Tip of the Month | December 2024

Set Financial Goals for the New Year

Written By: Ryan Rink, CFP®, EA, ChFC®, CLTC®

As we near the end of 2024, now is the perfect time to reflect on the past 12 months and establish your financial goals for 2025. Whether you’re saving for a major purchase or preparing for retirement, setting specific, measurable financial goals is key to staying on track. Take the time to assess where you are now and where you’d like to be a year from now.

Once your goals have been established, the next step is to create a budget. A well-planned budget not only helps you manage day-to-day expenses, but also ensures you are allocating funds towards your long-term goals. Break down your income, fixed expenses and discretionary spending to see where adjustments can be made to maximize savings. Credit card companies often generate annual spending summaries near year-end, so this can be an easy way to review spending from the prior year and give you a head start with your cash flow plan going forward. Setting realistic targets, regularly reviewing your budget, and making adjustments as needed will help you stay on course throughout the year.