A month from today many of us will be sitting around the Christmas tree, spending time with family or friends, over-eating and perhaps discussing planned resolutions for the new year.

The end of the year is a good time to reflect on the previous 12 months and to make plans for the year to come.

Although made with the best intentions, research from time management experts Franklin Covey, indicates that nearly four out of five people will not keep their New Year’s resolutions. In fact, approximately 35 per cent of those surveyed broke their resolutions by the end of January.  The most common resolutions are to lose weight, quit smoking and to save more money.

The experts say the main reason we don’t stick with our goals is because we don’t set them out in a realistic way.

One effective way to assist you to achieve your resolutions is to set goals using the SMART method – make your resolutions Specific, Measurable, Achievable, Realistic and Timely.

So with saving more – be specific – perhaps it’s “I want to save $5000 by the end of the year”. Work out how much you need to save a week or a month and ask yourself how realistic this is for you and your circumstances.

Making your goals measurable will help you know when you’re making progress and whether you’re on the right track. Also it will motivate you to take action. Your goal has to achievable and realistic and setting a deadline for your resolutions will enhance your focus and motivation. By setting a specific goal and defining exactly what you want to achieve will give you a much greater chance of accomplishing it.

When it comes to setting your SMART goals for the year ahead, remember that a few setbacks are normal. The important thing is to keep trying; just because you fell down once doesn’t mean you have to drop your plan. Patience and perseverance are the keys to staying on track with your savings goals.