I am not one for New Year’s resolutions. I believe that any time is a good time for making positive changes in your life.

However, I do recognize that sometimes in life we require mile markers to help us plot our course. So now that the ball has dropped and champagne has been popped, it’s time to take stock of where you are financially and what you plan to do to improve your lot in life in the new year.

As of today, your annual income, loan interest paid and tax liabilities all reset to zero, which means that it’s not the worst time to take stock of things that matter to your personal bottom line  and attack them with renewed vigor.

As such, here is my abridged checklist of things to do to reduce your debt 2010 and continue down the path to financial freedom.

1. Start keeping score. Whether you use great online services like Mint or software like Quicken, you need to have some way of recording all of your income and spending to see where you are making mistakes.
2. Create a budget. Like almost everything worth doing in life, this is hard work and you won’t see results right away. To make things easier, invest in a budget planner like the Home Budget Book.
3. Make more money. It’s easier than it sounds; a journey of a thousand miles starts with one step. Go back to school, get your resume updated, join LinkedIn and maximize your connections, and do everything else to prepare for a new job. (You may not have any choice in the matter.) At the very least, check out our Earn More section for ways to boost your part-time income. Some crazy SOB’s even start financial blogs. What’s up with that?
4. Cut your utility bills. It’s hard to use a lot less water or heat without spending money on pricey energy-efficient upgrades. But I’ve come to find that there is one area where savings are just waiting to be had, namely your cell phone, or home phone service. Forget Verizon and AT&T, look at low-cost providers like Cricket and Smart Talk for cell service.  For your land line, look at VOIP services like Vonage  and Ooma. You can do this TODAY.
5. Call every one of your credit card companies and ask for a lower rate. It’s an artful dance, learn the steps here.
6. Eliminate one bad habit. Joining a gym or Jenny Craig is going to cost you money. Quitting smoking or drinking less will save you money, and contribute to your better health. Typical New Year’s resolutions don’t put money back in your pocket; find one that does.
7. Eliminate one luxury. Last year I cut out having my shirts dry cleaned, saving me about $20 a month. What can you do without? A daily Starbucks latte? Spa visits? Cigars? Find something that you enjoy less than being debt-free and swear off it until you can afford to never use credit again.
8. Shop smarter. Become a coupon clipper. Sign up for Bing Cashback for your online buying. Go for store brand products instead of national brands. A little time can save you lots of loot.
9. Don’t forget to pay yourself. Too may people skimp on their retirement savings, giving more money to the government than they should. We all know that extra taxes paid are only going to go to bail out the same banks who jack up your interest rates. Contribute at least 5% of your income to your retirement savings, more if you can.
10. Forget about your debt. (For a couple minutes a day.) There is no such thing as a healthy obsession, so know when you’re dwelling too much on money. It’s alright to splurge every once in a while and your health, friends and family are more important than your balance sheet. Put everything in perspective and you’ll be much happier, which is what life is all about.

I have had a great time writing Debtbeat in 2009 and I’m looking forward to learning about and sharing more ways to earn more, spend less and manage credit in the new year.

Best wishes to you and yours!

TBS