Expert urges Brits to learn more about their finances in 2014

Brits have been urged to make 2014 the year they learn more about their expenditure and how to budget.

Contributing to a rundown of five financial resolutions for the new year at thisismoney.co.uk, Mark Till, head of personal investing at financial advisor Fidelity, said the key to managing a set of finances is to outline a clear list of goals.

He views financial planning as a journey – one where the person needs to know where they're going and how they wish to get there.

Mr Till says the start of the year represents an ideal time to gather up all the information and look ahead to the future.

“The post-Christmas period can be a good time to take stock of the health of your savings and to think realistically about what you can achieve over this year, or the next five or ten years,” he added.

Brits were told to ask themselves a number of questions regarding their finances, such as whether there are any areas where they need to cut down or if there are any regular outgoings that need to stay in place.

He concluded by highlighting that each financial goal is different, and huffingtonpost.com writer Andrew Wang says just three targets should be enough to be getting on with over a 12 month period.    

In his own financial tips for 2014, Mr Wang advised setting a trio of realistic goals and keeping track of them using an online tool or something similar.