Becoming better at sticking to a budget is a common New Year’s resolution – and one of the hardest to keep. Yet becoming financially fit in 2011 is more important than ever for many American families still struggling with the lingering effects of the economic downturn.

New Year’s is a perfect time to make a fresh financial start. Post-holiday bills and pre tax-season planning can inspire you to become more financially fit. Financial planners agree that following some basic steps – like setting priorities and taking stock of expenses and income – can give you the best chance of keeping this important New Year’s resolution.

More people than ever are now aware of a once-overlooked source of “extra cash” – their spare change. The average coin jar can weigh anywhere from 1 to 40 pounds, depending on the mixture of coins. Cash in your coins and you’ll find one “weight-loss pledge” – lightening your coin jar – is easy to keep.

Here are some basic tips for getting financially fit in 2011:

Set priorities

* Define your financial priorities for the coming year. Is your goal to reduce or eliminate your credit card debt? Increase your retirement savings? Establish a college fund for your children?

* Recognize the difference between needs and wants. Most of us have far more wants than we could possibly finance. Plan to pay for the needs first. Assess just how much it costs every month to fund your family’s basic needs, including housing, food, utilities, health care, etc.

Take stock

* Gather up all your monthly bills and make a list of what you pay toward each.

* Collect receipts for a few months. Every time you spend money – whether it’s for groceries, going to a movie, dining out or buying a pack of gum – keep the receipt. Use them to create a list at the end of the month to show you where your pocket cash is going.

* Similarly, take stock of all your available sources of income, including your salary, spouse’s salary, bonuses, etc. Did you know that the average American household has approximately $90 in loose change lying around? This is found money you can add to your savings, put toward paying off holiday bills or use for immediate purchases. Gather up your change and take it to a Coinstar Center, found in retail locations across the country. You can count your coins for free when you place the value of your change onto gift cards or certificates from national retailers like Amazon.com, Lowe’s, iTunes, Starbucks and more. Visit www.coinstar.com to find a location near you.

Create a budget

Once you know how much money you have coming in and going out every month, create a budget based on your priorities and past experience. Be realistic about what you can and cannot do without. For example, if dining out is a big expense every month, you may be able to trim it down, but probably shouldn’t eliminate it from your budget all together.

(ARA) – Jan. 1 arrives every year with the hope and promise of losing pounds, improving relationships and paying off those bills from the holiday spending season.

Unfortunately, at some point most every American has made a New Year’s resolution only to have that new gym membership go unused, the scale ignored and credit card debt continue to pile up. But according to New York Times best-selling author and personal finance coach David Bach, getting out of debt this year can actually be fairly simple.

“Getting out of debt is a pretty straightforward process,” says Bach, whose latest book, Debt Free for Life: The Finish Rich Plan for Financial Freedom, outlines a plan for getting out of debt. “The issue people have is getting started – the average American family is carrying roughly $49,000 worth of consumer and mortgage debt and that can be daunting.”

To overcome the fear of getting started Bach recommends changing your frame of mind when it comes to paying off debt – don’t focus on what you’re giving up, but rather think about what debt is holding you back from – family vacations, buying a new home, or even starting your own business. Focusing on what living debt-free will enable to you to do helps keep you focused and motivated.

Bach recommends by starting the process with an honest self-assessment, asking questions like “Why are you in debt?” “How much debt do you have?” and most importantly “Why do you want to be debt-free for life?”

“Being honest about your debt, for a lot of people, means overcoming a major obstacle-getting started,” he says. “The sooner you get honest with yourself about your debt, the better positioned you’ll be to start taking real action to get out of debt.”

After you’ve answered those questions, the next step is to stop spending on non-essentials.

Bach’s “latte factor” is an example of how eliminating a store-bought cup of coffee can quickly add up and be applied to paying off your debt. Beyond cutting spending, Bach suggests taking a methodical approach to eliminating debt by charting your debts and determining your “done on last payment” date, or DOLP, for each account. Factoring in the interest rate and pay off amount you can easily determine which debts to pay off first in order to maximize your savings on interest.

“If you’re still overwhelmed by charting out a debt repayment plan then try an automated system,” says Bach. “I personally like Debt Wise from credit reporting agency Equifax – they use the information they already have from your credit card companies and other lenders to automatically prioritize your debts into a personalized plan that will help you save money in interest and get out of debt faster. The tool even updates you as you make progress on your plan.” For more information about Debt Wise, go to www.debtwise.com.