This new year, give yourself a financial check-up, simplify your finances, and make the most of new rules to stretch your savings. Let's get started.

Take advantage of new savings limits. Contribution caps for 457 plans increased for the first time in two years—up to $17,000 for 2012 (or $22,500 if 50 or older). Contributing an extra $100 per month adds up to $1,200 by year-end, but lowers your take-home pay by just $75 a month if you're in the 25 percent tax bracket—saving you $300 in taxes. See Ask ICMA-RC to find out how to increase your contributions.

Simplify your finances. You can sign up to have money invested automatically in an IRA every month, which can make saving easy. It's also a good time to start using budgeting software to track expenses.

Build up your emergency fund. Keeping enough to cover three to six months' worth of essential expenses in a safe and easily accessible account (such as a bank savings account) can help you avoid landing in debt if you encounter unexpected bills. If you've tapped your emergency account during the year, now is a good time to start building it back up.

Check your credit report for free to look for any errors and find out how to improve your record at AnnualCreditReport.com.