WASHINGTON -- I know a lot of folks would agree with writer Mason Cooley who said, “A budget takes the fun out of money.'' Some people think a budget means they have to live an austere life. In fact, in an effort to get people to budget, some experts say don't call it a budget at all. Instead, they say call it a “spending plan.''
    
The name change is intended to make you feel better. It's supposed to put the focus on the fact that you can still spend on a budget. If it makes you feel better, call your budget a spending plan. Call it a financial blueprint or call it whatever it takes to get you to figure out how much money you have coming in and how much is going out, because that's all a budget really is. Truth be told, many people are never taught how to create a budget.
    
So, let me show you the way. For the Color of Money Book Club selection for January I've chosen “Quick & Easy Budget Kit" by Jennifer Openshaw ($24.99, Family Financial Network). The kit includes a CD and workbook that can be used together or separately. And the CD allows different family members to create their own budget under their own username and password.
    
Can you budget without this kit? Sure you can. But have you?  If not, try this kit to jumpstart your New Year's resolution to get your financial life in order. Openshaw, who is CEO of Family Financial Network and a frequent guest commentator on CNN, says she is on a mission to show people how to budget to financial success.
    
“A budget doesn't have to be complicated,'' Openshaw told me during an interview. “You don't even have to follow a budget day in and day out. You budget so you can be conscious of your spending.'' Here's how you begin to budget, Openshaw writes:
     -- Step One: Determine where you stand financially. Figure out your net income and net worth and how much money you really have to spend.
     -- Step Two: Estimate what you're spending. Openshaw says it's important to see how you think you've been spending your money. “One of the biggest budgeting mistakes people make is underestimating their expenses,'' she writes. “Thanks to credit cards that allow people to spend money they may not have, most people actually spend more than they think they do.''
     -- Step Three: Find out where your money is really going and how much you're spending and saving.
     -- Step Four: Make reasonable cuts in your spending to make sure you aren't spending more than you make.
    
Throughout the workbook and on the CD there are a number of tips to help you balance your budget, including suggestions on such matters as how to reduce your long-distance telephone bill or cut your entertainment costs. The workbook and CD also have a feature I particularly love. There is a table where you can compare your actual spending on various budget items to the national average in the United States. For example, Openshaw reports (using information from the Bureau of Labor Statistics) that on average people spend nearly 17 percent of their annual income on food and nearly 6 percent on clothing. Your household spending needs may be different, but at least you can see how you compare with others, Openshaw says.
    
I like Openshaw's budgeting philosophy: ``Budgets aren't meant to be boring but they do help you fulfill your dreams and goals.''
    
Budgeting is really just planning, she says. “It's deciding in advance how you want to spend the money you take in each month -- rather than making spending decisions on the fly.'' Openshaw said she is so committed to making sure people budget that she is giving away 1 million free copies of the budget CD for a limited time (you have to order by Feb. 15). The CD is available at www.freebudgetkit.com (however, you will have to pay a $4.95 shipping and handling fee).
    
Overall, this is by far one of the easiest budget programs I've seen. If you're not computer savvy or you don't have a computer, then use the workbook. The full kit, with workbook, is available at amazon.com and on Openshaw's Web site at www.familyfn.com.
    
To become a member of the Color of Money Book Club, all you have to do is read the recommended book and come chat online with the author.  If you are interested in discussing this month's book selection on budgeting join me online at www.washingtonpost.com at 1 p.m. (EST) Jan. 19. My guest will be Jennifer Openshaw. 

Listen to Michelle Singletary discuss personal finance every Tuesday on NPR's ``Day to Day.'' To hear her reports online go to www.npr.org. Readers can write to her c/o The Washington Post, 1150 15th St., N.W., Washington, D.C. 20071. Her e-mail address is singletarym@washpost.com. Comments and questions are welcome, but due to the volume of mail, personal responses may not be possible. Please also note comments or questions may be used in a future column, with the writer's name, unless a specific request to do otherwise is indicated.
    
(c) 2005, Washington Post Writers Group