Making the right money resolutions.

• Position: YOUR LIFE

Some 61% of Americans consider money issues their number-one cause of holiday stress, according to a survey by the American Psychological Association. If you want to get a head start on a better holiday season in 2007, start with some important New Year's resolutions to improve your financial life.

The Financial Planning Association, Denver, Colo., recommends that you resolve:

* To track your spending. This is the first critical step to getting personal finances in order.

* To write down your goals. That gives them a formality and a starting point for must-do planning.

* To consider advice on taxes and planning. It could be that your personal planning is inadequate. Start getting references on good tax professionals and consider sitting down with a certified professional to discuss your current retirement savings picture and what can be done to improve it.

* To cut credit card debt. Take inventory of your balances; figure out if you can consolidate them under your lowest-rate card, and be sure to pay off an amount that exceeds the minimum--on time, every month. Oh, and pay cash from now on.

* To consider prepaying your mortgage. Every dollar you prepay potentially will save thousands in interest over the life of the loan. If you make just one extra payment a year, a 30-year loan can be cut down to 21 years--just do not short your investment plans to do it.

* To save. You should put aside at least five to 10% of your take-home pay (if you can afford to) and place the...