How to stretch your earnings

Do you feel like you're living from paycheck to paycheck, even though you're making a pretty good salary? If so, it's time to take a step back and analyze where your money is going.

Ask any financial professional and they'll tell you, the best ways to save money involve self discipline. Some simple money management strategies can go a long way.

A good first step is to track all of your expenses for a month. Every time you get money or spend it, write down where, what, when and how much you spent. You may want to purchase a small notebook for this task and carry it around everywhere you go so you won't forget any of your transactions.

Once you have a few numbers written down, begin to categorize your spending. You can include whatever categories make sense to you - food, clothing, transportation, entertainment, etc. After a few weeks, add up how much you spent in each category. A lot of people find they're spending a lot more than they realized - often on things they don't really care about.

Chances are this process will inspire you to change some of your habits so you can meet the financial goals that are most important to you. Here are some money management strategies to try:

* Shop sensibly and use all means necessary to save by looking for sales, using coupons, discounts and rebates.

* Get involved with networking groups and bartering clubs.

* Start a savings account and put a portion of your salary into it every payday.

You may also want to meet with a financial professional who will sit down with you and help you figure out the best way to divide up your paycheck.