Financial Resolutions for the New Year

The past year offered plenty of reasons for consumers to abandon their New Year's resolutions.

Just try putting money away for a rainy day with skyrocketing food and energy prices crunching your budget. And forget about those promises to lose weight or quit smoking. Who could manage that when there's so much anxiety about unemployment and investment portfolios are getting decimated?

Now, as 2008 finally comes to a close, consumers have an opportunity to wipe the slate clean and pursue new resolutions. One goal worth focusing on in 2009: whipping your finances into shape. While it may not reduce your dress size, it can certainly make you feel safer in today's uncertain economy.

Here are seven simple promises to make that will help you put your best financial foot forward in 2009:

The worst thing you can do during a down economy? Panic and pull all of your money out of your investments. Resolve to protect your finances as the market storm rages on. Take this time to build up your emergency fund, and set reminders to regularly review your portfolio's asset allocation. To help you stay afloat, check out the following advice:

Look hard enough and you can find a silver lining to just about every aspect of the struggling economy, from falling home prices (lower property taxes) to bankrupt retailers (great close-out sales). Here are a few worth taking advantage of:

As lenders tighten their criteria, this three-digit number has taken on a profound importance. In today’s market, you’ll need at least a 700 on the 300- to 850-point FICO scale to apply for a credit card or secure a favorable mortgage rate. Try these tips to maintain a healthy credit score:

Consumers currently save only about a penny of every dollar they make, according to the Bureau of Economic Analysis. But just because you aren't saving much doesn’t mean that cash can’t make an impact on your finances. Here are some ways to help grow your savings:

This year, plenty of consumers learned the hard way that regularly checking up on their credit card and bank account balances should be high on their list of things to do. One small misstep could have dire consequences for your credit score. To avoid getting hit with everything from overdraft fees to account closures, read this advice:

Sure you've tried to stick to a budget in the past, but nowadays its actually an easy resolution to keep thanks to a host of new sites that automatically track and sort every transaction and services that alert you when bills are due or balances are close to the limit. To find out more, read our stories:

Once you’ve set a budget, pinch every penny so that you can save even more and possibly afford an occasional splurge. After all, there's no need to totally deprive yourself — these tips can keep you from paying full price on just about everything: