5 New Year’s resolutions to keep in your wallet!

Another year has come and gone, and now it’s time to make your New Year’s resolutions. With Occupy Wall Street and Bank Transfer Day bringing finances to the forefront, maybe one of the most important resolutions is to stay on top of your finances. Most people either try to tackle their resolutions and quit, or they forget about their New Year’s resolutions by February. The biggest reason for this is because we set our goal too high or too broad.

Here are five tips to help you control your finances in 2012, based on a recent article on Moneyland.com.

1. Use cash for small purchases. Make 2012 the year you try to pay for small things, like a cup of coffee, with cash. Or maybe you make a rule to spend only cash on items totaling less than $10. Studies have shown people are more aware when they pay with cash, so you may find yourself spending less.

2. Pay off one debt. Whether it is a credit card, car loan, or a student loan; choose one to pay off this year. Tackling one debt at a time will seem more manageable then trying to eliminate all your debt at once. The satisfaction you will get from completely paying off that one thing might push you to eliminate one more, and even if it doesn’t, that is one less debt you have to pay off next year. Just make sure you don’t replace the debt you are paying off by creating another one.

3. Make saving automatic. Everyone needs to have an emergency account, but saving money for unforeseen events is difficult. Try taking as little as $15 from each paycheck and putting it into a separate savings account. Odds are you won’t even miss it if you have the money automatically deducted from your account. It can be as simple as sacrificing one lunch or dinner out a week.

4. Look into a credit union if your accounts are somewhere else. If there is one thing that came from Bank of America’s proposed $5 monthly fee, it is that everyone needs to look at the fees their financial institutions are charging and what you are getting from it. Take some time to really look into any charges on your account, things like overdraft protection and out of network ATM fees can really add up. Also take the time to weigh what features you really want out of your account; is online and mobile banking more important to you than brick and mortal locations, or do you prefer a vast ATM network.

5. Keep track of your money. Many credit unions offer text alerts. These alerts let you know when you have a low balance so you don’t end up getting an overdraft fee, or they let you know if there is a transaction over a certain amount.

Keeping track of what you are spending can not only save you money, but it can also help protect you against fraud by letting you know if your account has been compromised. Happy new year!