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Nine New Year’s Resolutions to Get Your Finances in Order

By Steven B. Smith

1. Automate your finances. If it’s not easy, most of us simply won’t do it. Make it easy on yourself by using a secure online budgeting system, like Mvelopes Personal, to track and categorize your expenses. Use online bill pay to save time and money.

2. Create a spending plan. Determine how much you plan on spending, and where you want to spend it. Give yourself some flexibility to allow for some of those impulse buys without ruining your overall plan.

3. Save at least ten percent of your income. If you don’t pay yourself first, there won’t be any left over at the end of the month to save. Set up an automatic transfer to a savings account to make it easy.

4. Pay at least the minimum on your credit cards, and pay off all that you can. Making at least the minimum payment on time accounts for 35 percent of your credit score. Paying off the entire balance each month can save you hundreds in interest.

5. Contribute enough to your 401(k) to get the maximum company match. Your kids can get help to pay for college, but no one will help pay for your retirement. If you’re not taking advantage of a company match, you’re turning down a yearly bonus from your employer.

6. Review and readjust your portfolio. Make sure that no single stock comprises more than five percent of your portfolio. As your different investments perform differently, your distribution will become skewed. Readjust your holdings to match your desired distribution.

7. Start an emergency fund. You should have three to six months’ worth of expenses set aside in an easily accessible account to cover mortgage, food, car payments and other necessities in an emergency. Keep it separate from other funds to avoid spending it.

8. Check your credit reports. You’re entitled to one free copy of your credit report from each of the three credit-reporting agencies at your request. Stagger the reports, receiving one every four months to keep an up-to-date view of your credit throughout the year.

9. Review your insurance policies and update as needed. Review your life, health, home, auto and disability insurance policies. Make sure you have cost replacement coverage on home and auto insurance, as well as good liability coverage. Make sure your home insurance reflects the current value of your home.

Steven B. Smith is the author of Money for Life: Budgeting Success and Financial Fitness in Just 12 Weeks! and creator of Mvelopes Personal. www.mvelopes.com

10 Questions to Check Your Financial Health for the New Year
With the New Year quickly approaching, millions of Americans are preparing to make resolutions to improve both their waste line and their bottom line. If you’re looking to improve your financial fitness this year, it’s important to first understand how you’re already doing. The following quiz will help you understand how you’re doing financially, and where you can improve.

Nine New Years Resolutions to Get Your Finances in Order
No. 1:Automate your finances. If it’s not easy, most of us simply won’t do it. Make it easy on yourself by using a secure online budgeting system, like Mvelopes Personal, to track and categorize your expenses. Use online bill pay to save time and money.

How to Avoid Holiday Scams and Make Your Donations Count

America is the most “kind and giving” nation on the planet. Last year, Americans gave more than $240 billion to the more than 700,000 charities that solicit your donations each year. People also tend to give more during the holiday season, which makes the holiday period a favorite target of scam-artists, hoping to funnel your good will for their own selfish gain. How can you avoid becoming a victim of a holiday scam?

The Real Magic of The Holiday Season: 9 Practical Tips to Stay Debt-Free This Year

There’s something magical about this time of year when everything is trimmed with tinsel and various shades of red and green. But if you don’t have a spending plan for the holidays, you’ll likely end the year with too little green and deep in the red.

Identity Thieves are Looking for a Gift From You This Holiday Season
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Industry Leaders Offer "Top 10" Tips for Choosing, Financing a Vehicle
With the season of New Year's resolutions upon us, more than 58
million Americans aged 18 and older say they resolve to better manage their
finances in 2006. Additionally, 29 million say they plan on making a major
purchase, such as buying a car, next year.