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Step 3: Create a Spending Action Plan
Suze's financial prescription for Scott and Carol begins with him admitting his spendthrift ways. "I'm impulsive," he says. "I've made those purchases when I've felt like I needed to make those purchases, and it made me feel good."

Suze says Scott and Carol can curb their spending habits by following a three-step process:   
1. Sit down with your expenses and separate wants and needs.   

2. Circle all expenses that are wants.   

3. If you have debt or no savings, eliminate the wants. "Scott thought he needed to play fantasy football," Suze says. "Guess what? He does not. That is a want."

Do you know how much is coming in—and going out—of your bank account every month? Use Suze Orman's Expense Sheet to get a real look at your budget.
FROM: Best Life Week: Your Money Plan 2009
Published on January 22, 2009
Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.