Don't take all the credit

Just like the pounding head that can follow celebrations of a new year, there's no quick cure from the pain of a blown budget, just some reasonable steps to follow that will eventually provide relief. Many start the new year with three challenges: Debt on high-interest credit cards, too much spending and no savings program, says Clay Gillespie of Rogers Group Financial. But he cautions financial makeovers that are too aggressive or unrealistic can fall apart over time. "Some people get really gung-ho in January... but whatever plan you embark on, make sure it's achievable," says Gillespie, a financial adviser and portfolio manager. "You've got to take human nature into account." Gillespie acknowledges most people simply don't have the wherewithal to budget for every dollar spent in the course of a year, so he advises trying what he calls "budgeting in reverse": writing down absolutely every amount spent for a month or two.

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