What money “cobwebs” or financial issues have you got hanging over you that you want sorted in 2015?

I don’t know about you but when I read lists of worthy financial new year resolutions, it’s hard to get enthusiastic about any of them. They’re too general and don’t necessarily talk to my particular situation. It’s much more helpful to pick a few areas you know will make a big difference to your finances, and set some goals around them.

So what do you need to work on? Is it about working out exactly how much you’re spending on meals out, getting to grips with the asset allocation in your superannuation fund or refinancing your mortgage to get a better deal?

It could be as basic as better budgeting to free up money for savings or investment. Or making sure your household has common goals – which, of course, makes it much easier to cut back where needed because you all know the end game is worth it.

Whatever you pick, how you set goals around them is vital. Adrian Raftery, tax author and senior lecturer in financial planning at Deakin University, says: “The worst part about setting new year’s resolutions is not following through with them. A note in your diary (or Outlook calendar) to review your goals every three months can set you back on track if you have been slack.”

He suggests ...

See more of article which was first published in the Australian Financial Review on 10 January 2015  here http://www.afr.com/p/personal_finance/smart_money/how_to_reach_your_financial_goals_W6Fyxdn2ERCyqzGwJzmzNJ