Lauren's situation is a very common one. As a single parent, it's difficult enough simply to provide for your family, and the challenge of saving for retirement or future college educations can seem very daunting. She wonders how much she needs to be putting away for these goals.

Although she has an idea of how much money goes toward various expenses, she does not follow a budget and does not track expenses.

Lauren is doing a number of things right. She has no credit card debt, her automobile is paid for, and she controls household expenses by spending wisely. In fact, Lauren uses a debit card which forces her to be disciplined about her spending. In her words, she won't make a purchase if she doesn't have the money. Way to go, Lauren!

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	This report was prepared by Bankrate Senior Financial Analyst, Greg McBride, CFA.