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Financial resolutions for 2014

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(KYTX) -  When you're making your New Year's resolutions, don't forget about your money.

WalletHub released its "14 Most Important Financial New Year's Resolutions for 2104."

Number one- everyone should re-evaluate their financial situation.

Once you've discovered where you stand financially, come up with a detailed plan on how you can achieve your goals. That's right-- a budget.

WalletHub senior analyst John Kiernan says sticking to a budget is a resolution applicable to almost everyone.

"And, that budget should really be aimed at- number one, building up an emergency fund, so you have some emergency money to fall back on, in case of job loss or medical, or what have you."

"We'll definitely be adjusting our budget and keeping a close eye on our income and our outgo every month." says Jason Jennings.

With a wife and four kids, Jennings says managing a budget never stops.

"We range from teenagers down to a four year old. So, all the things that they want to do, the games that they want to play, the places they want to go, are all more and more expensive, you know, the older they get."

To top it off, Kiernan says the average household is $7,000 in credit card debt. He says working toward paying that off is another financial resolution everyone should make this year.

"Money problems are- I think- the number one source of stress for people. And so, for people looking to feel better and get more out of their lives in the new year, it would definitely be a mistake to overlook the financial aspect of things."

That's why Jennings says he'll be making some changes.

"I mean, you can hide from it and it'll just be bad when you look at it, or you can keep an eye on it and, you know, you can make progress that way."

Kiernan with WalletHub says another way you can help yourself is to find a teammate. Just like a gym buddy can encourage you to exercise, a wallet workmate can help hold you accountable to your financial goals.

And, there's probably room to save on your monthly bills. WalletHub suggests trying to cut out the extras on your phone, cable and grocery bills.

And, if you don't have a retirement fund and a college fund for your kids, 2014 is the year to open them and start saving.
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