Boyle says the start of the year can be a good time to think about how to pay off that debt and be in a better position so you won't face the same situation this time next year.
Pay off your high interest debt
One of the biggest mistakes people can make is just paying the minimum balance on debt, says Boyle.
"If you are paying the minimum amount this time next year you will probably be worse off."
Instead he advocates paying off the full amount as soon as possible because the cost over the longer term will be much greater.
Paying a minimum amount of 5 per cent ($250 per month) off a $5000 balance with interest of 20 per cent will cost $1133 in interest and take just over two years to pay off in full.
Doubling the payment will drop the interest cost to $515 and the pay back time to one year.
Paying it off in full will mean no interest cost and money that can be used elsewhere.
Knock down your mortgage term
Anyone with a mortgage knows interest rates are pretty low at the moment and Boyle says that means it's also a good time to pay off a little bit extra and reduce how long you will be paying that debt off for.
"An extra $10 or $15 or $20 a week going towards paying off the mortgage can make a big difference."
Homeowners can also switch to paying fortnightly instead of monthly or use a revolving credit facility if they have the discipline to pay extra off their debt without the temptation of drawing down against it.
Cutting the term of your mortgage from 30 to 25 years means that money could be used elsewhere in those last five years including putting it into savings or KiwiSaver for your retirement.
Boyle says now could be a good time to fix a mortgage for a number of years especially if borrowers are already feeling stretched and want to have certainty over payments.
Build up your buffer
Use 2016 as a time to build up your emergency savings so that if times get tougher in the future there will be something there to help mitigate it whether that is a job loss or serious illness.
A three to six month buffer can give certainty and confidence, says Boyle.
And once you have built up the savings put them somewhere you can't touch them unless there is a real emergency.
"The view of emergency is something that will have a material impact on your finances."
That could be anything from an unexpected root canal to covering a break-down in the family car.
"It just helps with managing the highs and lows - everyone goes through dips and peaks."
Don't forget if you have to dip into savings that they will need to be replenished to bring them back up.
Make sure you are protected if something goes wrong
Then there are the times in your life where big things go wrong and that's where insurance can come in.
"Make sure your car, house and yourself are insured."
Boyle says if you have a car crash and the car isn't insured you'll have to find that money somewhere else and that's where people can put themselves at risk by borrowing from second and third tier lenders which can cost a packet.
Don't be afraid to shop around and get the best deal even though it can take time.
Boyle says it's also important to have the right cover which is where getting advice can come into action.
Save for the future
KiwiSaver is one way to save for either a house or retirement and Boyle says many Kiwis are not making the most of it.
Thousands of people missed out on getting free money from the government last year by not contributing anything to their retirement savings.
Boyle says even if people can't afford to put in the full $1043 required to get the maximum $521 from the government every dollar they put in is still matched with 50c.
"For a lot of New Zealanders to get the full member tax credit is challenging."
But putting in $5 or $10 a week is worth it.
Boyle says the start of the year is a good time to think about it as KiwiSaver members have until June 30 to maximise the government money.
If you haven't made any contributions since July last year then putting in $40 a week from January 1 to June 30 will get close to the full $1043.
If you have been sitting on a contributions holiday you don't have to wait until the five year period is up to start contributing again just let your employer know you want to start putting money in.
Saving for Christmas 2016 could also be on the to-do list for those who want to avoid that sinking feeling produced by the January credit card bill.
