The start of a new year is all about resolutions right? Whether your resolution is to workout more, eat better, clear up your busy calendar or clean up your finances, many use the new year as an opportunity to hit the refresh button on their life. Studies have shown that financial resolutions can be highly beneficial, but having a distinct action plan is an essential part to ensuring those resolutions are met.

Below is the start of a three part series outlining 12 smart money strategies for 2018, one for each month of the year.

JANUARY

To start off the year, think about saving. January’s strategy is all about automating your contributions to savings. More Americans are contributing to 401(k)’s as auto-enrollment by companies increases, but automating your contributions to both retirement and savings accounts will help you meet financial goals before retirement.

If you have not begun to contribute to a retirement fund, begin now by talking to someone in your HR department about automatic contributions to a 401(k). If a 401(k) is not offered at your workplace, find a dependable brokerage firm and set up an IRA, using the broker’s or your bank’s online features to set up automatic payday contributions.

If you already have a retirement fund, evaluate your contributions and consider increasing them in the new year. Assuming you begin contributing by age 35 and receive a 7% return, maximizing contributions by $40 each bi-weekly paycheck could leave you with an extra $110,218 in your 401(k) by age 65.

While you’re looking over your retirement contributions, consider creating automated transfers to a savings account for your present goals or dreams, such as a vacation, a house, a new car or just an emergency fund. Setting up regular automations on payday will help you learn to live without the money and ensure funds are put away toward your future rather than simply hoping there will be enough left at the end of the month.

FEBRUARY

February is all about the budget, or creating a practical spending plan for yourself. Studies have shown that approximately 44% of workers could be called impulsive spenders who often have credit card debt and are living paycheck to paycheck. Conversely, only about 35% of workers follow a set spending plan according to the same study.

To help create your budget, track your spending for 30 days to see where your money is going, then review ways you can cut down or save more to develop a reasonable plan that fits your life. One simple budgeting tactic is to allocate 20% of your paycheck to savings, 30% to “entertainment” spending and 50% to necessary spending such as housing and bills. There are also apps or other detailed budgeting plans out there that help you allocate your funds into specific categories such as utilities, rent/mortgage, groceries, savings, loans or debt and more. However you choose to monitor your budget, creating a monthly plan for your money will not only give you more peace of mind but will put you on a path to a financially freer life.

MARCH

Month three is all about tackling your credit card debt. Beyond simply paying off more than the minimum payment, one option is to explore ways to lower your interest rate(s). Many balance-transfer credit cards offer special 0% promotional rates for the first 12-18 months, so if you believe you can pay off the transferred balance before this promotional period ends, these cards are an ideal option to substantially lower your interest. Another option is to consolidate your credit card debt to a personal loan with a lower interest rate.

If you do have a credit card but are debt free, make the most of the rewards your card (likely) offers. Seek out cards that provide rewards that match your spending habits (flight points, cash back, etc.) and research precisely how the rewards function so you can take complete advantage. If you current card has annual fees, consider calling to request those be waived or lowered since a study revealed that 82% of people who asked had their annual fees reduced or waived completely.

APRIL

Tax day comes around in April, so this month is about taking advantage of your tax refund if you receive one. In 2016, the average income tax refund was $2,795 according to the IRS, but use any money you might receive prudently.

If you do receive a refund, your first priority should be putting that money toward any high interest debt you may have, whether that’s school loans, credit card debt, a home loan or more. If you are without debt, consider putting that money toward retirement, putting the money into a specified saving fund (house, car, etc.), starting an emergency fund or investing in a course that will help you advance in your job.

Receiving a large refund probably means you are overpaying on your taxes throughout the year though. While many relish that large check from the IRS every spring, receiving that money during the year will help you to pay down more debt or invest, so consider updating your W-4 withholding information with your employer. There is a possibility you may need to update this form in light of the new tax legislation, so it’s an excellent time to ensure you’re holding on to valuable funds you could be using throughout the year.

Stay tuned for parts 2 and 3 of the 2018 Smart Money Series in the coming months.