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1.  Set Short Term Goals: If you’re goal is to pay off about $2,000 of credit card debt by the end of the year, give yourself a monthly and a weekly amount of money that you can gather to throw towards this debt.  Maybe it’s around $50 per week or $200 per month – if you stick to those numbers, you should have this debt paid off.

Setting short term goals that can be accomplished in a week or a month is a lot more feasible and less stressful than a goal spread out over a year.

[Visit our "Goals" section for tons of tips on how to make your goals a success!]

2.  Make it Automatic:  Another common financial resolution is to save more money.  This goal can be achieved without even thinking about it.  Simply ask your bank to automate your savings – where a certain amount of money is automatically transferred from your checking account to your savings account. This forces you to make do with less, while building up your savings at the same time.

3.  It’s Okay to “Fail”:  Don’t get discouraged if you start to lose focus on achieving your goals.  Going back to the goal of paying off $2,000 of credit card debt – even if you only pay off $1,000, that’s still an impressive accomplishment.  Resolutions don’t have to be everything or nothing and even if you complete part of your goal, that should still motivate you to continue the journey into the next year.

4.  Get The Help of Others:  Regardless of what your resolutions are, either financial or health-related, it’s important to get support from friends, family.  Chances are you will find a close relative who shares the same goal.  In fact, 85% of Americans think having someone else to help them stay on track towards completing their resolutions is helpful, according to the National Endowment for Financial Education.

5.  Make More Money:  It sounds impossible to try and earn more money during these times, but think of ways you can monetize the skills you have.  Are there any side businesses you can start or hobbies you can turn into a money making business.  You can check out Freelancer.com for specific jobs that are in line with your skills.

6.  Use Your Smartphone to Help:  There are some helpful apps to make sure you stick to your resolutions.  One is called Resolutions 2012 – it costs 99 cents on the iPhone and it lets you personalize your goals, track your progress and you can even add daily reminders to ensure you’re taking the steps to make that goal a reality.

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Frugality Considers Quality

A frugal person considers more than just the price of a product or service. They take quality into account when making a buying decision. By spending a little more on certain items you can save a lot of money in the long run. Examples that jump to mind include furniture, tools, and clothing.

[Need to be more frugal?  Check out these 20 tips to help you save more money in 2012!]

Cheap Person Ends Up Spending More

If you just go for the cheapest option you may end up with a product that doesn’t hold up to the test of time and will need to be replaced quickly incurring replacement costs that will multiply quickly. The key takeaway is to find a happy medium. In most cases you’ll want to stay away from the cheapest option and the most expensive option in order to maximize the most bang for your buck.

Be Value Oriented

A frugal person always attempts to buy products and services that offer the most value. Never settle for something with less value, especially just because it costs less money. Finding value is everything and the key to developing a frugal mindset for 2012. For example, you could be shopping for a new car, and have your shopping narrowed down to two different models. One car could be $2,500 cheaper, but have less safety features and worse reliability than the other. A cheap person would just go for the instant $2,500 savings, but a value oriented, frugal person, would considers safety and the lower maintenance and potential repair costs that come with the more expensive model.

Also, another aspect of frugal living is the use of online coupons. Here are some of the better current coupons from Rather-Be-Shopping.com:

Abe Books.com
Free Shipping on New & Used Textbooks
Coupon Code: None Needed
Expiration: 2/28/12
See all coupons for: Abe Books

American Eagle Outfitters
Save 40% Off your Clearance purchase
Coupon Code: None Needed
Expiration: 1/31/12
See all coupons for: American Eagle

Celebrate Express.com
20% Off all Football Items in your order
Coupon Code: PLAYOFFS20
Expiration: 1/28/12
See all coupons for: Celebrate Express

Children’s Place.com
Save 15% Off your entire online purchase
Coupon Code: A9F2012
Expiration: 1/31/12
See all coupons for: Children’s Place

Fashion Bug.com
Save 30% Off your entire purchase
Coupon Code: MUSTHAVE30FB
Expiration: 1/26/12
See all coupons for: Fashion Bug

Kohl’s.com
Save 15% Off your $100+ order
Coupon Code: GAN15OFF
Expiration: 2/15/12
See all coupons for: Kohl’s

Perry Ellis.com
Save 30% Off your Entire purchase
Coupon Code: PESITE30AFF
Expiration: 1/31/12
See all coupons for: Perry Ellis

Pet-Source.com
Save 12% Off your Entire online purchase
Coupon Code: PSAFF12
Expiration: 2/28/12
See all coupons for: Pet Source

Kyle James owns and manages a website called Rather-Be-Shopping.com which lists and organizes online coupon codes for over 700 stores.

