The Fourth of July holiday is a great time to resolve to clean up your finances and start freeing yourself from debt. “Independence Day comes just once a year, but millions of consumers are mired in financial dependence day after day,” pens Dave Carpenter of the Associated Press, which offered a few timely tips to avoid the pitfalls of summer spending.

Week by week, the best way to accumulate savings is to “pay yourself first.”  Use direct deposit from your paycheck or set up automatic monthly transfers from your checking account to a savings plan.  Depending on your age, a good goal for financial independence is to try and save 15 percent of all income for retirement. Retirement Accounts offering tax-deferred interest are still a great bargain whenever you start, and the sooner the better.

To avoid dependence on credit cards, or on other’s charity, set aside money in an emergency fund in case the unexpected strikes. Say you lose your job. The average length of unemployment is 34 weeks. That’s more than two months’ longer than the 26 weeks of unemployment benefits that many states offer.

Keeping credit card debt under control is another key for fimancial independence. As part of the new federal financial reform package, credit card issuers now must print on your monthly bill how many years it will take to pay off the balance and how much extra it will cost if only minimum payments are made.  That ought to sound a wake-up call to those who reach for “plastic” instead of “paper.

To stay on top of your financial picture, watch where your cash flow may be leaking, To monitor your financial affairs, several Internet services, including Mint.com, can be set up to alert when your account balances diminish or your vary from a budgetary goal.

Finally, the AP advises that you insure yourself adequately. “Make sure your medical, home and disability insurance policies are in order, along with life insurance if you have a family. A setback could destroy your best intentions.”

“For a basic rundown on the types of insurance you should have based on your life situation, check out the online primer Insure U at http://www.insurance.insureuonline.org. It is offered by the National Association of Insurance Commissioners, which represents state insurance officials.

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