Say the term "financial planning," and no doubt many people will give you a blank stare. However, no matter who you are, financial planning is something that you need. Even though it might seem like something you can't get through without a degree in accounting, that's not true. There are financial planning tools that can help. Here are some ways to get started.

First and most importantly, you need to have a good budget in place, and you need to follow it. There is no way to reach your financial goals without a budget to help you reach them. Having a budget will help you allocate money such that you can pay your debts and plan for the future at the same time.

The next weapon in your arsenal of financial planning tools is a savings account. Although you should have other investments, a savings account is a place to park your liquid cash so that you have easy access and are earning some interest at the same time. Check with your bank to find out what different levels of savings accounts are offered. Many are on a tiered scale, meaning that the more money you have in them, the more interest you earn. You may need to upgrade your account from time to time though.

Third, check your credit report. Many web sites offer you a "for fee" credit report, but you should also know that you are guaranteed a free credit report from the three major credit bureaus once a year from the government web site annualcreditreport.com. If you feel you need to check it more often, then a fee-based credit report service may be the way to go.

Fourth, manage your debt. Although many Americans have gotten themselves buried in it, this doesn't have to be you. There's no way you can be deep in unsecured debt such as credit cards and truly be rich. Some financial planning tools can make this easier for you. For example, even though credit cards are necessary today for most people to at least some extent, use them sparingly and wisely. Carry just one or two, pay off the balance of each every month, and play credit card companies off each other to get the best deals, such as no annual fee. If for example you do get yourself in a situation where you are carrying a balance from month-to-month, put your credit cards in the freezer in a block of ice (so as to make them available if an emergency, but not readily accessible) and don't use them again until you have the balances paid off. If you must pay for things during the month with your credit card, do so as if you're paying with cash. In other words, when you spend a given amount on your credit card, go into your checking register right away and deduct that amount from your balance. In this way, you have the cash earmarked to pay the credit card statement as soon as it comes in.

Believe it or not, having a mortgage is a good thing. Because you can usually deduct the interest you pay on your mortgages on your taxes, having this type of debt is a good financial planning tool. Make sure that the interest you are paying is the lowest that you can qualify for or the tax advantages will not outweigh the cash you are forking over.

Finally, perhaps the greatest financial planning tool anyone has is a retirement plan. Unfortunately, for many people, this financial tool is greatly underused. If you have a job and your employer offers a 401(k) plan, you should be participating in it and making the maximum contribution, or at least as much as you can possibly spare. Choose a diversified plan that will let you save as much as possible for your retirement and protects against losses in one particular sector. Once you begin working, start funding your 401(k) right away. The earlier you start, the more money you will have at retirement.

A few good financial planning tools can help you manage your money wisely. Make sure to do your homework and take advantage of all the resources available to you. There are many financial planning tools out there for free or at nominal cost on the Internet. In addition, your financial institution also has financial planning tools that you can use. If you use these tools wisely, you'll get the most out of your money.