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Consumer Watch: New year money resolutions

According to a new Fidelity Investments survey, nearly one-third of Americans plan to make a money resolution this 20-19. (MGN Online)

It's a new year, and that means getting your health and fitness back on track.

But what about your finances?

If money resolutions are not on your list, experts say they should be.

According to a new Fidelity Investments survey, nearly one-third of Americans plan to make a money resolution this 20-19.

49% plan to save more.

15% hope to spend less.

29% plan to pay down debt.

But when it comes to debt, experts say many people are taking the wrong approach.

"They've got that Christmas bonus or they've got that tax refund coming. the urge is take every dollar to pay off those credit cards." said Chris Burns, Financial Planner, Dynamic Money.Instead, experts recommend you put that money into a savings account. "Build an emergency fund. I recommend 3 months. That way, when life happens, you can pay for it with cash."

Tip number two: Start tracking your spending.

Experts say what you don't measure, you can't manage.

So, use apps to track your expenses and see where you can cut down.

"When you can't actually see where your money is going, inevitably you end up spending it in ways you'll regret."

Tip number three: Have some guilt-free money.

As you work toward saving money and cutting expenses, make sure you also set up a fund for fun.

"If you don't, you're going to burn out. If literally every extra dollar you have is going to savings and you're die hard and you're going after it, something will come along and wreck that and you'll drop the whole thing."

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