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
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
Set your new year's
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
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
See some tips on
how to achieve your savings goals.
Case study: Elsa wants to pay off her credit card
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
Case study: Kristoff establishes a good savings habit
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
Track your goals
Tell your friends and family your New Year's resolution, so they
can support you along the way.
Goals can be hard to stick to. The good
news is that ASIC's MoneySmart has developed a free mobile app to
help you track your goals.
The TrackMyGOALS app helps you:
- Create realistic savings goals
- Prioritise your goals
- Track progress
Stay informed about
A great way to stay on track and turn your New Year's resolution
into reality is to become savvier with money generally.
You can stay informed about the latest money tips and take
advantage of the free tools and resources on ASIC's MoneySmart
website. Stay informed by:
You can make 2015 your best year yet if you're
prepared to make the commitment. Don't delay until next year.
Last updated: 30 May 2016