Fewer than 6 in 10 Americans, just 58 percent, track their spending against a monthly budget. Getting a handle on your spending helps you determine where you can cut back. Begin by tracking your spending for a two-month period. Then take this information and build a realistic monthly budget. Don’t sit down one day and try to guess what you spend. Each month, track all of your expenses — everything from the tips you leave to the monthly mortgage payment.  After two months, you should be able to create your budget and hopefully find places to cut back.