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The 10 Worst New Year's Resolutions for Your Wallet

Don't Resolve to 'Save More Money'

A good New Year's resolution is ambitious but achievable, says psychology professor Robert Epstein. When you resolve to "save more," you haven't established any goals or specific actions to keep yourself on track. Instead, set an amount for how much you'd like to save per week, paycheck or month, and then decide how to make it easier. For example, consider a direct deposit to your savings account and what spending habits you'll need to cut.

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Worst New Years ... New Year's Day often ushers in the renewed spirit of change and self-improvement. Many hope year-long bad habits, often intensified at the holidays, can be erased with just a few simple resolutions. However, several of the most popular and best-intentioned resolutions end up inflicting damage to your financial health. Forbes reveals the commitments that will likely set you up for failure or result in unintended consequences to your wallet.

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Don't Resolve to... A good New Year's resolution is ambitious but achievable, says psychology professor Robert Epstein. When you resolve to "save more," you haven't established any goals or specific actions to keep yourself on track. Instead, set an amount for how much you'd like to save per week, paycheck or month, and then decide how to make it easier. For example, consider a direct deposit to your savings account and what spending habits you'll need to cut.

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Don't Resolve to... Most people resolve to lose weight after the beginning of the year, but for many, that means joining an expensive gym or spending hundreds more a month on a trainer. If you're confident that you'll use the gym for the typical 12-month contract, shop around to find the best deal and lowest monthly cost. Also, consider how you might exercise without spending a dime. Resolving to jog multiple times a week, take the stairs or work out at home to an exercise DVD will help make you lighter and your wallet fuller.

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Don't Resolve to... Telling yourself "I won't run up credit card debt" or "I will only use debit this year," is a good place to start, but not ideal. Executive coach Michelle Randall warns that willpower only goes so far. If your goal is to limit credit card use, physically take all credit cards out of your wallet so you won't be tempted. Keep them in a drawer and plan carefully when you need to use them. Then you'll be more likely to stick to your goal through the end of the year.

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Don't Resolve to... "Lose weight" and "eat healthier" are among the most popular resolutions year after year, but without careful consideration of the cost, it could hurt your financial health. Diet plans are designed to cash in on your body issues. Many of the recent trends -- açai berries, meat-heavy meals or organic juice cleanses -- will quickly empty your pockets. Before jumping into a diet, consider both your health and the cost. Often plant-based diets or at-home cooking will save you money and help you drop pounds.

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Don't Resolve to... One of the most common resolutions is to get organized. However, if you blindly toss boxes from your basement to the curb, you're likely missing a money-making opportunity. In her new book Toss Keep Sell, Laura Ingram advises using eBay, Craigslist, yard sales and consignment shops to get cash for your clutter. If you have trouble selling some of your items, consider swapping them on sites like Swaptree.com or Bookins.com for something you want.

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Don't Resolve to... A new year may offer a fresh perspective on love and how to find it. However, what's not listed in the marketing materials of most dating websites, like eHarmony.com and Match.com, are the monthly fees. In fact, if you join multiple sites at once, you'll likely be hit with a jaw-dropping bill by Valentine's Day. Before you jump into the Internet dating pool, consider your free options for meeting new people. First tap into your network of friends and let them know you're looking. Then search for free local events where you'd be likely to meet other singles.

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Don't Resolve to... While making more meals at home is good for both your wallet and waistline, this resolution is too vague to make any real progress. Set up a manageable plan to better accomplish this goal. If you've been overspending on lunch, think of a variety of lunch options you can bring from home and allow yourself lunches out once or twice a week. It's important to build some flexibility into your plan to stay on track. One easy cost to cut is coffee: Brew it at home, and take a to-go mug if you need more than one cup.

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Don't Resolve to... For someone who loves to shop, it might be smart to cut back but near impossible to stop cold turkey. Set yourself up for success by drawing up some guidelines so you don't slip in a weak moment. Resolve to make and stick to a list every time you go to the store. If you have a weakness for something, set a monthly budget to ensure you're neither overspending nor punishing yourself. This way you'll cut back on impulse purchases and over-indulgences while not completely relying on willpower.

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Don't Resolve to... Psychologist Robin Goodman says this resolution isn't realistic and sets you up for failure. Instead she suggests evaluating your current position, industry and the economy to better understand your options. Depending on your goals, you may be led to ask for a raise rather than leave your current company. Resolving to take specific actions -- like updating your resume, making two new contacts a week or attending a monthly industry event -- will give you more control so you'll be less likely to give up too soon.

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Don't Resolve to... The January hangover that arrives after holiday spending may lead many to promise themselves they'll stop stressing over money in 2011. Money worries can't just be willed away, however. Experts suggest breaking your resolution down into manageable steps. If debt has you concerned, for example, calculate how much you can afford to pay each month to get it down quickly without putting strain on other necessary expenses. Once you have an actionable plan, you'll feel in control of your money. When you have power to change something, you'll be less apt to worry so much.

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Holiday Money Mi... Forbes ranks the top 10 biggest holiday money mistakes. See them here.

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