1.  iHandy Flashlight Free: If you’ve ever used your iPhone as a camcorder, you’ll notice the phone has a light that acts as a spotlight, especially helpful when you’re filming or taking pictures at night.  The iHandy Flashlight Free app will let you keep that camera light on, which essentially turns your iPhone into a flashlight.  I use this app nearly everyday…it’s great if you have to find something in your closet (which is always very dark) or if you’re looking for something in your car and need a light to help you see!

Price: Free

2. Instagram:  You’ve probably heard of this app before, but it adds incredible special effects to your pictures.  And you can post them directly onto Facebook or Twitter from the app!

Price: Free

3.  Agenda Calendar:  How about an app that takes the existing calendar on your iPhone to a whole new level?  If you’re having a business meeting, you can send a group email directly from the app to everyone that’s attending.  You can even create alerts for when your upcoming events are (and the app has eight different alert tones!)

Price: $0.99

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In a world where online retailers are taking over, using plastic to pay for things is almost…a must.  And I say that with caution, because I’m a huge fan of cash…among many benefits, it limits your spending, since once there’s no more cash in your wallet, you can’t buy anything else.  With credit cards, it seems like a blank check.

Anyway, I wanted to take a moment to outline the difference between a credit card and a debit card…and under which scenarios you should use each card.

[Visit HelpSaveMyDollars.com's Personal Finance page...with tips to nearly 100 common financial problems!]

A credit card is essentially a loan.  If you have a credit card with a credit limit of $2,000, then you are free to go out and spend up to $2,000 using the card.  Let’s say in a month, you spend $500 using the card.  A few weeks after you make your purchases, you’ll receive a bill in the mail asking you to make a minimum payment, which is simply a portion of that $500.  The idea is to simply pay off the entire $500 (which is more than the minimum payment), or you’ll be charged interest…and interest rates on credit cards are high…typically over 20%.  The point to remember with a credit card is that you eventually have to pay off the balance.

You should use a credit card when shopping online…and in many cases you’ll have to, since you can’t use cash online!  The nice part about credit cards is you can dispute the charge if you come across a problem with a retailer.  Also, using a credit card is what creates your credit score, as all of the transactions on your credit card are reported to the credit bureaus (Experian, Equifax and TransUnion).

The downside of credit cards, as mentioned above, is the urge to spend.  If you’re buying something for $100, if you had to shell out five twenty dollar bills, that’s removing a lot of cash from your wallet, which may make you reconsider that purchase.  But by swiping the credit card to pay for that $100 item, you don’t necessarily get the same message, like “Hey, this is a lot of money and maybe I don’t really need to buy this!”

Also, the late fees and interest charges on credit cards can be exorbitant if you don’t pay off the balance in full and on time.  Just some things to think about before you swipe that card.

When you use a debit card to pay for something, money is transferred out of your checking account to complete the purchase.  You don’t have to pay back anything and you won’t get a bill in the mail afterwards, since you’re paying for the item as soon as you swipe it.

Debit cards still encourage that “urge to spend,” like credit cards do since you’re not physically removing cash from your wallet.  Now if you don’t have enough money in your checking account to complete the purchase, you’ll be charged an overdraft fee from your bank of $35.  Thankfully, as part of the new credit card laws, the Credit CARD Act of 2009, your purchase will be denied if there isn’t enough money in your account…this is called overdraft protection and applies to all consumer accounts…unless you choose to opt out.  These days, because of this legislation, overdraft fees are not much of a concern.

Don’t use debit cards online, as there are safety concerns and even at restaurants, you could be putting yourself at risk of identity theft, etc.  Rule of thumb: you should be the only one swiping your debit card!  Debit cards do not help build your credit, as transactions are not shared with the credit bureaus.

Do you use cash, credit cards or debit cards…or all three?  Let us know!

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1.  Emergency Savings:  You’ve heard it over and over again…the importance of having enough money to cover your expenses for at least nine months.  This is the most important financial goal.  Use HelpSaveMyDollars.com’s free Expense Calculator to figure out how much money you spend each month.  Multiply that number by nine and that should be how much money you have in a savings account.  If you lose your job, it could take you nine months or even longer to find another job — so it’s imperative that you have money to pay your bills during this time.

