If your resolutions for 2010 include saving money or improving your finances, you should be taking concrete steps toward making those goals a reality now, before the excitement of resolutions wears away and you’ve lost that new year motivation to stabilize your financial situation, particularly if you’re considering filing bankruptcy.

Know the Facts about Credit Reports & Credit Scores

Hopefully, you already know that your credit report is a compilation of information about your use of credit and loans in recent years. One important part of financial responsibility is keeping track of your credit report, which you can do by visiting www.annualcreditreport.com.

This site lets you check your credit report from each of the big three credit reporting bureaus (Equifax, Experian and TransUnion) once a year for free. Once you see your report, you should identify any incorrect information and follow the site’s directions for having it corrected.

Then, you can use the information to help you see where you’re doing well financially and where you need improvement.

And, to illustrate how important it is to maintain a healthy credit history, a post from Five Cent Nickel examines the exact, numerical difference that a few points’ change to your credit score can have on the loan terms you get.

• Credit report: A collection of information about your history with credit, loans and debt, a copy of this from each of the big three credit reporters is available free to every American, every year.
• Credit score: A number based on credit reports and other factors developed by the Fair Isaac Corporation, this figure is available for purchase, but generally isn’t necessary to understand where you stand in the eyes of lenders.

Be Serious about Cutting Costs

You may discover that, in order to meet your financial goals for the year, you need to lower your spending in some areas. So here are some places to look for great tips on trimming everyday costs without feeling the squeeze:

• Growing veggies and fruit: According to Get Rich Slowly, early January is prime time to start planning for a garden.
• Trimming food costs: Two articles from the Daily Green include great suggestions for making sure your food dollars don’t go to waste.
• Cutting energy costs: Check out the detailed tips for saving money around the house by reducing your energy usage, also from the Daily Green.

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