We don't have a formal budget. We did, not long ago, kept track of every penny we spent and what for to see where our money is going after the bills were paid. We did this for about a month and it was quite the eye opener. Especially when fees come into play.
When we decided to cut back on certain things, after the obvious "waste" type stuff (and I use that term loosely), we decided to do smaller things to save money here and there. For instance, I make my own laundry soap and other household cleaners, and it's not as difficult or as time consuming as one might think.
DH and I have a joint account and our own separate checking and savings accounts. We also have a set amount automatically deposited into our personal accounts. Half of what goes into mine goes into savings and the other half goes into the checking, which is my "spending" money. We also have a Christmas Club. We can put whatever amount we want in it, but if we touch it before it pays out, then we have to pay a penalty. We both decided that we would have more put in that what we plan on spending for Christmas, and then when the Christmas Club paid out, we'd roll the extra into some other account. We may look into getting an ING or HSBC account for this money, too.