If you're not sure how to begin setting a budget, a new free online tool from Dave Ramsey may help you get started.  The resource is called "Gazelle Budget Lite".

To begin, you enter your monthly income, and then the software automatically enters a recommended target amount in categories ranging from savings, giving, housing, utilities, food, etc.  From there, you can adjust the categories according to your individual situation.

In each category, the tool will explain what kinds of expenses should go into each one and will tell you how much room you have remaining in your budget to make additional adjustments.  When you are finished, you can print your budget for later reference.

If you want to keep track of your spending against your budget, you will need to use something else in addition to this starter budget.  Several options include pencil and paper, cash in envelopes, a spreadsheet, Microsoft Money, Quicken, Quicken Online, Wesabe.com, or Mint.com.  Dave Ramsey also has a subscription online budgeting site called MyTotalMoneyMakeOver.com.  It is important that you find a system that suits you.

To try out the Gazelle Budget Lite tool, click here.