Shopping strategies help ring in the new year

(ARA) - Now that the holidays are over, it's time to take stock of your New Year's resolutions. With the challenging economy, resolving to improve your money management skills in the new year might be at the top of your list.

That's consistent with what many consumers are thinking. According to the Western Union Global Business Payments Money Mindset Index, consumers have an optimistic attitude toward their financial goals for 2010. Only 23 percent expect their challenging financial situations to deteriorate in 2010, down from 36 percent in the first quarter of 2009. In fact, nearly one-third of consumers (28 percent) are seeking ways to track their spending to stay focused on their financial goals.

"Consumers can get a head start on their bill payment strategies by making smart money management decisions and sticking to their plan throughout the new year," says David Shapiro, senior vice president of Western Union Global Business Payments. "Consumers who make even small budget cutbacks will take a big step toward alleviating stress."

Almost everyone strays from their goals once in a while. But the new year is the ideal time to rethink your strategy. According to the Index, here are the top financial-themed New Year's resolutions that consumers are planning to make in 2010, along with recommendations from Western Union to help consumers achieve them:

Resolution No. 1: Avoid late fees.
At the beginning of each month, sit down and figure out when you need to pay each bill to avoid late fees. Put the payment date for each bill into your calendar so you don't forget. If you think a payment won't arrive in time through the mail, then consider same-day payments. Many billers offer this option online, in person, or over the phone.

Resolution No. 2: Save more money out of each paycheck.
Determine a set amount of money each month that you can set aside. Ask your employer to make a direct deposit for this amount from your paycheck into your savings account. Or, ask your bank if it offers a monthly or weekly holiday club savings account.

Resolution No. 3: Pay all bills online or automatically.
Set up recurring payments for monthly bills. Many billers offer e-mail or text message notifications to remind you when your payment will be withdrawn from your account.

Resolution No. 4: Reprioritize how bills get paid.
Contact billers and ask to restructure your due dates according to when you are paid. By doing so, you can better manage your cash flow and avoid late fees and negative credit reporting.

With a little prioritizing, reorganizing of your bill payments and some new money management resolutions, you can ring in the new year with more financial confidence.

Courtesy of ARAcontent