Five New Year's resolutions for a prosperous 2015

1) Start a pension

Although most people know they should have a pension, many working adults don't. In fact, it is estimated that around one in seven people in the UK will retire with no private pension, instead relying on the state pension and income from savings to get by in older age.

However, the attraction of pensions is too good to miss, with the main advantage being tax benefits. For example, personal pensions benefit from income tax relief on the amounts deposited, while ISAs attract no capital gains tax throughout their lifetime.

And, with the government recently announcing that married couples can have two ISAs even after one of them has passed away, it seems like a relatively straightforward and hassle-free way to plan for your retirement.

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2) Pay down debts

While interest rates being at 0.5% might be very welcome for borrowers, the status quo will simply not last. In fact, it would a surprise if interest rates were still 0.5% in 2016, so 2015 could be a great opportunity to start paying down debt.

Of course, this can be easier said than done, but making the odd saving here and there (through things like cashback cards, switching bank accounts etc.) can really add up. And, if you use the amounts saved to pay off debt, your interest charges may rise at a slower rate in 2015, thereby giving you relatively more disposable income overall.

Nine reasons you'd be mad not to invest in a pension

3. Invest more

While saving money is a highly worthwhile pursuit, there is a limit to how low your costs can go. Investing, on the other hand, has no limit and, in the long run, it could make a major difference to your lifestyle.

Certainly, the stock market has not performed well since the turn of the century, but there are a number of high quality companies trading at great prices that could be worth buying at the present time.

Furthermore, when the effect of compounding takes hold, what seems like a fairly modest return over a short time period can quickly become a significant return over the long run.

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4. Be flexible with cash

As mentioned, interest rates are set to rise in 2015 and this means that better savings rates could be on offer.

Certainly, interest rates are unlikely to rise at a rapid rate, but it would not be a major surprise for them to double during the course of 2015. And, while the fixed rate deals on offer may look appealing now, in a year's time they may seem anything but.

So, keeping your savings flexible could prove to be a highly worthwhile move in the months ahead.

5. Check out these guides

Here at The Motley Fool, we're passionate about helping you to invest better and we appreciate that many people lack the time to trawl through a long list of companies in order to find a great investment.

With that in mind, we've published a free and without obligation guide called 7 Simple Steps For Seeking Serious Wealth.

It's a step-by-step guide that's simple and straightforward to use on your own finances. It could help you to retire early, pay off the mortgage, or simply enjoy a more abundant lifestyle in 2015 and beyond.

Click here to get your copy - it's completely free and comes without any further obligation.

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