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New Year's Money Resolutions

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WSVN -- It's a new year with new challenges.

Valeria Bruno: "My New Year's resolution is to save money for grad school."

Time for many to tighten the belt.

Alyssa Melendez: "I'm going to be going out less and saving my money."

The experts agree, now is the time to save more, spend less and take a hard look at personal finances.

Elizabeth Karwowski: "Many of us don't even know what we're spending or where we're spending it so we need to actually gather our documents and figure out where we're spending our money."

After you see where the money is going, see where you can cut back. Then make a budget and stick to it. Use cash when you can and leave ATM and credit cards at home.

Elizabeth Karwowski: "If you know you're a spender, leave your credit cards and your ATM at home so that you don't spend unnecessarily."

And if you can't pay off that credit card at the end of the month don't make the purchase.

Elizabeth Karwowski: "Interest rates out there are in the teens, some in the 20's. It's ridiculous so if you know you cannot, and you haven't purchased something, don't purchase it if you can't actually pay it.

Justo Villalobo has a growing family with a baby girl on the way.

Justo Villalobo: "I'm planning on saving more money which is very important trying to put that into savings. Trying to manage my checking account as well so that I can limit my expenses and keep track."

Justo is also setting financial goals. He's working on building his credit so he can get a loan to buy a house. It's all about changing your habits.

Justo Villalobo: "I think you get sidetracked during the year. Being a new year, it's something that gives you that fresh start."

Save more, spend less. Just a few simple changes make a big difference in your bank account.

Elizabeth Karwowski: "If you take all these steps 2013 looks like a great financial year."

And if you have story ideas for Money Monday, email us at


10 New Year's Money Resolutions

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