Mid August means one thing. You have just over three months before summer arrives. For me, this means three months to lose the winter bulge and to save for an end of year holiday.

Why not aim to save just that little bit more in the next three months so you can take that well-deserved break this summer? Here are some handy budgeting tips to get you started…

Discover these 4 steps to a debt and guilt-free 2009

It’s frightening how fast this year's gone. You may still be trying to reach certain goals before the end of the year. Perhaps you to get your finances back on track? Well, this ‘bare-bones budget’ is your fast track to get your spending down and increase your bank account for that well-deserved break in December. Set aside one to two hours this week to make this your emergency budget.

1.    Itemise your current expenses from your rent and bigger debts, right down to your breakfast snack and cuppa.

2.    Cross out the non-essentials. For me, this is the hardest part. I tend to think my gym contract's an essential. If you’re struggling to figure out which is which:

• A bare-bone budget includes things like rent, utilities, petrol, minimum debt repayments, essential food items, basic cellular phone, insurance, essential family expenses (such as schooling) and personal care (including medications, toiletries, work clothing and hair maintenance)

• This budget should NOT include things like entertainment spending, satellite TV, accessories, cell phone extras, eating out, petrol for non-essential trips, hobby spending (such as that gym membership) and non-essential personal care (cosmetics, massages, colour, pedicures etc).

3.    Carry over the remaining items into a budget worksheet. Check out some budget templates on www.vertex42.com for free, printable worksheets.

4.    Total up your expenses. This amount is the minimum you need to remain up to speed on your bills, while still comfortably surviving.

Be honest with yourself about which of your expenses you need to keep you happy and fulfilled. You should also add money to your budget for those unforeseen expense emergencies. If you’re starting to feel deprived while saving up, seek out free entertainment to get you through till the happier summer days.