Setting yourself on the right track financially this New Year

Many Britons are optimistic about their 2015 financial resolutions. And you?

14:42 05 January 2015

If you are hoping 2015 will be the lucky year you improve your finances - or at least whittle down your debt to a manageable level- you are certainly not alone.

Many Britons are planning to rationalise their financial management skills, and get better financially- by either saving more money or trying to pay off some debts by the end of the year.

However, it is not as easy as it appears. Setting financial resolutions is one thing; keeping to it is another. Sadly, a recent study cuts a sorry figure. Among those planning to set new financial resolutions for 2015, nearly one third admitted that they failed to follow through with last year’s resolutions. However, just 50% of the respondents, achieved a reasonable amount of success in realising the goals they made for 2014.

Most financial goals are about getting out of debt and becoming debt free in near future, or saving more money to earn more money out of it. Yes, these goals are not easy to keep. Yet, more Britons are optimistic this time about their dogma to turn things around and take that first step towards the right direction.

When asked what motivates them to make their finances better in the weeks ahead, most of them said it would help a great deal to visualise themselves of enjoying the rewards if they stuck to their goal firmly till the end of 2015. They also said that breaking goals into smaller goals so they become more manageable, or establishing some sort of a reward system may also help them stay motivated towards accomplishing their goals. Another important aspect they said they would be wary about is to keep away all those distractions that make it difficult to follow through with their financial goals- such as eating outside, spending money on frivolous things such as gadgets, etc.