A new year sparks all kinds of resolutions, so it's the perfect time to start showing some fiscal responsibility and getting your finances in shape.

Just like shaping up your body, financial fitness takes some planning and discipline; and it doesn't happen overnight. But if you tackle your finances one step at a time, it won't hurt -- at least not that much.

• Lose weight: Increasing your physical fitness is tough when you're carrying around those extra pounds. You can't touch your toes, running hurts your knees and you may not see past your stomach to read your weight on the scale.
  
  Fiscal fitness is no different. When you're up to your ears in debt, it's tough to exercise other parts of your financial life. So, your first target is getting rid of your borrowing baggage.

• Develop your core: You need a strong core to make your stomach look like a six-pack (instead of looking like you drank a six-pack). That core strength also gives you the stability you need to strengthen everything else. Your core for fiscal fitness is knowing what you want, saving money to get it and then protecting what you have.

• Build some muscle: Getting out of debt and starting to save money is just a warm up. Now it's time to beef up your finances. Saving for your retirement or a down payment on a house takes some work. The good news is that time works in your favor -- you can invest your money and let it grow.
  
  With your newfound strength and discipline, you're also ready to use debt to your advantage. Unlike credit card debt, which just weighs you down, borrowing money to buy a house empowers you. A good credit score is the key to getting a good interest rate on a mortgage, so you'll want to build that up, too.

• Body Building: Body building a la Arnold Schwarzenegger isn't for everybody, but no one would complain about finances that look like Mr. or Ms. Olympia. After you get your finances in tip-top shape, you may want to shoot for a gold medal.

Step 1 ... Stop Overspending
The initial step to "losing" debt is to stop spending so much. The effortlessness of swiping a credit card makes it easy to forget how much hard currency you're paying. You can spend hundreds of dollars with nary a glance at the total -- until the credit card bill arrives with the real story. By then, the damage is done, unless the store you splurged at has a lenient return policy.

If you struggle to curb your shopping cravings, put your credit cards in the freezer to cool off and start paying with cash. Having to hand over greenbacks helps most people spend less.

Moreover, when your wallet's empty, the time it takes to find an ATM may be enough for your consumer craving to pass.

Next: Step 2 ... Spend within your means >

Bankrate.com is the Web's leading aggregator of information on financial products including mortgages, credit cards, new and used automobile loans, money market accounts, certificates of deposit, checking and ATM fees, home equity loans and online banking fees. Visit Bankrate.com to get the tools and information that can help you make the best financial decisions.

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