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Money

top 10 financial goals to set for yourself (updated march 5 2025)

By Evelyn Reed

Published: 05 Mar 2025

A Penny Saved, A Lesson Learned:

Let's be honest, personal finance can feel intimidating. It's all spreadsheets, jargon, and what feels like endless sacrifice. But my grandpa, bless his frugal soul, taught me a different perspective. He wasn't wealthy, but he was wise with his money. He showed me that financial wellness isn't about deprivation, it's about making conscious choices that align with your dreams. He used to say, "A penny saved is a lesson learned." And boy, was he right! This blog post is all about getting a handle on your finances, without feeling like you're giving up the fun stuff.

wise old man teaching a young person about money | Image: Supplied

Goal 1: Emergency Fund – Your Financial Safety Net

Life throws curveballs. Seriously. A sudden job loss, a car repair, or a surprise medical bill...these things can derail your financial plans faster than you can say 'unexpected expense.' An emergency fund acts as a buffer, a cushion to soften the blow. Aim for 3-6 months' worth of living expenses. It's like having a financial parachute—you might not need it, but it's awfully comforting to know it's there. I started with small, consistent contributions – $20 a week – and it grew faster than I ever imagined!

person putting money into a savings account | Image: Supplied

Goal 2: Pay Down High-Interest Debt – Freedom from the Interest Monster

High-interest debt, like credit card debt, is a financial monster. It gobbles up your money faster than a kid in a candy store. Prioritize paying this down aggressively. The interest charges are brutal! Use the avalanche method (focus on the highest interest rate debt first) or the snowball method (pay off the smallest debt first for a quick win to boost motivation). Think of it like this: every dollar you pay towards debt is a dollar less that the "interest monster" gets to keep. I used to stress about this so much; when I finally made some progress, I felt this weight lift off my shoulders.

person shredding credit card bills | Image: Supplied

Goal 3: Build a Budget – Know Where Your Money Goes

You can't manage what you don't measure. Creating a budget can feel tedious, but it's like giving yourself financial x-ray vision. You'll see exactly where your money goes each month. There are tons of apps and budgeting methods. Find one that works for YOU. Don't be afraid to track every penny. This isn't about restriction; it's about empowerment—knowing where you stand and making smarter choices. My budgeting app even has cute little graphs and charts that help me track my progress. It's all about making it enjoyable!

person using a budgeting app on their phone | Image: Supplied

Goal 4: Set Savings Goals – Save for Something Awesome!

Saving without a goal is like driving without a destination. Where are you going? What's the point? Set SMART (Specific, Measurable, Achievable, Relevant, Time-bound) savings goals. A down payment on a house? A dream vacation? A new car? A really, really good espresso machine? Having those goals in mind adds so much motivation! Every time I hit a savings milestone, I treat myself to something small. I bought myself a fancy coffee after hitting the first $1000! It's great motivation!

person celebrating a savings goal | Image: Supplied

Goal 5: Invest for the Future – Grow Your Money

Investing can seem complicated. But it doesn't have to be! Starting small is key. I actually just started investing a few months ago, and I started small. You can open a brokerage account with little to no money. Then start investing even small amounts regularly to learn how to do it! There are also plenty of robo-advisors now that make it super easy. The sooner you start investing, even if it's just a little, the more your money can grow over time; it's like magic!

person looking at a stock market graph | Image: Supplied

Goal 6: Plan for Retirement – Secure Your Golden Years

Retirement might seem far off, but it creeps up faster than you think! Start saving early, even if it's a small amount. Many employers offer retirement plans, like 401(k)s, that often come with matching contributions—free money, people! Don't leave free money on the table! If your employer doesn't match your contributions, you can still invest for retirement in an IRA or other investment account. The longer you wait, the more you'll need to save later on. It's better to start now!

happy retired couple enjoying their golden years | Image: Supplied

Goal 7: Protect Yourself – Insurance is Your Shield

Life is unpredictable. Protect yourself and your loved ones with insurance. Health insurance, car insurance, renter's or homeowner's insurance, etc. These are critical forms of financial protection. Don't skip them! It's not exciting, but it's very important! I once saw someone go through something that could have been much worse if they had the right protection!

person signing insurance documents | Image: Supplied

Goal 8: Review Your Finances Regularly – Stay on Track

Regularly reviewing your finances isn't just about checking your balance; it's about adjusting your course. Life changes. Your financial goals should change too. Regularly reviewing your budget, savings, and investments will help you ensure you are still on track and able to make any necessary adjustments. I do this at least once a month to keep myself on top of things and avoid any major issues!

person reviewing their finances on a laptop | Image: Supplied

Goal 9: Increase Your Income – Explore New Avenues

Sometimes, boosting your income is the best way to accelerate your financial goals. It can be a side hustle, negotiating a raise, or even changing careers. Think about your skills and passions, and explore ways to generate extra income. It could help you pay off debt quicker, increase your savings, or make your financial goals achievable sooner! This could make you more financially free!

person working on a laptop at home | Image: Supplied

Goal 10: Educate Yourself – Knowledge is Power

Financial literacy is your superpower. The more you know, the better equipped you'll be to make informed financial decisions. Read books, take courses, listen to podcasts, attend seminars. The internet is full of resources to help you learn. It's something I'm constantly working on myself, and I am always looking for more ways to improve myself!