Financial Resolutions for the New Year

Dec. 31, 2009— -- The year 2010 is almost here and many people are looking to save money in the new year.

"Good Morning America" invited Cody Willard of Fox Business Network to share some of his advice on how to keep that financial resolution and your bank account in shape.

Willard said it's best to be as defensive as possible. That means putting your money in a savings account rather than a 401(k).

"I think people end up paying way too much attention to the tax implications of their 401(k)s and IRAs," Willard said. "Instead, you should really just focus on saving that money."

Having your money in a savings account and getting a return of about 1 percent interest has been better than betting on the markets in the past couple years, Willard said.

When it comes to purchasing a home, Willard said, consumers should really think carefully before leaping into big loans.

"We've had some stabilization temporarily here," Willard said. "[But] I think there's way too much risk in real estate."

Rather, Willard said, consumers should consider renting, which he said was a better return on their investment.