By now, almost everyone understands the importance of building their savings. But how can you begin if you are already living paycheck to paycheck? “Take a look at how you are spending your money – there are ways you can cut back to find additional dollars that can be saved,” says Nick Goetz, Financial Center Manager with Fifth Third Bank.

Does the word “budget” make you cringe? The fact is, learning how to work with one is important for building a strong financial foundation. “Budgeting provides you with a financial plan and allows you to manage your money, rather than having your money manage you,” says Andy Johnston, Financial Center Manager with Fifth Third Bank.

This year, why not focus your New Year’s resolutions on improving your finances? “New Year’s resolutions shouldn’t be limited to diet and exercise,” says Michelle Meyer, Financial Center Manager with Fifth Third Bank. “Now is a great time to reflect on your finances and make goals for the upcoming year.”

In recent years, many Americans have found themselves saddled with large amounts of debt coupled with high interest rates. One solution for quickly paying off your debt is home refinancing. With mortgage rates lower than they have been for some time, now is a great time to consider this option.

Going to college can be a smart investment in your future, but given the bruised economy and bleak job market, a smart repayment plan is more important than ever. “The sooner you call your financial organization, the more that can be done to accommodate you and your student loans,” says Frank Cradduck, a financial center manager with Fifth Third Bank.

Working your way out of credit card debt can be frightening and overwhelming. But whatever odds you face, it’s important to know you can overcome them.

According to Kristel Johnson, a financial center manager with Fifth Third Bank, the first step is facing your fears. “Avoiding your bank and credit card statements will not help your situation,” she says. “You need to get serious in your approach to paying off your debt.”

What's important financial advice for those who are newly retired? According to Jane Welch, an Investment Executive at Fifth Third Securities, asset allocation is a priority. However, how assets are allocated depends on a retiree's - or couple's - unique situation and personal objectives. Please note that asset allocation does not assure or guarantee better performance and cannot eliminate the risk of investment loss.

Many people, especially those who are young and healthy, often are too busy to prepare for the "what ifs" in life. "We know we should have a will and organize our important papers. But the reality is we often fail to make these chores a top priority - or we don't fully understand what this entails," says Matt Hager, a wealth management advisor with Fifth Third Bank. To help you prepare for the unexpected, he offers the following tips:

Imagine retirement is a decade away. While that may be an exciting thought, not everyone is financially ready when the time arrives. After all, pensions and social security aren't what they once were, and many of us lack the knowledge and discipline to plan adequately on our own.

During the holiday season, many people are inspired to give to charities. Although the government offers tax incentives for charitable giving, most people's generosity stems from the goodness in their hearts.