What is your resolution for this year? The usual resolutions include exercising regularly, eating healthy, reading more books, spending time with family and going for more holidays. This year, why not start with a financial resolution. Here are five options that can help save money:

Reduce your debt

If you have multiple credit card bills to repay or any other kind of loans, take a resolution to pay off your debt. You are losing more money if you don’t repay your loans.

“You should review your loans. If you have enough corpuses to repay the debt, you should consider it. If you have a credit card overdue, try to repay it. If you have high interest rate loans, covert those into cheaper rate loans,” said Surya Bhatia, a New Delhi-based financial planner.

For instance, usually interest rate on credit cards range between 24% and 44% per annum. If you are unable to repay it, shift to a personal loan which range from 12-18% per annum.

Don’t shop mindlessly

Most people tend to go overboard with shopping. It could be coming in the garb of retail therapy or just lack of attention on your wardrobe. Result is you end up buying things you don’t need.

One way to get this right is to organise your wardrobe and see what you have and whether you need more. Don’t shop just because the mall is going on sale. Before heading to a mall, make a list of things you need and stick to the list.

Another way to do it is to make a budget for all your shopping in the beginning of the year and follow it.

Don’t invest on hot tips

Every month save a portion of your income. Now the money that you save should not be left in the bank account. You want your money to work as hard as you do. Now that doesn’t mean you get distracted with all the noise around you.

“Don’t get influenced by the noise levels in the market but maintain a disciplined approach to achieving financial goals.

Next year, there will be significant volatility and many experts predicting market movements,” said Prateek Pant, head, product and solutions and co-founder of Sanctum Wealth Management. Understand your financial goals and don’t hesitate to seek help from a professional if required.

Keep track of your money

Have you ever said, “I don’t know where my money goes,” or “Money just comes and goes from hand?”

Well, you should know where it is spent and where it is invested. Often you get busy with your work or family commitments. The moment you have some free time, you end up looking for entertainment.

This year, take some time out to track your money and keep a record of it. When you know where your money is, you will be much more in control with your life. Don’t let money control your life choices, instead let it give you the freedom to choose what you want.

Don’t turn into a miser

You need to save money but that doesn’t mean you should get stingy. It is alright to spend on yourself if you want to. The issue occurs when you don’t know how your money is going to work.

“When you don’t know your expense pattern, rate of inflation and rate of growth of your money, you are obviously going to be conservative because you don’t have the answers. You will be trying and cutting corners to make the money stretch for you,” said Priya Sunder, director, Peakalpha Investment Services.

She explains with an example. “There was a lady who never went to the beauty parlour as it was unimaginable for her to spend ₹2,000 facial and hire a cab every month. In fact, she could afford to do it as well as hire a cook too,” said Sunder.

Go ahead and take control of your money this year.