NEW YORK (CNN/Money) - For most of us, getting in shape tops our New Year's resolution list.

But after you get back from the gym, also consider getting in shape financially. There's no better time than the start of the year to tone your investments and whip that budget into shape.

Did you spend too much over the holidays? You're not alone. According to a poll from Maritz, it will take between one and five months for some 22 percent of Americans to pay off their holiday debt.

CNNfn's Gerri Willis shares five tips on getting your finances in order. Play video (Real or Windows Media)

Approximately 7 percent say it will take more than five months to pay off their holiday debt, which can mean high interest payments. Plus your credit will be tied up while you pay down your debt.

For your credit card debt, add up the balance on each and figure out how much you can afford to set aside monthly to pay down the cards. Don't be overly aggressive in your estimate -- you need a workable plan.

This is a good time to contact your credit card operator and ask for a lower interest rate. They often will accommodate your request, particularly if you have a card offer with a lower rate on hand to mention.

Pay more than the minimum, but try to put the most down on the card with the highest interest rate. Don't take on additional credit card debt as you work off your existing holiday bills.

According to Jupiter Research, the adoption of online banking will continue to rise at an annual growth rate of 14 percent over the next 5 years.

There is no need for you to feel as if you must jump into the online game immediately. If you want to slowly venture in, take baby steps by paying just one bill online. As you begin to feel more comfortable, graduate to another bill and so on and so on.

Ginita Wall, author of the upcoming "It's More Than Money, It's Your Life!," says organizing your finances and paying your bills online could cut down the threat of suspicious activity. She says people have a tendency to look at their accounts more often when they are online and are able to spot unusual activity fairly quickly.

Other benefits include cutting down on postage costs and the convenience of accessing your account at your disposal anytime, anywhere.

Also, your bank or credit card company can inform you online when your next statement is available and when it has been posted to your account.

One smart step to take now to ensure your future is to boost your retirement savings. The good news is that the limits on how much you can set aside went up in the President's tax bill.

Starting this year, you can put up to $13,000 into a 401(k), up from $12,000 in 2003. You can contribute even more if you are 50 or older, up to an additional $3,000.

As we head into the new year interest rates are expected to remain low. Why not take advantage of them before they begin to creep higher?

Several economists say it is clear the Federal Reserve may tighten interest rates sometime this year. And with rates poised to go higher, you may want to pay off any high interest rate debt and lock into a low fixed interest rate credit card. Check out www.cardweb.com or www.bankrate.com for ideas.

If you're planning on buying a certificate of deposit this year, think short-term maturities. CD investors are likely to benefit if rates rise later in the year, as many experts forecast.

And Greg McBride of Bankrate.com says it is not too late to refinance your mortgage. While rates have risen slightly in the last two weeks (it was 5.88 percent last week and 5.86 percent the week before), rates are still lower than they were at the beginning of December, when 30-year, fixed mortgages were available at 6.07 percent.

Just for reference, 5.28 percent back in June, was the lowest rate we had seen in about 45 years.

Most of us think "it will never happen to me," however, you never know when an emergency can strike. An emergency fund is a smart alternative to using a credit card to help cover a major expense; using a credit card will just add interest to debt you already can't pay.

Financial emergencies can include life-changing illnesses and a loss of job. According to the most recent Federal Reserve statistics, only 59 percent of households currently have any type of savings.

So, how much should you sock away? The amount you save depends on your personal financial circumstances and obligations, but you should aim to save been three to six months worth of living expenses. For example, a household making $50,000 a year should sock away at least $12,500, equal to three months salary, in an emergency fund.

If you treat the emergency fund as a monthly bill that must be paid you have the discipline to consistently save.

You may also want to put the money in a fairly liquid vehicle, such as a savings account, which will allow you to withdraw the money when you need it.  

Gerri Willis is the personal finance editor for CNN Business News. Willis also is co-host of CNNfn's The FlipSide, weekdays from 11 a.m. to 12:30 p.m. (ET). E-mail comments to 5tips@cnnfn.com.