It's time once again to make New Year's financial resolutions.

Financially profligate countries such as Greece and Ireland should have done the same a year ago. Subsequent austerity moves throughout Europe have prompted irate protests by its citizens.

For American investors, the best that can be said of the upcoming year is that interest rates are unlikely to rise and the stock market tends to perform well in the year after midterm elections.

It is heartening that the average U.S. diversified stock fund had double-digit gains in 2010, according to Lipper Inc. Small-cap stocks led the way. Of course, the average gold-oriented mutual fund was up more than 40 percent, which indicates that a degree of fear still pervades the air.

The worst that can be said of the future is that the Federal Reserve is far from optimistic. It recently projected that U.S. unemployment won't dip below 8 percent for another two years; the 2010 gross domestic product will be a disappointing 2.5 percent; and next year's GDP will be an improved yet uninspiring 3 percent to 3.6 percent.

In the coming year, there will be continued problems in jobs, housing, and debt, which are the primary concerns of average Americans.

The caution that was prompted by the financial debacle of 2008 must continue, which means budgeting carefully and setting aside emergency funds. Compassion for neighbors, relatives and fellow citizens will also be in order throughout the year.

Don't wait for moves by Congress, the White House, or the Fed to clarify your financial future. No matter what happens, your do-it-yourself moves and convictions should take priority. Here are New Year's financial resolutions for 2011:

•I will pay off as much credit card debt as possible.

Debt is what got individuals, companies and countries into this mess. It makes sense to carry only one card with you when shopping, pay off your bills each month and work down your outstanding balances. The costs alone should give you pause: The average credit card rate is 16.8 percent; the average credit card late fee is $19.51; and the average over-the-limit fee is $9.33, according to IndexCreditCards.com.

•I will have an investment strategy for banking and investment.

The average six-month certificate of deposit and bank money-market account are each yielding less than 1 percent. Low rates on savings and bonds mean it may be time to begin carefully investing in stocks again, especially if you pulled out all your money during the debacle. In the long run, stock mutual funds, exchange traded funds or a portfolio of individual stocks provide growth for a personal portfolio. But investors typically get in and out of the market at the wrong times.

•I will analyze all of my finances and put aside a rainy day account.

Total bankruptcy filings by consumers in the first nine months of 2010 were up 12 percent over the year-earlier period, according to the American Bankruptcy Institute. Know exactly where you stand with your money in the New Year by going over bank accounts, investment accounts, mortgages, credit-card debt and education accounts. Figure out how much you have and how much you actually own. Put together a workable budget and set aside three to six months of gross salary in a liquid account for emergencies. Do not touch it.

•I will have a viable financial strategy for home or rental.

This housing market requires rational planning. There were more than 930,000 mortgage foreclosures in the third quarter, according to RealtyTrac.com. Meanwhile, the average 30-year fixed-rate mortgage is around 4.5 percent, according to Bankrate.com. Decide whether you can afford to own at this time. Work with lenders if you encounter problems. If buying, analyze all costs and your ability to pay in advance. Rates are low but you must qualify. If you have significant home equity loans, pay them off as soon as possible.

•I will maximize all benefits at work.

Too many employees forget about benefits once they fill out their initial forms at hiring. Be aware of health-care and investment opportunities because they can make a difference for your family. Continue to fund your 401(k) to the limit, especially if there is company matching. Just don't put everything in your company's stock—diversification in all investments is crucial these volatile days.

•I will keep a wary eye on potential crooks seeking to gain from hard times.

Social media has meant increased information but has also been a boon to disreputable individuals trying to bilk you out of your money. Spotting questionable deals and researching all opportunities is more important than ever. Getting a bogus marriage proposal or offer of $1 billion from a long-lost relative is laughable, but disreputable financial schemes that look good take money from innocent people.

•I will include family members in planning for the financial future.

Many family members were taken by surprise in the economic downturn because they believed that everything was fine. Consider the past two years a reality check. Lack of communication between spouses about money issues became obvious. Too often, children couldn't understand why they suddenly couldn't get what they wanted. Every family member should have a general understanding of how much things cost and clear family spending priorities.