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January is the ideal time to take stock of your finances and make a plan for your money, according to financial educator 

She offered three steps for taking control of your finances in 2016.

Make time every week to discuss your finances. Even if you're a single person, Hayden said, schedule time to sit down, assess and set goals. 

"It needs to be weekly," Hayden said, to make it part of your routine. The frequent meetings will help keep on track and enable you to see progress on your plan.

Hayden acknowledged that this isn't as simple as it sounds.

"The way you get out of debt is to walk it out," she said. It can be a slow, deliberate process — there is no quick fix.

If you're feeling discouraged, create a chart that documents your debt going down. The visual reinforcement can be useful. "People find that very rewarding." 

When it comes to retirement savings, Hayden recommends increasing your savings by one percent every six months, if possible.

But saving for retirement is different than general savings, Hayden said, and you need both. For general savings, she recommends start with $100 a month and putting it into a savings account that you do not touch.

"Don't spend it on a trip, don't spend it on a car repair. You have to practice and learn the skill of saving, and that's how you get savings." 

To hear the full discussion on personal finance with Ruth Hayden, use the audio player above.

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