What we need to do in 2010 is  â€“ Get a Grip – on our everyday finances.  Here are a few tips to help everyone get back on track, regardless of your financial situation.
1. Track your spending - keep track for 1 month and you'll be surprised how quickly those little purchases add up! Try to cut your expenses by 10% for your rainy day TFSA!
2. Check your credit score annually - your credit score affects the interest rate you will qualify for on credit cards and loans. Always pay your bills before they are due to keep your score healthy!
3. Leave your RRSPs alone - withdrawing from your RRSP to pay bills could compromise your future retirement plans. Try to refinance your existing mortgage even if you have to pay a penalty. Depending on your situation, you could be much further ahead!

Getting into debt is all about misuse of resources. It is no coincidence that things that are good for your bank account are also good for your health and planet. Let's take a tip from our environment and think about the 3 R's - Reduce, Reuse & Recycle...one of the best ways to get your finances out of the red. Reducing costs, calories and waste all begin in the same place. For example, a Grande cafe mocha costs approximately $3. Buying one 3 times a week would cost about $468 a year and increase your calorie consumption by a whopping 62,400 calories. If you don't burn all these calories off, your $3 coffee will add on an extra 18 lbs to your waste line, not to mention the waste products - paper cups & lids that will be thrown out. Compare this to making coffee at home - $0.20 a cup, approximately 20 calories (unless you like double cream) and you use your own mug or thermos. Think of your options and your potential savings before parting with your cash!

Most of us carry credit card balances month to month, and high balances can have a negative effect on your credit score. It's important to keep your credit card balances below 35% of your credit card limit. For example, if you have a credit card with a $1,000 limit, you should try to keep the balance below $350.
By managing your credit cards this way, you demonstrate that you know how to use credit responsibly, and that you can add points to your credit score.

Identity theft can be described as using or obtaining someone's personal information without their consent to impersonate that individual.
Protect Your Personal Information:

• SHRED all personal documents/information.
• MONITOR all your accounts frequently.
• USE strong passwords
• REVIEW your credit report annually.
• DON'T leave personal information lying around or in the regular garbage
• BE cautious when sharing personal information.

DON'T BE A VICTIM OF IDENTITY THEFT!

Fraud involving cheques and money orders is becoming popular. Don't accept cheques, money orders or even certified cheques from anyone who then asks you to send back a cheque of your own or a wire cash in the form of a 'refund'. You are responsible for what you deposit into your account; forged cheques & money orders can be charged back to your account long after the hold period has expired.

When using your debit card, protect your PIN number at all times. I recommend that you change your PIN number frequently to safeguard against debit card fraud.