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Get Yourself Into Financial Shape Many of us make a New Year’s resolution to improve our physical condition. But how about your financial shape? These are sure signs that you need to revamp your finances:

Your credit cards are maxed out and you’re only paying the minimum. Failing to settle your bill in full can lead to whopping finance charges. And if you skip a payment you can be on staggering late fees in addition to the interest.

An increasing amount of income goes to paying your debts. Only 10 - 15 percent of take-home pay should be spent on fulfilling credit obligations.

You’re using one card to pay off another. Don’t fool yourself into thinking you squaring away your debts. All you’re doing is borrowing more money.

You decide that your next trip to the doctor will have to wait. If you’re jeopardizing you health because of a lack of money, it’s time to reevaluate your credit situation.

To help you achieve your financial resolutions:

First Take Stock.

Take a comprehensive inventory of all current savings and investments, along with interest rates and projected growth. Are you able to meet your financial goals with the investment tools you currently own? Do you have substantial debt? Have you begun saving for your retirement and children’s education? Your goals change at different points in your life, so review your savings and investments regularly and adjust when necessary.

Assess Your Parents’ Fiscal Health

Many people with living parent have not discussed financial issues with their aging parents, yet most people say they provide or anticipate providing financial support to an aging parent.

Talking about money is essential to families that increasingly rely on one another for financial support. Involve all family members in communicating your objectives, which revolve around your parents’ well-being. For a family discussion, consider calling in a neutral third party, such as a professional planner, lawyer or close family friend. Compile a checklist of information you should discuss with or gather from your parents: legal documents such as a will, trust documentation and durable power of attorney; insurance policies; and contact information for attorneys, bankers, insurance agents, executors and tax preparers.

Give Your Kids a Healthy Start to Financial Success

Nothing will teach your kids more about money than letting them have it and spend it. By providing an allowance, you teach your children to manage money and budget properly. Receiving a finite amount of money on a regular basis helps kids learn to weigh decisions carefully about purchases and other expenditures. As your kids get older, you can provide them with a larger weekly allowance, but tell them this money has to cover all their expenses, including incidentals such as gas, entertainment and clothes.