2.  Debt:  If you have credit card debt across several different credit cards, follow these three simple steps to eliminate it: (1) pay the minimum payment on each card (2) pay MORE than the minimum payment on the card that has the highest interest rate (3) once that card is paid off, focus your attention and money on the card with the second highest interest rate.  For more details, checkout our recent post featuring 5 Tips for Paying Off Holiday Credit Card Debt.

3.  Save Money:  Cutting your spending is a great way to save money.  But an even better way to save money is to automate your savings.  Talk to your bank and ask them to automatically deposit a certain amount of money each month into your savings account from your checking account.  This will force you to make do with less, while simultaneously building up your savings.

It really is that simple…yes…managing money is simple!

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Follow HelpSaveMyDollars.com on Facebook and Twitter.

Flights:

1.  Kayak.com: Kayak is a helpful site to compare prices among the major travel websites such as Expedia, Travelocity and Priceline,  You can also compare prices of hotels and car rentals.  It’s a convenient way to ensure you’re getting the best price.  There’s also the Kayak iPhone, Android and BlackBerry apps.

[Save money by tracking your expenses using our free Expense Calculator]

Hotels:

2.  TripAdvisor.com: When it comes to choosing the right hotel, it doesn’t get much better than TripAdvisor.  For virtually any hotel, you can read hundreds of reviews from other travelers who’ve previously stayed in the hotel.  View photos and get acquainted with the hotel’s amenities, price, location and room style — this way, you don’t book a random hotel that your neighbor suggested.  You can use TripAdvisor for flight info and restaurant reviews, but the hotel section of the site is the most comprehensive. Checkout the TripAdvisor iPhone, and Android apps.

3.  TripKick.com:  So after you’ve decided on a hotel or a few hotels you might want to stay at, how do you find the best rooms within the hotel?  That’s where TripKick comes in handy.  It’ll give you the specific room numbers within the hotel that are corner rooms or that have the best bathrooms and the best views.

Car Rentals:

4.  Hotwire.com:  If you need to rent a car when you travel, Hotwire.com compares the prices among the major rental car companies, including Enterprise, Avis, Hertz, Budget, National and more.

Cruises:

5.  CruiseCritic.com:  I’ve never been on a cruise before – and the thought of being on a ship, in the middle of the sea is a bit worrisome.  What if you don’t like any of the activities on the ship? You’re sort of trapped – it’s not like you can pick-up and drive somewhere else.  Anyway, if I were to plan a cruise trip, CruiseCritic would be helpful as it lets you read reviews from other people who’ve been on each ship.  Because you want to know what other people thought of the cruise line before you book one yourself.

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1. Figure Out Exactly How Much Debt You Have:
You need to figure out where you stand. Tally up all of the balances on your credit card statements and know the interest rate on each card. Especially during the holiday season where we swipe our credit cards on gifts and purchases on a daily basis, it’s tough to remember how much you spent on each credit card you have.

2. Negotiate The Interest Rate:
What makes debt so expensive is the interest rates. The next step is to contact your credit card companies and ask them to lower the interest rate on the card – its as simple as that and ask to speak to a supervisor if necessary.

3. Balance Transfer Cards:
Your other option is to transfer the debt on your current credit card to a new credit card that has a lower interest rate. These cards are generally called balance transfer cards and they have a low interest rate of say 0 to 5% for a short period of time, usually 6 months and these cards will save you money in interest and buy you some time to be able to gather the money to pay off that debt.

4. Pay MORE Than the Minimum Payment:
On your credit card statement, you’ll be asked to pay a minimum payment. The key is to pay more than the minimum payment. For example, if you have $1,000 in credit card debt with an interest rate of around 20%, it’ll take you about 10 years to pay off the debt if you only pay the minimum payment. But if you double that minimum payment each month, and in this case that only means paying an extra $25 per month, it’ll take you about 2 years to pay off the debt.

Even if you can only pay an extra $10 or $20 each month, do so!

5. Pay Off The Card With The Highest Interest Rate First!
Focus on the card with the highest interest rate – chances are this is the card that’s costing you the most money so you want to pay off its balance as soon as possible. Once this card is paid off, whatever amount of money you were paying on that first card, direct that amount to the card with the second highest interest rate. Keep doing this until all of your cards are paid off.

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As the holiday season winds down, it’s time to organize your gift cards and see – chances are you received several gift cards as gifts.  They were one of the most popular gifts this holiday season.  But what happens if you get a gift card to a store you don’t shop at?  Take a look at some of tips below on how to utilize your gift card – even if it seems worthless to you.

If you received a $100 gift card to Macy’s, but you would rather have the cash, these websites will buy that gift card for around $90.