Five Tried-and-True Financial Goals for the New Year
We are almost a month into the new year, and many resolutions have already been given up on. Yet there is still time to think about the year ahead and set some goals to work toward in 2025. These goals don’t have to be complicated; in fact, the simpler the better. Here are some financial goals that can work for almost anyone, no matter where you might be in your financial journey.
Pay Down Your Debt
Debt can be a monster, taking over your life and your dreams. It doesn’t have to be that way. By making the intentional decision to put extra money toward your debts, you can begin to tame this monster. It’s never easy to get rid of debt; it always takes work and sacrifice. But it is a worthwhile goal and if you choose to pursue it, when 2026 rolls around and you owe less than you do now, you’ll be glad you did.
Start an Emergency Fund
It would make life so much easier if we knew when an emergency was coming. We could prepare and plan, get needed supplies and clear our calendars. Unfortunately, that is not how it works. In fact, emergencies seem to happen at the worst possible times. You can’t do anything to prevent every emergency or to influence their timing, but you can be financially prepared by having an emergency fund. Having money set aside in case you experience a disruption in your employment or incur unexpected expenses can make an emergency a little easier to handle. If you don’t have one, 2025 is a great time to start one.
Prepare for Retirement
For most of us, a big portion of life is spent working. We all hope to eventually get to the lazy days of retirement. Yet how much time have you spent actually preparing for retirement? I don’t mean planning all the places you’d like to visit when your working days are over. I mean, have you actually thought about how much money you’ll need to retire and how you will get that money invested so that someday you actually can retire. No matter how many years you have until you reach retirement age, this is a great time to get working on this goal.
Save for Something Specific
Saving in general is a good thing, whether you are saving for your retirement or for an unknown emergency, but you can also save with something specific in mind. Do you have an upcoming expense that you know is coming, such as college for a child or replacement of your roof? Do you have something you want or need to purchase, like a house or a car? Is there something you’ve been dreaming of, such as taking a special trip or updating your home for a more modern look? Any of these things can seem daunting due to the cost. Yet by starting a dedicated savings account, you can put money aside little by little until enough is saved to make the purchase.
Be Better Informed Financially
All of these may be good goals, but perhaps you feel unprepared to embark on something specific. Maybe you just want to have a better idea of how much money you have and where your money is going. Getting better acquainted with your inflows and outflows as well as understanding how well your investments are doing is a goal worth pursuing this year. With our mobile banking app, you can see what is happening with your money anytime, anywhere. Likewise, mobile or online Bill Pay allows you to schedule payments and see your past payment history. Using these tools and others to become better informed financially will put you in a better place to assess your finances in 2026 than you are today.
Hopefully, this blog has given you some ideas for simple goals you can still put in place in 2025. Wherever you find yourself on your financial journey, remember that Federated Bank is here to help. Our helpful and knowledgeable staff is here to answer your questions and get you started with any loans or accounts that you need. Stop by your local office today!
