New year's resolutions

Make 2015 your best year yet

The beginning of a new year is a great time to take stock and think about how you can improve your life. Many of us start the year with good intentions, but things often get in the way as the year progresses.

Getting your finances in order is a common resolution and like quitting smoking and losing weight, there is no quick and easy solution. The best way to make 2015 a year of real achievement is to make a few small, regular changes and reap the benefits over time.

Set your new year's resolutions
Track your goals
Stay informed about money

Set your new year's resolutions

If you're looking to make a big improvement the best way to start is to set some goals.

Here are some typical new year's resolutions:

Reduce your debt stress - for example, pay off your credit card or personal loan
Build a buffer for the unexpected - for example, establish a good savings habit
Grow your net wealth - for example, build up your superannuation by making extra contributions
Reward yourself - for example, save for a car or holiday
Position yourself for the future - for example, learn how to invest

Once you've made your resolution, it's important to be practical and realistic in working out how to stick to it and achieve your goals.

If you have multiple financial goals, it can be useful to try to prioritise them - from what you feel is the most important goal through to goals you may not be as concerned about. For example, clearing debt may be most important, before you start thinking about saving.

See some tips on how to achieve your savings goals.

Case study: Elsa wants to pay off her credit card

Elsa Elsa's New Year's resolution is to pay off her $2,500 credit card debt so it's not hanging over her head this time next year.

Elsa decides to cut back a little on going out and buying new clothes. This means she can commit to paying off $300 per month towards her credit card debt. By doing this Elsa can clear her debt by October.

Case study: Kristoff establishes a good savings habit

Young Man Red Shirt Backpack

Once the excitement of New Year's Eve wore off Kristoff wasn't happy when he realised he had no money in his bank account. So he decided 2015 was the year to start some good habits.

Kristoff organised an automatic transfer of $100 to go out of his transaction account and into a high interest savings account every fortnight just after he gets paid. If he can stick to his plan Kristoff will have over $2,600 saved up this time next year.