As we enter into Spring, many people are re-thinking resolutions made in January to improve their lives this year. If you’re focused on improving your financial health, here are five resolutions you should consider making now.

Create a budget and stick to it. One of the most important things you can do to improve your financial situation is to create a budget and stick to it. Start by tracking your spending for a few weeks to get a sense of where your money is going. Then, use this information to create a budget that allocates your money to the things that are most important to you. Be sure to include a savings category in your budget and make it a priority to save at least 10% of your income each month.

Pay off high-interest debt. If you have high-interest debt, such as credit card balances or personal loans, making a plan to pay it off should be a top priority. The interest you’re paying on this debt is likely eating into your ability to save and invest for the future. Consider consolidating your debt into a single loan with a lower interest rate, or using a balance transfer credit card to take advantage of a 0% introductory interest rate.

Build an emergency fund. An emergency fund is an essential part of your financial plan. It’s a savings account that you can use to cover unexpected expenses, such as a car repair or a medical bill. Ideally, your emergency fund should have enough money to cover at least three to six months of living expenses.

Start investing. If you’re not already investing, the new year is a great time to start. Investing can help you grow your money over time and prepare for your future financial goals, such as retirement or buying a home. There are many different types of investments you can choose from, including stocks, bonds, and mutual funds. Consider working with a financial advisor to help you choose the right investments for your goals and risk tolerance.

Protect your assets. Finally, make sure you have the right insurance coverage to protect yourself and your assets in case of unexpected events. This may include health insurance, life insurance, car insurance, and homeowner’s or renter’s insurance. Review your existing policies and make sure they’re still adequate for your needs, or consider shopping around for new policies if your situation has changed.

By making these financial resolutions and sticking to them, you can take control of your financial future and set yourself up for success in the new year.

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