A happy New Year to you! New Year is always a time of rejuvenated hopes, best made plans and new resolutions as we start the page of a fresh chapter for the year, writes Paul Sweaton of Vision Independent Financial Planning.

New Year resolutions don't have to be mighty changes either; success can be reached by making small steps in the right direction. And this goes for good financial planning as well, small practical steps to improving your personal finances will stand you in really good stead for 2015 and beyond.

If it's budgeting the household income on a monthly or weekly basis that you are not too good at then start by listing down every penny you spend for a month such as rent or mortgage, food, utility bills, travel, clothes, insurance, entertainment - list absolutely everything and then you can really get to grips on what you are spending and where it goes, it will also become evident where it doesn't need to go if you are trying to stick to a tight budget.

Once you have a good understanding on your outgoings then you have a clear starting point on how you can actually manage your finances and start to feel in control. There are many online calculators and comparison sights that you may wish to use to review any regular utilities, financial commitments or bills that you potentially could save money on. Or on the other hand review where your savings or investments are being managed to see whether they are in the right place to earn you interest. Regular financial reviews are like health checks, well worth the time to give you financial peace of mind.

Try to reduce your debt as much as possible by paying a comfortable amount each month and always try to pay down the debt in priority for example, examine what interest rates that each debt has and try to pay as much as possible on those that have the highest lending rates. 

If you can, start building an emergency fund for those unexpected financial pressures that will no doubt arise during the course of the year. Lastly but not least, look to your future. Whether you are planning for university, buying a new home or car, getting married or even planning to retire - these are all major financial events and require sound financial planning effort.

Whatever your New Year resolutions, remember every small step in the right direction counts!

This article does not provide individual financial advice and are the views of the columnist only. Vision Independent Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority.