Budgeting and Planning Essential to Achieving Financial New Year's Resolutions Says Consumer Education Services, Inc.

Given the current economic climate, many Americans may be resolving to pay down debt, or improve their financial situation in 2009. But how can you stay on track to achieving your New Year's resolutions this year? When it comes to finances, planning and budgeting are key to achieving financial success says Consumer Education Services, Inc. (CESI), a nonprofit debt management company.

Plan

Set yourself up for victory by mapping out the exact steps necessary to better your financial situation, then set yearly, quarterly and monthly goals to achieve them. For instance, say you would like to save more money for your child's college fund. Your yearly goal might be to save $3,000 by the end of 2009. Your quarterly goal would be to have saved $750 every 3 months, and each month your goal would be to put aside $250. By breaking it down into more manageable steps, it's a lot less overwhelming than trying to save $3,000 all at once. Once a list is prepared, you can create a budget.

Budget

Whatever your financial resolutions may be, you should always know where you're spending your money. By maintaining a monthly budget tracking how much money is earned and how much money is spent on regular expenses as well as one-time needs, you will know how much of your income is left at the end of each month, and how much can be allocated toward short and long-term financial goals. Create a better spending plan by eliminating unnecessary expenses and looking for innovative ways to save your money.

Succeed

Set up a system of rules and rewards to motivate yourself to follow through with your resolutions. For instance, say you splurge at the after Christmas sales and you cannot save up $250 in January for your child's college fund. You might discipline yourself by saying no dinners at fancy restaurants in February. Reward yourself when you do meet goals, by treating yourself to a special movie when you meet your monthly goal, or taking a day off when you meet your quarterly goal.

Now more than ever, consumers need to play a more active role in money management. For additional information on consumer credit counseling services, debt management and financial education, call 866-484-5373 or visit www.MyCESI.org.

About Consumer Education Services, Inc.:

Consumer Education Services, Inc. is a nonprofit organization committed to empowering and inspiring consumers nationwide to becoming debt free. They are dedicated to improving consumers' quality of life by providing avenues and tools for financial independence and financial freedom. CESI equips consumers with personal financial tools and educational programs that provide solutions for their financial situations, and offers continued support to help consumers make better financial choices every day.