1. Gather every financial statement you can.
2. Record all of your sources of income.
3. Create a list of monthly expenses.
4. Break expenses into two categories: fixed and variable.
5. Total your monthly income and monthly expenses.
6. Make adjustments to expenses.
7. Review your budget monthly.

LONDON—The credit crunch will cost London 62,000 financial jobs or finance related jobs in 2008 and 2009, wiping out the hiring gains of the past decade, a British economics consultancy group said in a report on Monday.

The number of professionals in London’s financial industry — Europe’s biggest — will drop by 28,000 this year from the 2007 level and a further 34,000 jobs will go next year, said the Centre for Economics and Business Research (CEBR).
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