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15 financial resolutions for the New Year

New-year-cards-boy-with-wine-four-leaf-clovers-money-blue-flowersAbout 45 percent of Americans make New Year’s Resolutions each January, with many of their pledges involving finances.

To help consumers improve their money management in the New Year, WalletHub announced its 15 Financial Resolutions for 2015 Monday.

Its resolutions, which are based in part on conversations with a panel of leading finance and consumer psychology experts, are as follows:

1. Get reacquainted with your finances.

2. Make a budget.

3. Carry out the Island Approach, isolating different financial needs for different financial products, for example, one credit card for everyday purchases, which is paid off monthly, and different card for long-term debt.

4. Automate as much as possible.

5. Build an Emergency Fund.

6. Get out of debt.

7. Improve your credit score.

8. Save more money for retirement.

9. Give back to charity.

10. Do your taxes early.

11. Set a good financial example for your kids.

12. Take steps to fight fraud.

13. Get some exercise.

14. Help other consumers by writing reviews of financial products.

15. Stress test your finances to see if they hold up to worst-case scenarios, such as a death in the family.

For more information, see WalletHub’s report on resolutions, including a Q&A with financial specialists and tips for making your resolutions happen.

Copyright 2014, Rita R. Robison, Consumer Specialist

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