Reign in the spending. This is often easier said than done. Once you can keep from spending money you don't have, you are well on your way.
Once you can keep from spending money you don't have, you need to work on eliminating debt. For many, this can be overwhelming just thinking about it. If you have multiple credit cards, pick the one with the highest interest rate and focus on it. Make paying this credit card off a major goal that you often think about. This can take years to accomplish, but when you are finally debt free, you will feel like a whole new person. You will be closer to achieving money momentum.
Once you have your debt paid off, you now have a lot of monthly cash you no longer are spending paying off debt. This is a fragile time. Many people feel that since they have their credit cards paid off, they can afford to BUY BUY BUY! Don't do it! Take that monthly cash and start saving. Save enough so that you will be able to have enough cash on hand to get by for 3-6 months without work.
After you have achieved that savings goal, you should start investing. I would recommend saving at least %10 for your retirement. If your company offers a 401K match, contribute to the maximum. Otherwise, you should consider a Roth IRA or other equivelent plan.
Now that you are free of debt and now saving, you will have cash to buy things you want, instead of racking up debt. You can now use your money to make money for you. You have achieved money momentum!
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