Financial New Year's Resolutions

For a wealthier 2011, add a few financal New Year's resolutions to your list. Kelli Grant, Senior Consumer reporter for SmartMoney.com says you might even find them easier to keep than a pledge to hit the gym daily.

First, build up an emergency fund. Americans have been saving more during the recession, but for most of us, it's still not enough. Aim to have at least three months worth of living expenses set aside in savings. Set up automatic transfer to coincide with each paycheck so you won't even miss that money.

Next, track financial flow. If you haven't signed up for a free money-tracking site like Mint.com or Wesabe.com, make 2011 the year to do it. These sites help you monitor spenidng patterns, set budgets for expenses and even send you warnings when you're about to overspend. They're vital to help figure out where you can cut back.

Create a debt pay-down plan. Make a list of your debts and figure out which you can pay off fastest. Aim to pay the minimum on every card except for the one you're focused on paying off. Erasing those smaller debts first, and fast, will give you the momentum and confidence to tackle the bigger ones in a month or two.

Reduce your bills. A new year is a great time to get a fresh start on regular bills, too. Revisit everything from your electric bill to cable and cellphone to see if you might be able to get a better price. Billshrink.com offers free comparisons for many services. You can also call the service provider directly to see what you can do to save.

Go on a financial diet. Pledges like the "100 Thing Challenge" or "Six Items or Less" aim to make you a more conscious consumer who buys less and gets rid of things you don't need. They can be a great reminder of what's a need versus a want. Because you're not buying anything, such programs are great for your finances, too.

For more information on setting financial goals for the new year and other consumer tips click here.
Kelli Grant & Erika Wortham