FROM CNN's Jack Cafferty:
Instead of the more traditional New Year's resolutions to lose weight or hit the gym, how about getting your financial house in order in 2011?
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According to one recent survey, a whopping 70% of consumers say their top financial resolution is to decrease their debt. That's followed by improving their credit score, relying less on credit cards and saving more.
USA Today takes a look at five easy financial resolutions that could save you big money.
- Order your free credit reports. This is especially important because a damaged credit report can hurt your ability to get a job.
- Get a medical exam. Preventive health care can help your doctor identify medical problems before they become serious, thus reducing future health care costs. Thanks to changes in Medicare and the new health care law, millions of Americans can now get free physicals.
- Update beneficiaries on your insurance policies, pensions and retirement plans. Experts say people often forget to do this and if they unexpectedly die, the money doesn't go where they want it to.
- Increase your 401(k) contributions. Many workers reduced their retirement savings during the economic downturn, when companies froze matching contributions. But many of these companies are starting to match again.
- Re-balance your 401(k) portfolio. Financial advisers recommend reviewing your investment portfolio at least once a year. Ignoring the changes in the market can cost you a lot of money.
Here’s my question to you: What are your financial resolutions for the new year?
Interested to know which ones made it on air?
Tom in Tampa, Florida writes:
I want to get completely out of debt. Debt is slavery. It's why our government is a slave to foreign nations, corporations, and banks, and I don't want to be owned like that anymore. It's not healthy.
Paul in Florida writes:
I'm doubling up on my lotto bets. I'd rather give my money to the lotto than the government. At least with the lotto, I have some tiny chance of winning as compared to no chance with the government.
Michelle in Bronx, New York writes:
My New Year's resolution is to be debt-free. I finally am able to face my debt and am working toward decreasing it. The ultimate goal is to become a first-time home owner.
Ken in California writes:
Get out of the stock market. What goes up must come down.
Gina in Pomona, California writes:
My financial resolution is to stick to the financial resolution I made five years ago: NO CREDIT CARDS EVER. Cash on the barrel only. Thankfully I've stuck to it all these years.
Brian writes:
The same as in the previous years: send the maximum amount to my 401K and catch-up contributions, make use of all rebates. Spend wisely. Use the company medical, dental and vision plans to the fullest. Try to have a debt-free retirement.
Loren writes:
Pay down debt, try to save. Last year, I went against the herd and spent on an addition to my house. This year (and for several years) I will pay for it.
Mike in Texas writes:
Find a source of income so next year when you ask I'll have a financial house to have in order.
Paul writes:
My #1 financial resolution is to be able to join the 50% of Americans who don't pay ANY taxes.