So, are you wondering how you could have saved much more this year than last year? Luckily, you can start afresh in 2011. Every year people make resolutions, so this time you should take some extra care of your personal finances. It is really important that you have proper control over your finances just so that you can feel good about them when you look back next year. Here are a few personal finance tips that will do you good. Take a look:

How to take care of your finances this New Year!

The moment you ignore your finances, chances are good that they may go haywire. So, always keep a strict eye on your money and invest and save wisely. Here are 6 of the top personal finance tips that you can benefit from:

1. Assess your wealth: This would be the first step in any savings plan. You first need to find out how much you have, how much you owe, and how much you will have to spend on your basic needs. Finally you must analyze how much money you can set aside for savings. You can use online ledgers or make one of your own so that you can keep a track of your finances.

2. Set long-term goals: When you want to save money, you need to set long-term goals for yourself and your family. Some of these goals could be your child’s marriage, their education, your retirement, or buying a house in the future. So, start investing some part of your earnings in a savings, money market, or other investment account. Whatever it is, just get started saving for the future. You will have to start planning now if want to save for your future.

3. Create a cash buffer: By this we mean that you must have at least 3-4 months of expenditures available in your savings. It is important that you save regularly and have money set aside for emergencies. This is why a cash buffer is very crucial.

4. Regular savings: This may require a lot of discipline but again save regularly. Put aside a fixed amount each month or each paycheck and do it very strictly. Even when you think in some months that you cannot do it, still save the amount. That's where an automatic deposit comes in handy, so you don't miss the money and aren't tempted to use it on other things.

5. Teach your children: When you want to keep your personal finances on track, it is very important that your family gives this importance too. Teach your children the value of money. Let them know that it is your hard earned money and that it is not to be squandered away. This way, even they can help you save or maybe they can learn to save at an early age.

6. Shop before the New Year: If you want to buy something that costs a lot, then buy it now. This is so that you can avoid the new and increased VAT that will be introduced in the New Year. (A great tip for our readers in the UK).

It is your money and you need to save & invest wisely. So, take care right now and start managing your finances for 2011!

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This is a guest post from Jonny at FinanceWand.com. His experience, knowledge and network of financial professionals makes him a more valuable resource for individuals and small businesses, while trying to improve their current financial position as well as their future prospect. Check out his blog on personal finances and budgeting.