The countdown to 2011 is on and if you're goal for the new year is to become financially stable, Newschannel 6 Lindsey Rogers got with the experts to get you tips for financial success.
"I've always cut back. Get what you need not what you want. That's the choices you have to make when things are hard," James Russell said.
He has decided to start anew in 2011 especially when it comes to his finances.
If you're like James and plan to make financial resolutions, be specific.
A good place to start is by getting your credit report and score.
Next, work on paying off any existing debt.
"Put those credit cards up. Put them in a safety deposit box, in ice in the freezer, whatever it takes to keep out of your wallet. Stop charging , stop putting new debt on top of old debt," Gail Cunningham with the National Foundation For Credit Counseling said.
About 30 percent of Americans don't have savings.
But, if you're like James, and committed to starting a backup fund, remember, the key is to start small.
"Make a nest egg at the house and every penny you don't need, put in there. That's what I do, I have a jar at home that I keep change in and that's what I use when things get hard," Russell said.
"Some think they don't have enough to save. Put 10 percent of each paycheck into savings account. At the end of the year you will have more than a month's income, which should see you through most short-term emergencies," Cunningham said.
It's also important to be organized with your accounts.
If you don't keep a record of transactions, you may end up with some hefty fees.
By keeping track of all your spending, you'll have a better idea of how to make an appropriate budget.
"it's very difficult to change. I think to admit that up front and start small. Take baby steps and reward yourself for any achievements you have will be encouragement and motivation to keep going," Cunningham said.
Financial experts also suggest taking another look at insurance coverage.
Making sure you're not under insured could save you money in the long run, but you can also save by making sure you aren't over-insured either.