written by A.T. "Al" Benelli, CFP, FIC  

Made any resolutions about money for this year?

There’s still time.
Look at some of the suggestions coming from the Financial Planning Association of Washington, D.C.

Write down your goals
Money buys freedom — to travel, to retire early, to start a business or to change careers. Putting goals in writing gives them a formality and a starting point for the planning you must do.

Measure your risk tolerance
One of the most beneficial things financial planners do is help you articulate your financial goals and establish your tolerance for risk. With the recent recession, many individuals would benefit from an analysis of how much risk they want (or need) to take to achieve their goals.

Track spending
Diligent expense tracking is the first critical step to getting personal finances in order whether you do it on paper or on your computer. Consider sitting down with a certified financial planner to discuss your whole financial picture.

Get tax advice
Maybe you’ve always winged it with your taxes and considered your company 401(k) the ticket to your financial future. Chances are your planning is inadequate. Link up with a good tax professional.

Cut your debt
Make this the year to take inventory of your balances, figure out if you can consolidate them under your lowest-rate card, and resolve to pay off an amount that exceeds the minimum — on time, every month.

Start saving — or save more
If you haven’t signed up for your employer’s 401(k) plan or begun a savings plan tailored for the self-employed, this is the year… and resolve to save at least 5-10 percent of your take-home pay.

Invest in yourself
If going back to college or taking specific coursework will help you advance in your career, plan to do it. Keep in mind that bettering yourself is always a good investment.

Redefine the way you shop
If you’re an impulse shopper, break the habit in 2010. Shop from a list of “essentials.” Take the list whenever you shop as a good way to keep a grip on your wallet and don’t stray from the list.

Change the way you commute
If driving is the single best option to getting to work or other destinations, it’s tough to make that switch. But if you have the option to leave the car in the garage at least one day a week and walk, bike, carpool or take public transportation instead, try it. You’ll save money on gas, maintenance, insurance and parking costs, you’ll benefit the environment and in the case of walking or biking, the exercise may do you good.

Cut unnecessary expenses
Do you really need deluxe cable? How much are you paying for your Internet service? Can you wear a sweater around the house and lower the thermostat? In every budget, there are items that can be cut — or at least trimmed.

Take a hard look at all your “essentials” to see how essential they really are. Aim for a target of at least 10 percent and start setting that money aside on a regular basis.

Al Benell...

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