Financial Tips For A Budget Friendly New Year

(CBS Detroit) It’s almost the New Year and a challenging economy has taken a toll on many Americans, especially metro Detroiters, over the last few years.
Make 2012 the year you get a fresh start by making sound financial decisions and saving for the future to help weather financial storms. To start off the New Year right, the FINRA Investor Education Foundation is offering 12 practical tips that can help keep your finances on course in 2012.
Here are some of the 2012 financial education tips to consider:

1. Start a Rainy Day Fund. Set aside at least one month of your current salary (and work your way up to three months) in a federally insured savings account. This will give you a cushion to handle medical bills, a short job loss, a surprise car repair or other financial emergency—and help keep your finances under control.
2. Handle Credit Cards With Care. Keep your credit card spending in check and try to pay your credit cards in full. If you have accumulated holiday debt, pay it off as quickly as possible. If you cannot pay your whole monthly bill, at least pay more than the minimum due. Every dollar you pay above the minimum payment can reduce the amount of interest you will pay.
3. Do a Background Check on Your Financial Professional. Far too few investors have reported checking the background of their investment professional with a state or federal regulator. Investing a few minutes of your time to take this free and easy step could save you time, money and other trouble down the road. FINRA BrokerCheck is a free tool that allows investors to check the professional background of brokerage firms and individual brokers.
4. Shop Around For Financial Products. Comparison shopping for financial products—including credit cards, loans and investments—is as crucial as shopping around for a television or phone plan. Saving even a percentage point or two on a loan can make a big difference to your bottom line.

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