Time To Plan Your Finances For The Year Ahead

By Lynne Adkins

PHILADELPHIA (CBS) - Now that 2012 is here, it's time to take stock and plan for the financial year ahead.

If you have an investment portfolio, give it a once-over and make any necessary changes. Even if money is tight you should try to save something, according to Alan Schapire, director of tax planning at Convergent Financial Advisors in Media.

"Think about the expenditures you're going to have during the year, whether it's a vacation a family function coming up weddings. Begin saving now; little bits of savings can really add up."

Review your credit report looking for any irregularities. That can be obtained through AnnualCreditReport.com. And review your estate planning -- do you have a will? Is it up to date? If not, make changes now.