BUDGET CAN BE BEST GIFT OF ALL.

Byline: Gene Tharpe Cox News Service

Most gifts cost money. A budget will save money.

With the holiday season coming to a close and the new year soon to begin, starting a budget is a good financial gift to give yourself and your family.

Stick to a budget, and next holiday season you should have more money to buy gifts - and, much better, have greater control of your finances all next year and beyond.

``Better everyday spending decisions can make a huge difference in your ability to attain financial security,'' said Frances Smith, director of Consumer Alert, a consumer group.

Many people shy away from budgets because they consider them too dull, cumbersome and time-consuming. But there are definite advantages to keeping a budget that make it well worth the effort.

``You'll see exactly where you are, in terms of income and outgo, and you'll be able to make needed adjustments,'' said Grace Weinstein, author of ``The Lifetime Book of Money Management.''

``You'll be able to stop the dribbling away of money in nonproductive ways, the kind of dribbling away that inevitably occurs when you're not keeping track,'' she added.

Setting up a budget does take some time and, once in place, discipline to maintain it. But hang tough with a budget, and you will have a much better chance of meeting financial goals - getting out of debt, a down payment for a home - and saving and investing for college expenses and a secure retirement.

A budget is individualized to fit the lifestyle of the person keeping it. But in all cases you go back six months or so and, with checks and bills, document how you are spending your money. If you often come up short at the end of the month, this will show you why.

Expenses will be ``regular,'' such as mortgage payments, or ``variable,'' such as auto repairs. Some variable bills will be out of your control, but most are not. They are the ones, such as entertainment, that you can adjust to ensure your spending is not greater than your income.

Consumer Alert offers a ``Take Charge Budget Worksheet'' to help you establish a budget. For a free copy, send a business-size envelope - stamped and self- addressed - to Budget, Consumer Alert, 1001 Connecticut Ave. N.W., Suite 1128, Washington, D.C. 20036.