The new year is always time for a fresh start, but most likely your list of new year resolutions probably won’t have changed too much from the ones you made last year – the old reliables such as giving up cigarettes, getting more exercise, losing weight, learning something new, changing your job, travelling more, spending more time with family and friends.

But, if finding money is always a struggle, debts keep piling up or you don’t seem to know what you spend your money on, it may be time to make some financial resolutions for the new year.

Here is a list of tips that can help you return to financial fitness for 2008:

■ Shop around and compare financial providers

There was a time when there banking was a bit like television – you only had access to two channels and neither was very appealing. But the banking market has been shaken up by the arrival of a number of hungry new players and suddenly everyone wants your money.

Whether it is mortgage rates, better interest-bearing savings accounts or bank charges, it’s time to look at what your current bank is giving you or charging you and compare it to the others.

If it isn’t giving you the best deal, ask them to match what's out there or move your accounts.

■ Get some tax advice

Just because you are a PAYE worker, it doesn't mean you shouldn't get some advice on tax. Valuable tax allowances go unclaimed because PAYE workers are either unaware of their entitlements or unsure how to go about getting refunds.

Taxpayers can claim personal tax exemptions on everything from union membership to train tickets to medical expenses to relief on mortgage interest payments.

■ Save more

You know you should do but it’s one of those things that is easy to put off – you'll do it after you pay the bills, but there won't be anything left unless you get disciplined about it. Set up a direct debit or standing order to automatically transfer a certain amount of money to a savings account. Competition in the banking market has led to an improvement in the savings products on offer.

■ Review all your policies

We've all done it – availed of the house insurance policy that the bank offered with the mortgage or took out motor insurance with the first provider that gave us a quote.

But it could be costing you in the long run. In the new year, review all of your policies and shop around. You can make savings. Many insurers are offering deals if you have all of your insurance policies with them.

For example, Quinn-direct will give €300 of free home insurance for a year to any customer who has a motor policy with Quinn-direct and a health insurance policy with Quinnhealthcare.

But, if you are shopping around for the best quote, just make sure you check the level of cover you are receiving is adequate.

■ Save your change

Look after the pennies and the pounds will look after themselves was an old saying and, like many old sayings, there is usually an element of truth.

How many times have you left change lying on your locker or found a load of coins down the back of the sofa?

It's your money and it all adds up.

Get a big jar and put your change in it regularly. You'll be surprised how much you will build up – most people could save hundreds of euros over a year in loose change – enough to buy yourself a decent Christmas present at the end of the year.

■ Watch your shopping habits

Be like Santa and make a list. Using a list when out shopping can help stop you making those impulse purchases. All retailers these days are offering special deals on various groceries such as three for twooffers. Make sure you avail of them.

Choose carefully where you do your weekly shop – a recent survey by the National Consumer Agency also found a significant price difference between shopping in one of the multiples versus most of the symbol groups, while the Value Ireland Forum says consumers can save up to €1,800 a year by shopping at one of the German discount stores.

And don’t go shopping for food when you're hungry – you'll end up buying more than you need!

■ Don’t ignore financial crises

They won’t go away, you know. If you run into financial difficulties, face up to them rather than pretending they are not there.

It's not worth having your home or car repossessed and ending up with a poor credit record which will stop you getting finance in the future. Talk to your bank, mortgage company or credit card provider. Most of them would rather work out a revised payment scheme. If you are experiencing financial difficulties, consider talking to MABS, the national, free, confidential and independent service for people in debt or in danger of getting into debt.

Time to say bye to your flexible friend or at least to cut the ties

IT MAY have got you through Christmas, but you’re probably going to find out in the new year that your flexible friend isn’t that flexible after all – especially when it comes to interest and repayments.

Studies show that people tend to spend more when they can put their purchases on plastic, so it might be time to say goodbye to your flexible friend.

If you can’t, use it only in case of emergency and make sure to pay off your bill in full at the end of the month.

Paying off your credit card balance at the end of the month is one of the best financial fitness exercises you can make.

Purchases on a credit card can double the original cost, particularly if the card user only makes the minimum monthly repayment.

Frank Conway from the Irish Mortgage Corporation has calculated that a credit card balance of €2,500, with an interest rate (Annual Percentage Rate of 17.5pc) can take 13 years to pay – down to less than €100 – if only the monthly minimum is paid.

The total interest charged will be €2,315. This equals 93pc of the original balance.

Another alternative is to take out a personal loan to clear the credit card balance.

Loan rates as low as 7pc are available from banks and other lenders with some credit unions also offering good rates.