There's no escaping the tragedy: The end of summer is near. Images of basking in the sun, barbequing late at night, and swimming outdoors will soon fade for much of the country. To savor these last moments, I'll spend time at a traditional state fair, head for an outdoor concert or two, maybe even take in a baseball game, assuming there isn't a strike. Let's see, a long lunch at an outdoor café savoring a glass of cool, crisp white wine is also on the agenda. So is shopping for back-to-school materials, as well as some late-night family movies. Okay, I could go on, but listing these activities is another way of saying that this is not the time of year for watching pennies.

That said, the transition from summer to fall is a good season for making a household budget. I know, but this is a personal finance program. A budget is something we promise we'll do when money is tight. But at the end of a long workweek you're just too tired. Or maybe in the back of your mind, you're afraid a close look at your finances will reveal that you have champagne tastes and a beer income. Heard about the five frogs sitting on a log? Three of them decide to jump. How many frogs are left on the log?

Five. Budgeting is like that.

I wish I could say that keeping a running tab on your income and expenses is fun. It isn't. But the chore of designing a budget is well worth the effort. A household budget is the starting point for taking control of your finances. It's the baseline for all your saving, investing, spending, and giving decisions. Without a budget, you can't control risk. Instead, you are vulnerable to a sudden setback, such as car failure, a job loss, an illness, or a bear market.

A budget is where goals become reality. It's one thing to talk about values. It's another to start adjusting your spending habits. But that's the payoff: Spending your money where you want, and saving for what you want to do.

So, enjoy the dog days of summer. But keep those receipts handy ....

Exchange: Reactions to this week's "News and Views"? Discuss personal finance and the economy at the Sound Money Exchange.