New Year's Resolution for 2015

New Year's resolutions - don't they seem as though they're made to be broken? It's a discouraging thought, but what if you were able to boost that trend in 2015? To increase your chances for success, here are a whole bunch of money-related resolutions that most of us can't afford to break.

Slash the incidentals.Carefully read through one of your credit-card statements, staying on the lookout for ongoing monthly fees that you may have utterly forgotten about. Cancel any club memberships you don't use and magazine subscriptions you don't read.

1. Pay yourself first.This is a good time for an honest self-analysis: What have your saving habits been like in the past year? If it seems like all the money you make falls straight through your fingers and gets gobbled up by bills and other expenses, think hard about a reasonable amount you could start to view as yet another monthly bill.
   
2. Decide where to put that 'payment.'If you plan to sock money away for several years until you reach a specific savings goal, your "pay-yourself-first" money could become automatic contributions to a mutual fund or other stock-oriented fund. If you need the money to be more liquid than that, consider an online savings or money market account that gets linked to your current checking account.
   
3. Shed credit-card debt.Of course, the best way to avoid creating problems for yourself in 2007 is to use your credit cards cautiously and sparingly, always being sure to pay the entire balance off in full and on time each month.
   
4. Say goodbye to late fees.If you keep finding yourself getting hit with extra finance charges because your credit-card bill is regularly due before you've received your salary, call the bank and ask to have your due date changed.
   
5. Review your estate plan.Do you have a will or a living trust? If not, get that taken care of this year! If you already have such documents drawn up, make sure they're up to date. This is especially important if you recently had children or if kids might be in your future - but no matter what, these are vital steps for everyone to take regardless of their marital or family status.
   
6. Analyse your workday expenses.Instead of eating in restaurants every single day, bring your lunch to work from home as often as you can.
   

New Year's resolutions. Most of us make them, most of us break them, and most of us are aware of what went wrong. Taking time to review what we know works best is the key to breaking the vicious cycle.