There’s nothing like the yearly reset button of New Year’s to inspire us to set goals, work towards healthier habits and look to the year ahead with optimism. If you haven’t considered any financial goals for 2025, perhaps now is a good time to think about what you would love to achieve over the next 12 months to boost your bank account and refresh your finances.
Here are some simple financial goals you can start to work towards:
- Set yourself a savings goal by a certain date. Work out how much you need to put aside each week to reach your desired amount. If possible, put this into a dedicated savings account. Schedule a direct debit payment and your savings will accumulate over time without you lifting a finger.
- Find a system for your tax receipts (other than the ‘chaos' method). Download a receipt organising app onto your phone and commit to keeping digital records of your receipts for 2025. For small and medium businesses try a completely streamlined digital accounting system such as MYOB, Xero or Quickbooks.
- Arrange to meet with a financial advisor in the first quarter of the year to discuss ways to minimise your taxable income, investigate investment options or develop a superannuation strategy.
- Check your insurance policies are relevant and up to date for your personal situation. Adjust or renegotiate where necessary.
- Renegotiate home and business service providers such as internet, mobile and electricity. Call your service providers and let them know you are looking to reduce costs and ask if a loyalty discount is available or look elsewhere for a better deal.
- Comb through your bank statements and check all direct debits and regular payments coming from your credit and debit accounts and reassess which are still relevant. Are there subscriptions, memberships, streaming services or software you no longer need (or aren’t getting value from)? It’s time to cancel and direct the savings elsewhere.
- Look at what fees you might be paying for your credit cards, mortgage and bank accounts. Is there a way to consolidate accounts, reduce fees or renegotiate terms for your various accounts?
- Take steps towards earning yourself a pay rise or promotion this year if you're in the workforce. You need to be able to demonstrate you’ve been kicking goals within your role as well as showing initiative. Timing is everything when it comes to any kind of work-related negotiation, so plan ahead.
So once you’ve set your new year’s financial goals, how do you make sure you stay on track and have the best possible chance of achieving them?
Write your goals somewhere you will see them daily (like your fridge or a notice board in your office) so you don’t forget about them. Highlight the goals in your calendar/diary and mark deadlines for when you would like to be able to tick them off.- Break your goals down into smaller, more achievable goals. If you’re aiming to save $10,000 this year, put aside $850 per month (your smaller goal) and you’ll hit your target (the end goal) by Christmas.
- Accountability: talk to your partner or family about your goals. Sharing intentions with loved ones can foster support and encouragement and may help to keep you on track.
- Ensure that you can measure your goals. Every quarter track how you are doing as time progresses. Set a reminder in your calendar so you don’t lose sight of your goals or deadlines. Reassess as the year goes on, tweak some or tick off any you’ve already reached.
- Acknowledge your achievements along the way and celebrate each time you hit a goal.
“Look everywhere you can to cut a little bit from your expenses. It will all add up to a meaningful sum.” Suze Orman
Alison Gallagher is a freelance writer, resourcefulness expert and entrepreneur. She has been featured in various publications including Stellar Magazine, Australian Health and Fitness Magazine, and Cleo Magazine. Alison is particularly passionate about sharing practical tips on how to live simply, sustainably and seasonally.
