More Bang for Your Buck: Financial Resolutions

(WSVN) Some people try to quit smoking... some people try to lose weight. But making a new years' resolution can be profitable instead of painful.

Ana-Marie Antelo, a student, says "My goal would be to a good 15 thousand dollars so I know if something does happen, I do have that money there."

Ana-Marie Antelo goes to school three days a week and works six days a week.

However, despite her busy schedule, she doesn't want to short change her future plans.

I'm saving it, I'm saving little bits of it so in the summer, I can take a vacation, I can buy my car, I have to pay for my books, and just to go shopping and have my own money."

The hardest part of savings can be starting - so get out a piece of paper and pen because we spoke to an expert to help you stay in top financial shape

Maria Arazoza, Financial Planner, say "It's important to have a sense of your expenses and what it is your trying to accomplish."

In other words, set a goal. Make a list of what expenses are expendable.

Can you bring your lunch to work?

Can you use coupons?

And most importantly, can you start chipping away at any debts?

"I think the biggest pitfall of all is debt. A lot of people dont pay attention to what they're paying on their mortgage and what they're paying on their credit cards."

Then take the cash you save and let your money make money.

"Short term saving which is a wants would typically be in something risk free like a money market or savings account or short term cds."

"Longer term savings like retirement or college planning would probably include a percentage of stocks and bonds because your time horizon is longer."

Ana-marie knows she has no time to waste.

She's already changing her life to make 2003 very lucrative.

"It's not easy but I think I can do it."

In an ideal world, experts say you should try to save twenty percent of every pay check. They also suggest having six months worth of expenses in the bank at all times.

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