People generally include better financial management as one of their New Year's resolutions. Before adopting any money-saving approach for 2015, it is best to be aware about the market conditions, as well as your current spending and saving habits to make the most out of the situation and enjoy financial success. Here are some practical money management tips to start the New Year on a positive note.

1. Maintain a record

If you have not been tracking your finances in the past, it is recommended that you begin monitoring beginning Jan. 1. Keep a logbook where you can write down all your income, expenses, assets and liabilities. Monitor even minor expenses on a daily basis, including credit card payments and check issuances. These will help you be more aware of your spending habits.

2. Pay off existing debt

Before you embark in new business endeavors and investments, aim to reduce your debts to zero. Start the year with a clean slate or if you cannot, create a plan on how you will finally pay off all debt within a year's time or faster, based on a report by Fox CT.

3. Check your savings

How much money do you have in the bank? How has your savings improved in previous years? Begin by allocating a fixed amount for savings as soon as you receive your monthly income. Some people keep two bank accounts, using the other for emergency purposes only and the other for investment purposes.

4. Create a budget

You will have better financial status if you create a budget regularly. Planning a budget will also keep you from overspending on items you do not need and encourage you to make better decisions when buying necessities. Adjust the budget accordingly as needed.

5. Get your partner involved

Including your spouse or partner in the budget preparations will help you stick to your New Year resolution more consistently. Your partner can ensure that you stick to your budget and avoid unnecessary expenses. Monitoring will also become easier if there is another person who can keep records if you do not feel like it on some days.

The goal is to make small but consistent changes in the New Year. You will realize how well you can manage your money with these cash-saving and investment tips.