Labour says it will guarantee that each of its policies will be fully funded and require no additional borrowing, as it launches its manifesto on Monday.
Leader Ed Miliband will rule out a "shopping list of spending policies" and promise a Labour government would cut the deficit every year.
The Conservatives would go on a "reckless spending spree", he will say.
Tory Treasury Minister David Gauke said Mr Miliband had "no plan to clear the deficit" and would have to borrow more.
In other election news:
- The Liberal Democrats are launching a "five-point plan", aimed at consumers and commuters, with proposals such as to end above-inflation rail fare rises and force energy firms to allow customers to change supplier within 24 hours
- Labour says its spending cuts will apply to Scotland but may be offset by other measures to raise more money
- One hundred small business owners, some of which used to support Labour, have written a letter to the Sun saying they intend to vote Tory
- Labour has opened up a three-point lead over the Conservatives, according to the latest YouGov poll which puts Ed Miliband's party on 36%
The first page of Labour's manifesto, Mr Miliband will say, "sets out a vow to protect our nation's finances; a clear commitment that every policy... is paid for without a single penny of extra borrowing".
Mr Miliband will add: "In recent days you have seen the Conservatives throwing spending promises around with no idea of where the money is coming from, promises which are unfunded, unfair and unbelievable."
With political parties under increasing pressure to explain how they will fund their pledges, the Institute for Fiscal Studies complained on Sunday that they were making "lots of promises" without producing much detail on how to deliver them.
But Labour is hoping to position itself as "the party of responsibility" for the public finances. It is aiming for a budget surplus in current spending "as soon as possible in the next parliament".
Policy guide: Economy
This issue includes the wider economy and deficit reduction but also employment and the role of business.
Its manifesto - being unveiled in Manchester - commits a Labour government to what it calls a "budget responsibility lock".
This would "guarantee" that every policy is paid for without additional borrowing and would, in future, require all the major parties to have their tax and spending plans audited by the independent Office for Budget Responsibility before a general election.
The manifesto sets out Labour's pre-announced policy pledges, including:
- A £2.5bn fund for the NHS paid for largely by a mansion tax on properties valued at over £2m
- Twenty-five hours of childcare for working parents of three and four-year olds, paid for by increasing the banking levy by £800m
- Freezing gas and electricity bills until 2017, so they can only fall not rise
- Banning zero-hour contracts and raising the minimum wage to £8
- Scrapping winter fuel payments for the richest pensioners, capping child benefit rises and cutting ministers' pay by five per cent
- A 50p tax rate on incomes over £150,000 a year and abolishing non-dom status
Shadow Chancellor Ed Balls told the BBC that people had had a "hard few years" and Labour had to show it could offer people a "better future" while also making "unequivocal" promises to cut the deficit every year.
"The Institute for Fiscal Studies has said we have been the most careful of the parties," he told BBC Breakfast. "We are not making any unfunded commitments. We are only spending money where we can identify where it will come from."
Analysis by political editor Nick Robinson
Labour are already briefing that reassurance about the party's greatest perceived weakness - their seriousness about tackling the deficit - will feature on page one.
The prominence they're giving to their promise to be prudent is new. The detail which we have so far been told about is not.
So, today I'll be looking to see what eye-catching, vote-attracting, focus-group-tested pledges the party will add to its retail offer.
Much more importantly than the promises and the slogans, though, will be seeing whether Ed Miliband's manifesto paints a picture of the radical change he wants to produce in this country.
He and his allies have always seen himself as being in the mould of an Attlee or a Thatcher. If so, today's manifesto should tell us a lot more about what the next five years of a Miliband-led Britain could be like. Read Nick's blog in full.
Labour, Mr Balls added, would "do what it takes" to support the NHS but would not make any promises which it could not meet.
He contrasted Labour's approach with the Conservatives, who he claimed were "treating the British people with contempt by saying they can magic the money up" for £8bn in extra funding for the NHS in England "without saying where it will come from".
Both the Conservatives and Liberal Democrats have pledged to eliminate the current deficit by 2017/18.
However, while Labour promises to reduce the deficit during every year of the coming parliament, the party offers no deadline, saying it would commit to achieving a budget surplus "as soon as possible" between 2015 and 2020.
And Treasury Minister Mr Gauke pointed to polls suggesting Labour could have to rely on a deal with the Scottish National Party - which is campaigning to end austerity - in order to form a government.
He said: "Everybody knows the SNP will call the tune and force even more borrowing, even more debt and even more taxes on a weak Ed Miliband government. Britain's hard-working taxpayers will pay the price for the economic chaos."
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