Individuals with salaries that fluctuate, such as people who work on commission or in seasonal work, should build up six months worth of take-home pay. This allows you to dip into the emergency account when an unexpected expense or emergency arises.

Plan for retirement - The money you save early earns the most for you because of the principles of compound interest. People who begin a retirement account in their 20s will have far more saved than a person who starts after age 40. If your workplace has a 401(k) plan, you avoid paying taxes on any money saved until it is withdrawn. Some employers match what you put into a 401(k) plan. Max out your 401(k) plan to take advantage of this free money.

Determine your net worth - List your total assets including mutual funds, savings, cash value of life insurance, valuables and the value of your home’s equity. Then subtract estimated liabilities, such as your mortgage, car loans, credit card and other consumer debt. The amount you come up with is your net worth.

Save more tax-deferred - Higher contribution limits remain in effect for tax-deferred employer retirement plans and IRAs, as well as additional catch-up savings for persons age 50 and over. For 2007, the maximum contribution limit for IRAs was $4,000 per year or $5,000 for individuals age 50 and over. Flexible spending accounts are a tax-saving strategy. These accounts allow workers to set aside pre-tax dollars to pay for health care expenses not covered by health insurance plans. In some cases, they also can be applied to child care or dependent care expenses.

Spend wisely - One way to save money is to comparison shop. Plan the time of major purchases, if possible, during sales.

Make a will - Young household heads can die or become disabled just as easily as senior citizens, causing many families to lose a significant source of income. Make arrangements to care of your family if tragedy strikes. A will allows you to decide how your assets will be split after your death. In addition to preparing a will, purchase adequate life and disability insurance.

Inventory your possessions - Hurricanes Katrina and Rita and the ensuing floods have taught all of us the importance of being able to document the value of lost or damaged possessions. Use a camera or camcorder to take videos or photos of household possessions and store the “evidence” with a friend or relative in another state.

Organize your important papers - A systematic plan for keeping track of important papers can save hours of anxious searching, help preserve peace and harmony in a family, and make it easier to cope with emergency situations. Legal and safety factors enter into developing a financial record-keeping system. Many records and papers can be kept in a home file for ready access, while others should be left with your attorney, placed in a safe-deposit box, or put in a fireproof, waterproof, and burglar-proof home safe. A good rule to follow is to keep the item at home unless it is a legal document or is difficult to replace or duplicate. Then it should be kept in a safe-deposit box or possibly left with your attorney. Read “Organize Your Important Papers.”

Review your insurance coverage - Consider saving on what you pay by raising deductibles. You may want to consider term life insurance, which is much less expensive than policies that have a cash value.

Check your credit report - Study the report carefully to make sure that all information and numbers are correct. Have any errors or omissions corrected. You can obtain one free copy of you credit report from each of the three major credit reporting agencies each year. Go to AnnualCreditReport.com for more information.

Keep up with the details - Balance your checkbook every month. Look at advertisements to get the best deals at the grocery store. Take a look at your bank fees to see if there are ways to reduce what you are paying. Making small changes can go a long way.

Teach your children how to manage their money, so they can begin to create a successful financial future. By starting now, by the time they reach adulthood, they will possess the skills and habits necessary for financial stability.