After countless hours spent holiday shopping, you finally finished. Now, you’re faced with the credit card payments as you roll into the new year. While it may have been difficult to keep your finances – particularly your credit cards – top of mind amid the dash from store to store, those payments aren’t going anywhere.

Managing your credit can seem like a daunting task – but it doesn’t have to be. Even if you’ve blown your budget and maxed out your cards, you can still take control of your credit and become financially fit in 2014.

Here are five things you should do right now to help get your credit back on track and sustain your financial reputation all year long:

* Review your credit report. Start with taking a comprehensive look at what’s there, good and bad. Make sure you thoroughly review your report for any errors or mistakes, especially after the holidays. Tools like AnnualCreditReport.com let you check your report annually for free. It’s also a good idea to check your credit score to see if it’s dropped and to give you a basis for comparison moving forward. Resources such as Credit.com allow you to easily pull your score.

* Know what you owe. Tally up those balances and determine your debt to credit ratio – that is, the amount of money you owe on your cards versus your available credit, which accounts for approximately 30 percent of your credit score. If you’re using more than half of your available credit, this will likely lower your credit score. This means that if you have three credit cards with a combined limit of $10,000, your total balance should be below $5,000.

* Be sure to pay your bills on time and at more than the monthly minimum. Sure, it’s intuitive, but simply paying your bills on time accounts for about 35 percent of your credit score. Start with your holiday shopping bills and make sure that at least the minimum required balance is paid – even if you can’t pay them in full.- Also, pay more than the minimum payment every month to pay down your balance faster and decrease interest charges.

* Pay off the card with the highest interest rate first. These are the cards that are costing you the most, so paying them off ahead of a card with a lower interest rate will save you more money in the long run.

* Keep your cards open. Unless you have a compelling reason to close a card – for instance, if you’re paying a large fee on it – it’s best not to close credit cards, especially ones where you have a long positive payment history. When closing a card, not only can your debt to credit ratio increase, you also end up losing the history associated with the card and change the mix of your credit, which could negatively impact your score. And, in the future, do your research before signing on that dotted line. It may have been tempting to open up a retail store credit card to save 15 percent on a recent purchase, but those savings are now ultimately going to end up on your billing statement as interest. Instead, look for a card that works with your lifestyle. Review your options and find a card with a great rewards program and the lowest interest rate possible.

To learn more about budgeting, credit and personal finance, check out a recent Google Hangout, Better Money Habits: Understanding Credit. You can also visit BetterMoneyHabits.com, a free platform from Bank of America in partnership with the Khan Academy offering dozens of personal finance videos on everything from using credit to saving and budgeting that you can watch any time.

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Do you wonder how you could better manage finances? You’re not alone. When it comes to money, most people are far from perfect. Whether you make $20,000 a year or $200,000, some simple steps can start you on the right financial path, and some of them only take a few minutes to complete.

“Personal finance is an intimidating topic, especially if you’ve made mistakes in the past,” says Michael McAuliffe, an adjunct instructor at Morton College and president of the nonprofit Family Credit Management. “But everyone has the opportunity to start fresh and make improvements. Your past missteps don’t have to dictate your financial future if you resolve to be proactive today.”

McAuliffe recently co-authored a financial workbook titled “Personal Finance Made Easy.” Thanks to a grant from State Farm, the workbook can be downloaded for free at www.familycredit.org, or you can request a hard copy be mailed to you free of charge. You can use the workbook alone or pair with the free online video lessons. Topics covered include money management, savings, investing and more.

McAuliffe suggests 10 simple ways for you to start improving your finances immediately:

1. Stop, think, save – When out shopping, don’t mindlessly pile things in the cart. Take a moment to stop, think what you really need, and save by not buying extras. Cutting unnecessary spending is easy when you make a habit of briefly pausing to analyze what you really need.

2. Cut 5 percent – If your employer cut your paycheck by 5 percent, you’d be unhappy, but you’d still be able to survive. Why not make that cut now? Reduce the extras like your daily latte or weekly visit to the salon and the savings will mount quickly.

3. Save – Every little bit counts when it comes to savings. If you save just $5 a day – the cost of a fast food lunch – you’ll have $1,800 in a year. It’s OK to start slow and build momentum. The ultimate goal should be to save at least 10 percent of your net income (income after taxes and other deductions).

4. Budget – It sounds simple, but most people don’t have a solid budget. Create a spending plan now and stick to it. List all expenses and see where adjustments can be made. Refer back to your budget regularly to stay on track.

5. Keep multiple savings accounts – The less accessible your money is, the easier it is to reduce spending. Keep multiple savings accounts and pay yourself first. One savings account could be designated for an emergency fund, another for a new car or a future vacation.

6. Make it visual – Discourage overspending by reminding yourself why you are trying to save. A photo of your vacation destination, for example, illustrates what you’re saving for; put it everywhere you spend money – wallet, computer monitor, vehicle, etc.

7. Make your money work for you – Consistent contributions add up over time, and thanks to the power of compound interest, the longer you leave your money untouched in a savings account or other investment, the more it can grow.

8. Home savings – If you own a home, you know it can cost a lot of money. Cut costs by doing home improvements and maintenance jobs yourself rather than hire out. Call your insurance agent and see if there is a lower rate for homeowner’s insurance. Check into refinancing while rates are still low.

9. Manage checking accounts – You need a checking account, but are you really keeping track of your money? Online banking makes it easier than ever to balance your checkbook, track your spending and set up alerts when your balance goes under a certain amount.

10. Review your credit report – From mortgages and car loans to employment and renting eligibility, your credit report and score affect many aspects of life. You can review your credit report for free annually by going to www.annualcreditreport.com. Make sure you know what’s on it and make corrections as necessary.

For more practical financial tips, visit www.familycredit.org and order your free “Personal Finance Made Easy” workbook. In addition to partnering with State Farm on this project, FCM received grants from Bank of America, Barclays Bank and AICCCA (Association of Independent Consumer Credit Counseling Agencies.)

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