Seen At 11: Using The Summer To Re-Evaluate Your Finances

NEW YORK (CBSNewYork) -- During the summer months it may be easy to forget about your finances, but the summer may actually be the best time to get your finances in order, according to some experts.

Kelli Grant of Smart Money Magazine recently told CBS 2's Maurice DuBois that the summertime is the best time of year to re-assess your spending and saving.

"Make your mid-year financial resolutions now, before you get to back to school, and it snowballs into Christmas," she said.

CBS 2 spoke with financial experts and asked for their top 10 pieces of advice for improved financial health.

Financial expert M.P. Dunleavey of Dailyworth.com said that the first step is to create a sense of calm surrounding your finances.

Dunleavey suggested tracking your spending using a website like Mint.com, to help determine where your money is going.

Grant suggested re-assessing all of your accounts from banking and credit cards, to car insurance and even cable and cell phone plans. Doing this can guarantee that you are getting the best rates and rewards.

Experts also suggested building an emergency fund.

"You have to save money to prevent yourself from falling further into debt," Dunleavey said.

They also suggested automating your spending, by using things like online bill payments to avoid late fees.

"Americans have three main areas where they spend money; housing, food, and transportation," Dunleavey said.

If possible, the experts suggested cutting back in one of those areas and moving the savings into a retirement fund, or to pay off a credit card.

Finally, experts recommend living below your means. They told CBS 2 that the best way to do it is to pay with cash only.

What are you doing to save money? Share your ideas in our comments section below...