Reflecting on Your Financial Goals in 2024 and Setting New Goals for 2025
As the year winds down, it’s natural to look back and ask yourself: “How did I go with my financial goals in 2024?” Maybe you crushed some of them (go you!), while others might still be sitting in the “I’ll get to that later” pile. Whether you nailed your targets or missed the mark, the end of the year is a perfect time to reflect, reset, and set yourself up for success in 2025.
At Avrion Wealth, we believe that smart financial goal-setting doesn’t just happen on January 1st—it comes from reflecting on the past, being honest with yourself, and creating actionable, realistic steps for the future. Let’s break this down: how to review 2024, what to do if you’ve hit roadblocks, how to set effective financial goals for 2025, and how a financial advisor can help you get there.
Reflecting on Your 2024 Financial Goals
Before diving into the new year, take a moment to reflect on what went well (and what didn’t) with your finances in 2024. Honest reflection can give you powerful insights into your habits, successes, and challenges. Here’s how to do it effectively:
1. Write It Down
Start by jotting down the financial goals you set at the start of 2024. These might include things like:
Paying down debt.
Boosting your savings or emergency fund.
Contributing more to superannuation.
Investing for the first time or growing your portfolio.
Sticking to a budget.
Seeing your goals on paper helps you clearly identify what you were aiming for and gives you a reality check on where you landed.
2. Assess the Numbers
Now, let’s crunch some numbers. Did you hit your targets? Maybe you paid off $10,000 in credit card debt but missed your savings target. Or maybe you saved more than you expected but couldn’t stick to your budget. Numbers don’t lie, so use them as a guide—not a judgment.
3. Ask Yourself Why
If you didn’t reach a goal, don’t beat yourself up. Instead, dig into the why. Was the goal unrealistic? Did unexpected expenses pop up? Did you lose motivation halfway through the year? Understanding the “why” helps you create better strategies for 2025.
Similarly, if you smashed a goal, what worked well? Did you automate your savings? Use a budget app? Celebrate your wins—it’s proof that you can achieve what you set out to do.
What to Do If You Fell Short in 2024
So, you didn’t quite hit the mark this year. That’s okay—financial goals are about progress, not perfection. Here’s what you can do to bounce back and stay on track for 2025:
1. Be Kind to Yourself
Life happens, and finances can be unpredictable. Missing a goal doesn’t mean you’ve failed; it just means you need to reassess. Give yourself credit for what you did achieve, even if it’s not perfect.
2. Adjust Your Approach
If a goal wasn’t realistic, break it into smaller, more manageable steps. For example, if saving $20,000 in a year felt overwhelming, try saving $5,000 every quarter instead. Smaller milestones feel achievable and keep you motivated.
3. Review Your Budget
Sometimes, missed goals come down to spending habits. Take a fresh look at your budget and identify areas where you can cut back, whether it’s subscriptions, dining out, or impulse purchases. Redirect that money toward your goals.
4. Focus on What You Can Control
If unexpected events (like job loss or medical bills) threw you off course, focus on the areas within your control—like building an emergency fund or reducing expenses—so you’re better prepared in future.
Setting Effective Financial Goals for 2025
Now for the fun part: setting new financial goals for 2025! To ensure your goals are realistic, actionable, and motivating, use the SMART framework:
Specific: Be clear about what you want to achieve. Instead of “save more money,” try “save $10,000 for a house deposit.”
Measurable: Assign a number or milestone to track progress.
Achievable: Set goals that push you but are still within reach.
Relevant: Your goals should align with what’s important to you—whether it’s financial freedom, security, or a better quality of life.
Time-Bound: Give yourself a deadline to stay accountable.
Here are some examples of strong financial goals for 2025:
Build a $5,000 emergency fund by July.
Pay off $15,000 in personal loans by December.
Contribute an extra $200 per month to superannuation.
Save $20,000 for a home deposit by the end of the year.
Invest $500 per month into a diversified portfolio.
Once you’ve set your goals, break them into smaller steps. For instance, if you want to save $5,000 in 6 months, that’s about $200 per week. Breaking goals down makes them feel more achievable and keeps you on track.
How a Financial Advisor Can Help
While it’s possible to manage your finances on your own, a financial advisor can help you set, refine, and achieve your goals more effectively. Here’s how:
1. Creating a Clear Roadmap
A financial advisor works with you to clarify your goals and develop a tailored plan to reach them. Whether you’re saving for a home, growing your investments, or preparing for retirement, they’ll break it all down into actionable steps.
2. Expert Insights and Accountability
Financial advisors bring experience and insights to the table that can save you time, stress, and money. They can help you navigate investments, tax strategies, and superannuation while keeping you accountable to your goals.
3. Optimising Your Budget
Advisors can help you identify where your money is going and how to redirect it toward your priorities. If you’ve struggled with budgeting in the past, they’ll provide tools and strategies that work for you.
4. Building Your Wealth
Whether you’re new to investing or already have a portfolio, a financial advisor can guide you in growing your wealth through smart, diversified strategies that align with your risk tolerance and goals.
5. Managing Life’s Uncertainties
Life isn’t always predictable, but a financial advisor can help you prepare for the unexpected. Whether it’s building an emergency fund, securing insurance, or creating a buffer in your finances, they’ll ensure you’re ready for whatever comes your way.
Reflect, Reset, and Achieve in 2025
As you close the chapter on 2024, take the time to reflect on your wins, learn from the challenges, and set meaningful goals for the year ahead. Remember, financial success is a journey, not a sprint. By taking small, consistent steps and staying focused on what matters most, you can make significant progress.
And if you’re ready to take your financial goals to the next level, working with a financial advisor can give you the clarity, direction, and support you need to achieve them.
At Avrion Wealth, we’re here to help you plan for a brighter, more secure financial future. Whether you’re just starting out or fine-tuning your strategy, we’ll work with you to create a roadmap that aligns with your goals and lifestyle.
Let’s make 2025 the year you take control of your finances and achieve what you’ve always wanted.
Ready to get started? Contact Avrion Wealth today and take the first step toward a successful financial future.