The new year often marks a time of reflection and resolutions. Common goals include losing weight, getting more exercise or starting a new hobby.

But how about taking a serious look at your finances to see what went right, what didn’t go so well, and making a commitment to doing better?

“When your outgo exceeds your income, your upkeep becomes your downfall.” Dave Ramsey

I’m talking about taking an honest look at things, creating a written plan, and then setting procedures to measure results.

I know this isn’t fun, but success in any important endeavor takes work, and hope just isn’t a plan.

Goals often include spending more carefully, paying down debt and saving more for the future.

Here are some ideas for your New Year’s Financial Resolutions courtesy of Fidelity.

One-Page ‘Financial Inventory’

• Monthly take home pay
• Cost for essentials like food, insurance and housing
• How much you typically spend on nonessentials like entertainment and shopping
• If you have debt, list balances, interest rates and minimum payments

Room for Future Priorities

• Anticipated changes like rent increases or other rising costs
• Saving for a home purchase
• Saving for your retirement
• Kids’ college savings

Protection from the Unexpected

• Health, life, disability, auto and homeowners/renters insurance
• Take advantage of employer-sponsored plans — group insurance, 401(k), health savings accounts, etc.

Emergency Fund

• Unexpected expenses like car repairs, medical bills or even job loss
• Minimum target three to six months essential living expenses

Maximum 401(k) Match

• Free money — many plans match 50 cents of the dollar up to a maximum
• Example: You save $4,000 per year and the employer adds $2,000 to your account
• Big tax benefits —pre-tax contributions and tax-free compounding

Pay Down High-Interest Credit Cards

• Typical interest rates on credit cards are around 21%
• It can take years — even decades — to pay off a credit card balance with minimum payments
• Make extra payments and try to pay off credit cards as soon as possible
• Once old credit card balances are paid off, pay the entire balance each month to avoid repeating the problem

Once you’ve done your budgeting, it’s time to do some longer-term planning. It can actually be fun to start dreaming about the future: a first or bigger home, helping kids get a good education and your own retirement.

There’s on old saying, “If you don’t know where you’re going, you’ll never get there,” so do some serious goal setting.

Here are some thoughts:

Current Net Worth Statement

• List all assets (what you own)
• List all liabilities (what you owe)
• The difference is your net worth

Set Realistic Goals

• First or bigger home — target price, down payment, monthly payment
• College for kids — don’t forget about our great community colleges and in-state universities
• Retirement — realistic target age and after-tax spending target (in today’s dollars)

Financial Planning

• Free online planning tools are commonly available. Note: Many free planning tools are also sales tools for financial products, so be careful.
• Planning tools may be available from your employer retirement plan provider.
• Paying a fee to a professional may be smart, especially for more complex situations. Like with many things, you usually get what you pay for.

Financial success is not easily achieved. I am reminded of a great quote from President Dwight D. Eisenhower, a five-star general: “Good planning without good working is nothing — and working without measurement is just motion.”

Plans need to be written down and followed up with hard work and periodic review to have success. Hope is not a plan — so please take the time to do your New Year’s financial planning.

Here’s to your success!