The new year brings new resolutions and goals. For some that means taking a good hard look at their bank accounts especially after Christmas spending.

Our New Year’s resolution series continues with a look at how to manage your money better.

If you did a lot of spending over the holidays, you may be suffering from a “credit card hangover”

On average consumers drop more than $1500 on gifts, travel and other expenses during the holidays.

Paying off debt and setting aside savings aren’t always easy resolutions to stick to… but having a plan helps.

Business Coach and best selling author, Jane Blaufus says to take a look at “OK what did we spend? What do we owe? And now what do we do to make sure that we get this reduced and out of the way? Where is my debt and is there anything I can do to realign it bring it in closer maybe refinance?”

Blaufus says to set goals and start small. “Budget is critical you need to know what’s coming in and you need to know what’s going out. You have got to be tracking what you are doing and people hate that they hate tracking everything but its one of the best exercises that people can do for financial security or financial success.”

She continues to say, “And you have to take a look at every last dollar. Not just the big numbers like the bills and housing but also other small, easily overlooked expenses like how much you spend on coffee.”

Avoiding more debt is key to meeting financial goals

According to Blaufus, “Start taking a look at what you have left over at the end of the month because that will help to give you an idea of, are you already over spending because you can’t reduce your debt if you have no money to reduce your debt with.”

Like many New Year’s Resolutions, financial ones take perseverance and patience.