2006: The Year of Your Finances

You pledged to work out more, quit smoking, and spend more time with your family and friends.

So, how are those New Year’s resolutions going?

We at Wachovia can’t offer you any diet or exercise tips, but if you included “become more financially savvy” among your goals for 2006, you’ve come to the right place.

Set concrete goals and make a plan to reach them, and you will reap financial benefits this year. Wachovia has the tools to help.

Set Up a Budget

Wachovia's Online BillPay will help you track spending, save for the future, and pay bills on time, avoiding unnecessary late fees. You can set up a regular schedule to pay everything from your mortgage and utilities, to your health club membership. And if you don't already have direct deposit of your paycheck or government benefits, you may be throwing money away. Get on your way with Online BillPay.

Here are some more tips to help you reach your financial goals this year:

Get Into the Saving Habit

Why buy books when you can take them out of the library for free? Learn to save by washing your own car, buying clothes on sale, cooking at home, using coupons, shoveling your own driveway, and mowing your own lawn. Instead of spending your windfall, why not make an investment in your future instead?

Cash or Credit?

Pay with cash instead of automatically reaching for the plastic. Ask your credit card provider to waive the yearly fee. If you've missed a payment for the first time, cite your good record and ask your issuer to waive the late penalty.

Pay off your credit card balance. If you have money languishing in a savings account, pay off your debt for a better investment.

Trade in your rewards card for one you'll actually use, such as one that gives cash back. Check out Wachovia's Visa reward card.

Savings On The Road and in The Air

Watch your mileage. With gas prices fluctuating dramatically, pay attention to what you pay at the pump. Also, slow down! According to the Federal Trade Commission, driving at 65 miles per hour rather than 55 will increase fuel consumption by 20 percent.

Also consider buying a used car instead of a new model. A car depreciates about 30 percent in its first year. Let someone else pay it!

When you're flying, use frequent flyer miles to buy business or first-class seats. Coach seats are less expensive so they aren't the best use of your miles.

Goals to Get You There

Beyond a budget, set some financial goals that you can review every month and know that you're on the right road. What would you like to save for: a vacation, a second home, a college fund? It all starts with a vision and a plan to get there.