As the year winds down, most of us are hoping that 2011 will be better — and more profitable — than 2010.

In fact, no matter how successful you were this year, we all know we can do a lot better. And if you were unlucky enough to miss out on the broad market gains this year, you really need to make up some ground in 2011.

To help you do just that, here are five essential ways to get your fiscal house in order in preparation for the coming year.

 #1 – Fix Your Fixed Income

If your portfolio is income-oriented, then you really need to be aware of the potential dangers looming in the bond market. Long-term interest rates began to climb in September, and they’ve been heading higher basically ever since. That’s put a lot of pressure on long-term Treasury bond prices — a staple holding in many income-oriented portfolios.

Municipal bonds also have come under some big selling pressure of late, as worries over a lack of state revenue needed to pay bond interest has caused a big selloff in the sector. Fears of municipal bond defaults around the country were even mentioned on 60 Minutes recently.

If you have significant exposure to what has become a volatile sector, you may want to consider rethinking your muni bond holdings.

#2 – Be Prepared to Sell Equities

Stocks went on a very volatile ride in 2010, with big price swings throughout the entire year. As divergent macro-economic data came swarming in this year, investors reacted by aggressively buying and selling stocks. During the final four months of the year, stocks mounted a nice rally. But if 2010 is any harbinger of things to come in 2011, we are liable to see another sharp leg lower relatively soon.

 What this means is that you must be prepared to sell some of your equity winners if you want to hold onto those gains. One way to do this is to set stop-losses on all of your winning positions — well above the price you paid, but below their current price. Doing so will insure you capture those gains even if a big selling wave slams the market.

#3 – Consolidate Your Accounts

If you’re like most investors, you probably have several accounts at more than one brokerage firm. You also may have an old 401k-style account, perhaps with an old employer, that’s still tied up in the mutual funds offered by that particular plan.

If you have any retirement accounts like this, now is the time to roll them over into an IRA that allows you to buy exchange-traded funds and individual stocks and bonds. Doing so will give you the flexibility to make better choices with your retirement money. Also, if you have accounts at more than one brokerage firm, now is the time to do some consolidating so that managing your money is a little easier.

Nothing is as frustrating as trying to keep track of multiple accounts from multiple brokerages.

#4 – List Your Winners and Losers

This year has been filled with fits and starts. You’ve probably logged some big gains, but you’ve probably also seen some big losers. If so, it’s time for a little portfolio housekeeping and rebalancing.

Take a look at what trades worked, and what trades didn’t. Were you too late in buying something on the way up? Did you hold a position too long before you sold it? A lot of investors bought into stocks at the peak, and then sold stocks after they fell hard.

Don’t be a reactionary investor. Try to adopt trading strategies that get you in when a security is breaking out, and those that get you out of a position when a winner begins breaking down.

You should also tally up your capital gains and losses to see if there’s a timely sale you can make for tax purposes.

#5 – Pay Down Debt

This should be on everyone’s fiscal to-do list every year, but in 2011 it’s particularly important given the current tight credit conditions.

If you have a lot of high-interest personal debt such as high balances on high-interest credit cards, you should pay it down in the coming year. That’s because high debt levels and high interest rates take a big bite out of your bottom line.

By paying down those high-interest balances, you’ll effectively put money right into your pocket. Plus, eliminating debt will help your credit score — if you want to borrow money for a home or a business, the interest rate on those loans will be much lower.