Three Resolutions You Can Actually Keep

You know those resolutions we all make about getting in shape and eating right each New Year – how are you doing?

If it's not going so well, you're not alone. But don't waste time feeling bad about it. Instead, replace those tired resolutions with a few that you actually can keep. Forget about giving up a favorite food. Instead, think of these three resolutions that will help protect what you have now and build for the future.

1. Manage that mortgage. If you have an adjustable rate mortgage, consider converting it to a fixed rate. 30-year mortgage rates are still relatively low, and if you aren't feeling the pinch yet, that ARM could soon start eating you up. If you have a fixed rate mortgage that's more than a few years old, look into whether you could save by refinancing at a lower rate.

2. Improve your home and your tax bill. If you have been considering some home improvements, look into taking a home equity loan rather than financing them through a credit card or other loan. Interest on a home equity loan can be deductible just as is mortgage interest when the funds are used for home improvements. Depending on the type of improvement, you may be able to recover most of the cost through the increased value of your home when you sell it someday.

3. Keep Uncle Sam's hand out of your pocket. Do you usually get a tax refund because you pay in too much over the year, either through payroll deduction or by estimated payments? Don't do it! Sure, that refund feels like found money, but all you've really found is money that you might as well have buried in the back yard. Uncle Sam had your money for months and paid no interest – zip. He didn't even say "Thank you." Talk with your tax professional to calculate your withholding or estimated payments so you come out as close as possible to what you owe each year. Then don't spend the extra you take home, but instead increase your savings either through an IRA, a 401(k) or similar plan, or a well-managed investment plan.

For all of these you'll want to have some expert advice from your tax and financial adviser. Always consult your professional before making a decision about changing your mortgage, taking a home equity loan, or changing your withholding and/or estimated tax deposits. It will be time well spent and give you peace of mind.

And as for those other resolutions? Well, there's always next year!