A very common New Year’s resolution is to develop a new personal budget. You might want to rethink your budget so you can set aside more money for savings. Or perhaps you want to spend less in some areas so you can spend more in other ways — like investments or luxuries. Maybe a new budget would enable to you get out of credit card debt when you otherwise wouldn’t be able to.

If you’re in that last group, coming up with a new budget is indeed a great starting place to getting out of credit card debt. But to make it work, it’s important to understand where you should start when creating a budget.

10 Things to Factor Into Your Personal Budget

The key to a workable personal budget is accounting for all of your expenses. Forgetting even one thing can set your spending plans off dramatically. To get you moving in the right direction, here are ten things you should add to your personal budget. Some may not apply to you, and you likely have other factors to consider. This list is only meant to serve as a starting point.

1.    Rent or mortgage payments
2.    Car loan payments
3.    Credit card payments
4.    Regular utility bills
5.    Food, toiletries, and other routine necessities
6.    Cable and Internet services
7.    Other loan payments (such as educational loans)
8.    Clothing
9.    Entertainment
10.    Retirement contributions and other savings

How to Free Up More of Your Budget to Pay Down Credit Card Debt

Once you’ve analysed your current personal budget you can find ways to tweak your spending to free up more money to put towards credit card debt. For example, you might consider any of the following options:

1.    Consolidate credit card debt using a balance transfer card like the ANZ Balance credit card to save on accruing interest and have fewer payments to budget for.

2.    Cut down on food costs by making more economical meals during the week and saving more extravagant dishes for weekends or special occasions.

3.    Evaluate services like cable and Internet to see if there are new package deals you can take advantage of or if you can decrease your service level and still meet your basic needs.

Let the New Year inspire you to revamp your own budget for 2011, saving more money and helping you get out of credit card debt faster.