2025 Financial Goals
Here we are 1/12th of the way into 2025. Are you 1/12th of the way towards your financial goals for the new year? Let’s check.
If you created at least one financial goal for 2025, you’re not alone. 69% of respondents to a recent survey by Motley Fool [1] indicated they planned to make a financial resolution for the new year. Now’s the time to pause and make a progress-check on how you’re doing.
Here is a list of popular Financial Resolutions and corresponding questions to keep each goal on track.
FINANCIAL GOAL – BE DEBT-FREE BY END OF YEAR.
Are your credit cards bills from the holidays paid off?
Have you made a list of all outstanding debt and associated interest rates?
Do you have a payment plan for each debt?
FINANCIAL GOAL – HAVE A WELL-STOCKED EMERGENCY FUND.
Are you following the Hundred Dollar Rule? [2]
Do you have an appropriate amount of “cash on hand”?
Do you maintain a balance in your checking account to cover an unforeseeable need beyond monthly bills?
Do you have an interest-bearing savings account with a balance equal to 3-6 months of expenses?
FINANCIAL GOAL – PLAN FOR EARLY RETIREMENT. Because, who wants to work forever?
Have you reviewed your 401(k) investment allocations?
Are you at the maximum contribution to receive the full employer match? (if eligible)
Do you know what ROTH strategy may be appropriate for your retirement plan?
FINANCIAL GOAL – MAKE MORE MONEY.
Do you plan to negotiate for a pay increase with your current employer?
What new skills are you developing to make yourself more marketable?
Have you considered a side hustle or business start-up?
FINANCIAL GOAL – SPEND LESS MONEY
Have you made a budget for the new year?
Do you have a strategy for tax efficiency? For example, you may be excited about getting a refund in April, but that basically means you’ve had more withheld in your paycheck than necessary. So why pay more taxes than required? Review your W-2 withholding with your CPA and submit necessary changes to your payroll department for the remainder of 2025.
Having financial goals and setting money resolutions for the new year is an important step in building wealth and having financial freedom. Set a reminder on your calendar to review this list again over the summer, to track your progress. That will provide plenty of time to re-focus where necessary and end the year with success and accomplishment.
[1] 2025 Financial New Year's Resolutions Survey Findings | The Motley Fool