Founding Father Benjamin Franklin is well known for his frugal ways. At one time, he gave up eating meat in order to save money, but you really shouldn't have to do that.

A good money plan covers all the bases from today through retirement. It should include household expenses, debts, savings, investments, pensions, Social Security, and more. Here's some advice from the experts on how to start now:

Your expenses: Know exactly what your expenses are. One strategy suggested by Keystone Financial planning is to put everything on a debit or credit card for a month or two.

Your home: Is the nest empty? The greatest single savings you can make is downsizing your living space, according to T. Rowe Price. Today's new homes are about 2,300 square feet, much more than empty nesters need. Buy better, not bigger, advises AARP magazine.

College: Pay for education for your children, grandchildren or yourself with the tax exempt 529 savings plans. Everyone is eligible, and your investment grows tax-free.

Insurance: Some types of insurance that authorities at Cornell University say are almost always a waste:

• Airport life insurance. The possibility of a crash is very low, and the premium is high.
• Zero deductible policies. Cost a lot but save little on a health or auto insurance claims.
• Extended warranties on consumer products are big moneymakers for retailers, but customers almost never need repairs during the warranty period.

Investing. A Tulane University study shows that investors who rush out to buy 'hot' stocks do no better over time than they would by picking a stock with their eyes closed. They advise sticking with low-cost, well-diversified mutual funds.