How to Stick to Your Wealth Goals in 2025
Do you have wealth goals you hope to achieve in 2025? The beginning of the year is a great time to commit to change! With clear objectives and actionable steps, you can make significant strides toward achieving your goals. The following tips can help.
Tip #1 – Write down your goals.
Taking time to articulate and document your goals can give you direction and serve as a reminder throughout the year of what you’re hoping to accomplish. Be specific about what you hope to achieve, and consider what a successful outcome will look like.
One way to specify your goals is using the SMART method, meaning your goals should be specific, measurable, achievable, relevant and timely. Once you write down all your goals, prioritize them in order of importance and urgency so that you know which goals to focus on first. Feel free to think not only about your needs but also about your wants, wishes and dreams.
For example, do you hope to make a major purchase, such as a second home or boat? Do you wish to save a certain amount to help pay for a loved one’s college education? Do you have specific retirement goals you wish to achieve? Do you want to travel the world or give to a cause close to your heart?
No matter how far away these goals seem, writing them down and revisiting them regularly can help you remain motivated throughout the year to achieve success.
Tip #2 – Establish a clear course of action.
Once you know what your goals are, it’s time to make a plan to achieve them. While it’s fine to dream big, you’re likely to have more success in the long run if you establish a series of small goals and accomplish them one by one. By prioritizing and breaking down your goals into actionable steps, you’ll be amazed which dreams can become a reality. For example, if your goal is to pay for your grandchild’s college education in 10 years, it’s probably more realistic to save $10,000 per year for the next 10 years than $100,000 in a single year. If the yearly goal still seems overwhelming, try breaking it down into a monthly or weekly goal to make it more manageable.
One of the best ways to remain on track with your goals is by incorporating them into your comprehensive financial plan. Doing so helps ensure all aspects of your financial life are working together toward your goals, from your savings strategies to your investment allocation and more. Your wealth manager and financial plan will provide the guidance, support and confidence you need in order to decide your path and take the necessary steps toward success. Schedule an appointment with your wealth manager to review your current financial plan and make changes to accommodate your evolving wealth goals.
Tip #3 – Automate.
Another great way to stick to your wealth goals is by automating as much as possible. The more you can streamline the process of achieving your goals, the more likely you are to have success in achieving them.
Today’s online financial tools make it easier than ever to streamline your finances. Consider establishing the following automatic functions:
- Automate your retirement plan contributions through payroll deferrals.
- Establish a direct transfer from your paycheck to your savings account.
- Establish automatic transfers from your bank account to a 529 college savings plan.
- Establish automatic payments for your bills and expenses to help ensure they’re all paid on time.
Tip #4 – Hold yourself accountable.
One of the best ways to hold yourself accountable to your goals is by sharing those goals with others who can help you succeed. Is there someone in your life who shares similar financial goals, like your spouse or a close friend? If so, consider setting goals together, and hold each other accountable for achieving them. Consider scheduling regular meetings to check in on each other’s progress and share any successes that could help your accountability partner.
Your wealth manager can also be a great source of support, as he or she has unique insight into your financial situation, challenges and goals. Enlist the help of your wealth manager to establish solid strategies that can help you make progress toward your wealth goals.
