The new year is a great time to get smarter with your finances and recognize some of your worst habits from the year before. According to Business Insider, it's crucial to have a written financial plan for yourself or else "there's no tangible concept of how much is needed to be saved." A habit to steer clear of is buying things you can't afford. In order to keep track of this, understand the importance of needs versus wants and the importance of spending less than you earn.