It's that time of year again…the gyms are crowded and many people are trying to either give up a bad habit or start a good one. The vast majority of those resolutions involve our physical and mental health.

But, coming off 2009, a year that was difficult economically, and caused many people a great deal of stress, some of your resolutions should involve your financial well-being. This will not only get your house in order, it will greatly reduce your stress.

Some of the key idea's we recommend to our clients are:

Track your spending. There are many simple-to-highly complex computer programs you can purchase for under $50 that will help you to accomplish this. But another, more rudimentary way to track spending requires only a simple envelope and small notebook. Just save every receipt and write down any checks you write for one month and then review.

Most people are amazed, the author included, as to what you spend on miscellaneous items each month. This will also help you prepare for the next item.

Create a budget. Truly understanding what you are spending each month will help you to plan. Again, many of the programs you can buy have great tools that will ask you all the right questions. If you are a fan of spreadsheets, I can send you a great one that we have built that will get you started.

Plan ahead. Pull out your last social security statement and review it. Is it correct?

Review the projected amount you will receive when you retire. Can you live on that?

If not, then start looking at your savings rate and other vehicles such as IRA's and 401K's to help boost your rate of saving. If you are like me and at the end of the baby boom or beyond, you need to plan for only a faction of those funds to be there so your challenge is even more daunting.

Do you have young children? If so, planning for an average $50K-a-year for tuition is not unreasonable. As someone who is walking that walk right now, call me and I can give you the reality of what college costs are and are projected to be in the next 10-15 years.

Understand the risks you can tolerate. The stock market is down about 20% since 2008. The average investor lost 35-40% and many people locked in their losses by going to cash late.

Additionally, many investors did not recognize that their exposure to equities was far higher due to the use of mutual funds or ETF's. Doing a more detailed review and analysis of your longterm goals will help you ride out what will likely be a bumpy 2010 and a new reality.

And, as Warren Buffett said "should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks."

Finally, put your goals on paper. What is it that you want most out of life? Many dreams come free but most do not. With proper planning, money can provide you with freedom – to travel, retire early, change careers or start a business. By putting them in writing you formalize them and help give you and your trusted advisors a place to start.

To speak with Carolyn Stys, founder and president of Bluemont Capital Advisors, please telephone: 703 657 7611 or email her at cstys@bluemontcapital.com.