By BankingMyWay.com Staff
The Congressional budget office (CBO) recently released an updated analysis of the projected deficit for the next decade. The news isn't pretty: The CBO projects the government to be in the hole for a total of $9.3 trillion over the next 10 years. But just because the President can run the budget at a deficit doesn't mean you can do the same.

Here are a few tips to avoid your own dip into red ink:

Look at the whole picture: When you set up a budget, make sure you include absolutely every penny that you spend and earn. By excluding small expenses such as your morning coffee or the Sunday paper, you risk losing track of exactly how close you are to dropping into a deficit scenario. Being diligent about tracking every little purchase may seem daunting, but try to keep it in perspective: The President's budget is 140 pages long.

Avoid new debt: The government has financed much of its efforts to kickstart the economy by taking on new debt. Bailouts of financial giants such as American International Group (Stock quote: AIG) and Goldman Sachs (Stock quote: GS) were paid for with U.S. Treasury debt. While the government maintains its reputation as a good debtor -- Moody's Investor Services (Stock quote: MCO) still has the U.S. government rated at AAA -- the same won't be true for you if you keep turning to your credit card to make ends meet.

Keep making your payments: One reason that the government has kept its AAA rating is that it continues to make payments on its debt obligations. Skipping or being late on a credit card or mortgage payment can be bad news for your credit score. Be sure to make at least the minimum payment on your credit cards in order to keep in good standing.

Save any surplus: If you're fortunate enough to be working with a surplus, consider setting aside the extra money in a money market account until you've accumulated three to six months' worth of fixed expenses in an emergency fund. The government can raise taxes or issue more debt to pay for an unforeseen expense -- you don't have that luxury. If an emergency does arise, you'll be able to cover your payments with the emergency fund, rather than dipping into a deficit. (To help you get started, check out BankingMyWay.com's emergency savings calculator.

—For more ways to save, spend, invest and borrow, visit MainStreet.com.