But what about your own personal finances? Has a little "fat" settled into your special interest spending or have you taken on a little too much debt? Maybe it is time for your own personal review.

It's not easy cutting back from two incomes to one, but it can be done with a little bit of planning. It is a challenge that is confronting more and more people now and in the future, according to labor experts. You may find yourself forced into it by layoffs or a disabling injury. Others do it by choice as a lifestyle change, tightening their belts so one wage-earner can quit a job to raise children, go back to school, or start a new business.

Whatever the reason, the process of adjusting your spending or finding extra savings for investment involves several simple steps. First, you need to create a "spending plan". Who needs a budget when you can have a spending plan. This will show you your income and assets that are available and how much you will be spending during the month.

Sort your spending into two categories: fixed expenses that you can not easily change, like car payment or mortgage, and variable expenses that you can control like groceries and entertainment.

To make sure your plan is based in reality, collect all your receipts for one or two months and analyze them. Examine your checkbook and last year's tax returns. Don't forget quarterly or semi-annual payments like insurance and taxes. That will help you get an idea of what you actually spend. Now look for ways to cut spending. Hold a family meeting or grab a friend to brainstorm for ideas. Make it fun! Set a family goal and work towards it together.

It's not a smart idea to stop saving. Keep the saving habit going so you don't lose the discipline. Get out the old Mason jar. Fill it up with loose change & then reward yourselves with a night out, a trip or an extra contribution to your savings plan. (See "How Much Did That Cost").