Once the holiday shopping season ends, many people resolve to manage money differently during the upcoming New Year. In fact, studies show that gaining control over finances is one of the most popular New Year's resolutions, along with losing weight and quitting smoking. The trouble is, many people don't quite know where to start.

Examine current situation
"The first step in gaining control over your money is to develop a budget," says Nichole Leach, a financial center manager with Fifth Third Bank. "Add up all your monthly expenses and compare them with your monthly take home pay. If your expenses exceed income, you should consider cutting back on spending, consolidating debt or even taking on another job." She encourages people to talk to their banker for more options relevant to their particular situation.

Leach also recommends setting up an emergency fund equal to two months of income. "One little emergency can throw off the budget. But when you have an emergency fund, your budget remains intact even when the car breaks down," she continues. She also mentions that it is important to rebuild the emergency fund after it is tapped.

To help curb spending and maximize saving, Leach recommends several strategies that can make a positive impact on your monthly budget - and your overall financial success. For example:

Pay monthly bills on time and in full. This saves on late fees and finance charges, which can add up to hundreds of dollars and negatively impact credit scores. To make bill paying easier, Leach recommends setting up an online bill payment system, which pays bills automatically from your savings or checking account. Your banker can help you set this up.

Consider debt consolidation. If you are unable to pay off credit cards in full each month, you may want to transfer debt from several cards to one with a low introductory interest rate or take out a consolidation loan. To learn more, she encourages people to discuss this option with their banker or read "Make debt a thing of the past."

Pay extra on your mortgage. You can reduce mortgage costs substantially by paying one extra mortgage payment every year. This is a great way to save on interest expense over the life of the mortgage and pay the loan down sooner. "Another option is to pay $100 extra every month, which can also eliminate payments and save on interest." To calculate the benefit of making extra payments for your personal situation, visit Fifth Third's extra mortgage payment calculator. Before making extra payments, it is important to make sure your lender does not have pre-payment penalties.

Set up a Goal Setter Savings Account. "This type of account makes saving fun," Leach continues. "We help customers structure a savings program to meet a specific goal by a specific date. Money is automatically withdrawn from their savings or checking account each month and deposited into this account. When customers reach their goal, the bank matches the amount of interest earned." Visit www.53.com for more details on this account.

Consider employee benefits, such as a health savings account (HSA) or a flex-spending account. "HSAs are helpful for people who have a high deductible on their health insurance," Leach explains. "Flex-spending accounts take pre-taxed income and put it in a special fund, which can be used for childcare, medications and co-payments." She encourages people to ask their human resources manager for details.

Leach also encourages people to talk with the financial professionals at their bank. "Don't be afraid to come in. We're here to help - and no appointments are necessary," she says.

For more tips organizing finances, contact Fifth Third at (866) 475-4201 or visit 53.com.