Many people will start the new year having made personal resolutions to lose weight, drink less, stop smoking or become better at staying in touch with family members and friends. But New Year's is also a good time to recommit to financial goals that keep you and your family on a sound financial track. As prescribed by financial experts, here are some money resolutions to consider:

Make a budget and stick to it: No one likes to cut down on spending, but doing so might improve your financial life in the long run. You can start by compiling a spreadsheet of expected costs using your past year's spending and income. If you've found it hard to stay on target in the past (say, you keep buying that pricey latte every day), add "accountability, some reward system that because we've been successful, we're going to do certain things that we might not have been able to do otherwise," says Wesley Clayton, managing director of Twickenham Wealth Advisors in Huntsville, Ala.


Pay down debts: That stack of student loans, credit cards, mortgage and car loans may seem daunting, but envisioning how good it will feel to pay off that last debt can help you get started. One way is to "make a list of the three to four credit cards you have," says Patrick Bet-David, owner of financial-services firm PHP Agency. Then "pay the highest-interest-rate [debt] and you work your way down to the lowest."

Another way is to ask which debt "is the most unsettling for you, the individual. What keeps you up at night?" says Mr. Clayton. "It might not be the one with the highest interest rate. It might be the one with the lien on the most important piece of property" that concerns you most.

Stephen Smith, chief executive of South Jordan, Utah, financial-services firm Finicity, suggests trying to get rid of your smallest debt in the first 90 days of the year. Once that's accomplished, you'll be encouraged to retire other debts.

Make an estate plan: You might not have a Downton Abbey manor house or a trust fund for the kids, but you still need an estate plan. Without one, "you don't have control, and it's a lot slower and a lot more costly," says Rob Robertson, an estate and probate lawyer in Austin, Texas. But "if you have a will, you can choose the objects of your affection," including favorite charities.

As part of your estate planning, you'll want to assign durable general power of attorney to someone and select an executor for your estate. Look for people who are trustworthy, levelheaded and don't have conflicts of interest. Designate alternates as backups, says Mr. Robertson.

Something often overlooked is making digital afterlife plans, especially in terms of passwords. Internet companies don't usually hand over passwords to email accounts or social-media profiles after a death. That's why putting your passwords into an application like PasswordBox is important: It securely stores your passwords, and you name someone you trust to get the codes in the event that you pass away suddenly and want others to have access to online photos or other documents.

Get serious about retirement: With people living longer and Social Security providing only a portion of needed income, workers of every age will have to save more of their own money to live comfortably after retiring. If your employer matches contributions for your 401(k), it's a no-brainer to max out the match, says Joanna Pratt, vice president at NerdWallet, a personal-finance website. Then you can put any remaining money into an individual retirement account, which typically has low fees and tax advantages, and lets you contribute up to $5,500 every year ($6,500 if you're 50 or older). Set up automatic contributions from your paycheck to the 401(k).




"You just want to make sure that your asset allocation is appropriate for your age and your personal goals," says Ms. Pratt. Generally speaking, the older are, the less of your portfolio you want in stocks.

"Make sure you're taking into account your age, your risk aversion, your personal goals [and] alternatives if you don't make those goals. Will you have to wait longer to retire?" She warns against actively managed funds, which charge relatively high fees, in favor of low-cost index funds. And if you're not an experienced investor, she says, stay away from day trading.

Create an emergency fund: According to a 2012 survey, 28% of Americans have no emergency savings for events like a car breaking down, an unexpected house repair or a job loss. Finicity's Mr. Smith advises a fund equal to three months of living expenses.