The start of a new year is the perfect time for setting fine goals. You've made resolutions about your health, like stopping smoking or reducing your intake of trans-fats. But what will you do about your financial health? Here are a few ideas that could be to your advantage.

Draw up a budget and stick to it
When planning your financial future, you must know where your money is going and how much you have. It's still the best way of becoming "rich." Simple, but effective! Your income must cover or, better yet, exceed your spending and your savings, including your savings for a special project, your investments and your RRSPs.  If this isn't your case, you must make some choices. The hardest part will be to stick to them.

Prepare a balance sheet
Do you know your net worth? To know where you are in terms of reaching your objectives, have a look at your financial situation at least once a year. You will thus be able to see the growth of your wealth or, if the opposite is true, at least you'll see what measures you'll have to take to correct the situation, like changing the composition of your investment portfolio. 

Think of yourself
It's a great start to the year and it feels good! Reserve a portion of your budget just for you. Set some money aside to buy yourself a little something special and pay for it in cash, thereby avoiding the “debt trap” because of the all-too-easy access to credit. 

Contribute to your RRSP regularly
Are you the type of person who, on February 28, scrapes the bottom of the barrel to make an RRSP contribution for the previous year? Avoid this last-minute stress by making regular monthly contributions to your RRSP You'll see the financial benefits as your interest accumulates tax-free right from your first payment and you level the acquisition cost of your investments. And on top of this, you'll develop good savings habits.

Protect your loved ones
Are you over-insured, under-insured or badly insured? Reassess your life and health insurance portfolio. Don't hesitate to ask a specialist for help because much too often people take out insurance without taking their family and financial situation into consideration.  For example, if you were to die suddenly or become disabled, would your family be able to maintain their lifestyle without having to worry? Also, build up an emergency fund to cover your current expenses for a period of six months. In this way, your financial security will not be threatened should you lose your job or should something unexpected happen.

Teach your children the value of money
Do you feel like you're always doling out money to your kids? For a cell phone, an MP3 player, designer clothes, etc. And these requests aren’t only made during the holiday season, but throughout the year, not to mention the fact that your children are target consumers with easy access to credit.  Teach them the value of money. It's the best thing you can do for them (and for yourself too).

Lastly, look on the bright side. Enjoy the good times and stop worrying about the little things.