The beginning of a new year brings new plans, resolutions, goals and hopes, many of which revolve around our finances. But sticking to a new financial resolution isn’t easy.

A recent survey by TD Bank Group found that almost half of Canadians (49 per cent) think they are saving enough to reach their goals. Thirty per cent currently don’t have an investment plan at all, and 20 per cent don’t know where to begin.

Here's what experts say you should do to make a financial plan that’s both achievable and helps you keep momentum through life’s ups and downs.

Decide what matters most

“Deciding on goals and objectives is probably the most important part, the first step of a proper financial plan,” Howard Kabot, vice-president of financial planning at RBC Wealth Management, said in an interview with Yahoo Finance Canada. These objectives are a result of determining what short-, medium-, and long-term goals you want to accomplish, he adds, noting that they “will set the tone for the plan” and “guide decisions and strategies.”

Kabot stresses that there is no one-size-fits-all goal and each person has different plans, depending on their stage of life. That said, he has seen many Canadians make plans to prepare for retirement, pay off short-term debt (e.g. credit card debt), or pay down their mortgages.

Ravy Pung, financial planner at National Bank, agrees that Canadians looking to plan for the future should “start by thinking about what you want to achieve… and ask yourself, ‘How much time do [I] need to achieve each goal?’” she told Yahoo Finance Canada in an interview.

Pung recommends clients open a savings or investment account for each goal they are working towards, rather than have all their funds in one spot.

“Having distinct accounts for each goal significantly reduces the temptation to withdraw money from the accounts dedicated to a specific goal that has not been reached.”

Set goals that are realistic, specific and time-bound

Setting goals is the first step to a solid plan, but the objectives need to be definable, achievable in a reasonable timeframe and specific, say Pung and Kabot.

“On paper, there has to be clarity, as well as specifics. The goals and objectives need to be stated… in black and white,” Kabot said. He adds that the goals need to be achievable in a “reasonable fashion”, depending on the client’s needs.

Once you have some of the goals on paper, Pung suggests reviewing your financial situation to determine what kind of money you can throw at each goal based on your budget.

“Start by reviewing your income compared to your annual expenses. Separate your fixed expenses, such as rent, utility bills, and your variable expenses, like dining-out and entertainment activities,” Pung said, adding that clients should then, “identify areas where you can cut back or reduce spending, and with that process, it will help you determine how much money you can reallocate towards your goal.”