The new year is creeping up very quickly and as always we try and commit ourselves to change the way we control our lives. One of the biggest things people focus on is their personal finances and savings.

Financial independence is a big goal to achieve, though one that many people know how to start. If you are one of these few, taking the first step towards financial freedom, have a look at our tips to help you set up your financial goals for the New Year.

1. Clear your debts

Debts are usually one of the big things to take care of first. But make sure you figure out which are the good debts and the bad debts first.

2. Setting financial goals

Most Australians have financial goals, but a small percentage have a complete plan to achieve them. The new year is probably the best time to look at your biggest financial goals and putting a plan in place to start working towards them.

3. Time is money

The start of the new year could also be the best time to see a financial planner. They know all the questions to ask to get a good look at your situation and can offer you the proper advice to help you with your financial goals.