We are a month into 2010 and while that new-year smell has faded, the paint job is still fresh and the tires have all their tread. But are you driving in the right direction?

To ring in the New Year I gave everyone a list of tasks that they should consider to make 2010 the year that they reinvent themselves financially. Now is the time to revisit (and re-engage) those goals.

Have you started keeping score, using  software or services like Mint.com or Quicken?  It’s still early enough in the year for you to get a better understanding of where your money goes so you can keep more of it and track your net worth to see it rise year-over-year.

What about creating a budget? If you don’t have a budget then you don’t have anything to put the brakes on reckless spending.  A budget will let you know if your income can support your monthly spending and if not, it’s time to trim the fat or look for ways to bring in more cash.

Speaking of which, it’s also time to make more money. Whether it’s a small side project like the ones in our Earn More section or jumpstarting a new job search, inertia is your enemy. Get out and do something, anything to get more and bigger checks in the door.

Getting out from under high utility bills and high-rate credit cards help on the other side of the balance sheet in cutting expenses. Make sure that you look at alternative phone plans for home and mobile and if you don’t do anything else pick up the phone and demand a lower credit card rate. If you can’t haggle it down, shop around. And if there is one luxury or bad habit that you can cut out entirely, you’re cooking with gas. Kill the cigarettes, or liquor store trips or eating out as often. You’ll feel better and save money coming and going.

And now that pulling out a stack of coupons at the checkout counter is no longer a mark of shame but a badge of honor, make sure that you’re getting deals wherever you can. Fifty cents here and a dollar off there can help you double down on a credit card payment or two without sacrificing anything.

So before the year becomes a clunker and takes your bank account for a ride off a cliff, get in the driver’s seat and handle your business. Budget, cut your spending, grow your income and watch your debt die a slow but satisfying death.