As we enter a New Year, setting clear goals is critical for the success of any financial resolutions. Year after year, achieving financial health and wealth is likely to feature in your Top 10 New Year’s resolutions. So what should you consider?

Set financial goals. It may seem really obvious, but when setting your financial New Year’s resolutions, start with what you want to achieve by the end of the year. Laying out your goals and writing them down is the first step to staying on the right financial track. You have to articulate your goals in order to prioritise them.

Create a financial budget. Review your expenditure from 2014 and use this as your basis for your 2015 budget. Whatever is left over should go towards paying off debt, savings and investments.

Communicate your goals. People who talk about their financial goals are more likely to achieve them. Share your key resolutions or goals with us and review them regularly throughout the year to let us know how you’re going.

Don’t ignore your financial health. Review your spending patterns to see where you can save more money; identify what you need to commit to saving or investing monthly. Make sure you’re receiving the best rates on your deposit savings, and look at how other investments might give you a better return while interest rates are low. If you still have a mortgage, check your rate to make sure you’re getting the best deal, and review your insurance to be confident you and your family have enough cover to protect you and them from all eventualities.

Educate your children. If you have children, endeavour to improve their financial literacy and start them on the path of saving and investing early. Encourage them to set their own financial goals and help them map out a plan to reach them. After all, the savvier your children are about their finances now, the more it will help them in future years.

Keep calm and save for retirement. If you have big long-term goals that require a lot of money, don’t wait a couple of years to start working towards them. For example, if you would like to retire at a certain age, your resolutions should include determining how much you need to contribute and then understand what investment strategy you should have in place.

Finally, have fun. It’s not all about saving and investing money now to only spend it when you’re older. Make sure you include some fun in the mix or satisfy short-term goals to reward your good behaviour and keep you motivated to achieve your longer-term goals.