5 financial goals for 2015

It's hardly too late to make some New Year's resolutions, so why not come up with a few to improve your finances? Setting financial goals at the beginning of the year is a good way to start, and doing so now gives you time to measure your progress.

While financial goals such as "spend less and save more" sound virtuous, they're not helpful because they lack specificity and clearly defined action steps. Instead, make a few specific goals that can actually improve your financial situation, with some being easily accomplished.

What financial goals should you be thinking about? Here are five worth accomplishing.

Pay off debt

The first thing to keep in mind here is that some debt is more expensive than others. So, make a list of each of your loans, mortgages, credit cards, etc. and sort them by interest rate, from highest to lowest. Resolve to pay off debt with the highest rate first, perhaps by using some of your cash savings. After you reach that goal, use the extra cash flow toward building up your savings again. You can also come up with money to pay off debt by increasing your income, reducing expenses, selling some stuff or a combination of all three.

Ask for a raise

With the U.S. economy on the rise and unemployment declining, good workers will be harder to find. So, now may be a good time to ask for a raise. Don't sit around waiting for your manager to offer you one, though. Start by making a list of your accomplishments and how you add value to your employer. Search for salary data to know how your pay compares to others in your industry with your level of experience. Also consider asking for noncash benefits such as tuition reimbursement, extra vacation time and flexible work hours. Finally, pick your timing to bring up the subject, such as after a great performance on a project or when you take on additional responsibilities.

Invest to get rich

Most people think you have to be rich to invest, and as a result they never get started. But it's the opposite -- you have to start investing to become rich. The sooner you begin, the more time your money has to grow. The best place to start investing is your employer's 401(k) plan, where your savings are often increased by matching contributions from your employer. Also, anyone who can start with as little as $50 per month can invest in a mutual fund offered by no-load mutual fund companies that allow automatic deductions from your bank accounts or by authorizing deductions from your paycheck. Minimum initial investments are often waived when you open an account with this service.

Review your credit report

With the huge number of identity theft incidents at major retailers, almost everyone knows someone whose credit card, debit card or personal information has been compromised. Yours may have been compromised without you even knowing it. If you haven't reviewed a copy of your credit report in over a year, then make it a point to do this now. Federal law allows you to get a free copy of your credit report every 12 months from each credit reporting company by logging onto Annual Credit Report. You can download reports from all three credit bureaus, or download a report from one of the bureaus, then do so again for the others every several months. Look for accurate information on your existing credit accounts, and look carefully for any new credit accounts that you did not open.

Get your Social Security statement online

To get your Social Security Statement electronically, you need to set up an account at mySocialSecurity. You'll need to supply information that's in the Social Security system (your name, date of birth, Social Security number and address) and information that's in a credit bureau file ( for example, a town where you resided in the past, year of recently registered vehicle, etc.). It's important to know the consequences of taking retirement benefits at each age and how Social Security works in the context of your retirement plans. It's also a good idea to compare your statement from one year to the next. For example, the monthly retirement benefits on this year's statement may be more than what was projected on last year's statement.