Although Generation Xers may earn more than the previous generation, according to a Bloomberg Report, they are certainly not better off. Due to student loans and the urge of “looking the part” instead of “being the part,” Generation Xers are far more in debt than their parents ever were. As a result, they are less wealthy.

I, for one, do not want to pass on a legacy rigged with financial debt and poor spending habits. I want to not just passing on the monetary inheritance but the financial know-how. And I want to do this by modeling healthy financial behaviors now.

Although my husband and I had a late “wake-up call” in getting our finances in order, I am so glad we actually woke up. We realized that in order for us to be financially successful, it all starts with creating a successful plan.

So where did we begin? Here are four steps that you and your spouse can use to create a financial plan.

Step 1: Know Where You Are

Most couples have no idea where they stand financially. It is hard to say, “we are going to get out of debt” when we have no idea how much debt we are actually in. Write down every debt you have (i.e. credit cards, student loans, mortgage) and calculate the total. Most of us would probably be shocked to see the total amount written out on paper.

Step 2: Know Where You Want to Go

After you have a good picture of your current financial debt, next determine where you want to be financially. Do you want to be completely debt free in five years? Do you want to be able to invest 20 percent of your income into your retirement fund by the end of the year? Whatever vision you have for your finances, write it down. When we see our goals in written form, it comes to life and helps in keeping us on track and moving forward.

Step 3: Map Out Your Money

Developing a working plan is pivotal to accomplishing any goal, particularly financial ones. Therefore, creating a “spending plan” (i.e. budget) is a must to having success in personal finances. As author John Maxwell states, “a budget tells your money where to go, instead of wondering where it went.” Give your money an assignment and make it finish its tasks.

Step 4: Work the Plan

After creating the plan, make sure you adhere to the plan. If you budgeted to put an extra $200 on your car note, put the extra $200 on the car note the day you get paid. If you let the money sit in the account for days or even weeks, you will be more apt to spend it on something else. Stick to the plan.

Overall, be aggressive in attacking the goals and accomplishing whatever financial plans you set. And remember, our goal is to have success in our finances while leaving a financial legacy to our kids.

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Petrina Turner is a wife, a mom, a financial stewardship coach and a writer who loves to blog about her family’s journey to becoming financially free. Her blogs can be found at petrinaturner.com and at facebook.com/Petrinaturnerpage.