Set financial goals in 2025 and watch your money grow
A new year brings a fresh start and a chance to think about what to change, improve or do more. Setting and accomplishing financial goals for 2025 is a great way to achieve the satisfaction that comes with seeing your savings increase and gain peace of mind in knowing that you have a cushion in case of emergency.
More than one in four people currently have no emergency savings, according to a 2024 Bankrate survey. An unexpected car repair, a refrigerator that stops working or other unwelcome financial surprise can force you to max out a credit card or borrow money to cover the out-of-the-blue expense. Setting a goal to save can help shield you from the stress of these sudden money woes.
Where to begin? Melissa Lewis and Nona Havey offer this advice.
Start by tracking
The first step in setting your financial goals is to track your income and expenses, according to Melissa Lewis, Assistant Vice President Bank Manager at One Community Bank. A locally owned bank that serves 15 Wisconsin communities, One Community Bank has resources and tools to help you start saving or enhance your current savings strategy.
“Start by identifying how much money comes in and goes out for a month,” Lewis advised. “For one month, look at the bills you’re required to pay and figure out what you’re spending on groceries, gas, entertainment, eating out and other expenses. This will give you a really good picture of your finances.”
Establish a budget
Tracking your income and expenses gives you the information you need to set up a budget, Lewis said. Then you can include a line item in the budget for savings. Just like food, rent and other necessary expenses every month, saving money becomes a regular commitment.
Attainable savings goals
It’s important to set a savings goal you can achieve, said Nona Havey, Vice President Retail Banking Manager at One Community Bank. “If you only have a little excess after all your bills are paid each month, that’s OK. You can set a simple savings goal, like having $500 in your savings account by the end of the year.” You can reach that goal by setting aside less than $10 per week, she added.
“Reaching a financial goal makes people feel really good, and gives them a sense of achievement,” Havey said. “Then they may decide to increase the amount they save for the next year. Realistic goals not only keep people from getting discouraged, but also helps them aspire for more.”
The process of setting and reaching your financial goal is the same whether you’re saving a modest amount every month or striving for larger savings needed to buy a house, pay for college or retire, said Havey. “Knowing your goal and monitoring your spending helps you set a path forward for your future.”
Develop the habit
“Saving is a habit,” Lewis said. “No amount is too small and it’s never too late to start saving.”
You can develop the habit by having a portion of your direct deposit paycheck allocated automatically toward savings if your employer offers the option of splitting your deposit between checking and savings. If that’s not an option, you can set up an automatic transfer from checking to savings at whatever interval you choose, Lewis added.
Talk to a Relationship Banker
One Community Bank offers several online tools to help you see where your money is going, develop a budget, track your spending and monitor your credit, Lewis said. “You can stop into any bank location to talk with a relationship banker about using these tools,” she added.
Both Lewis and Havey said they get great satisfaction from helping their clients find solutions and chart a path toward financial gains.
To learn more or to set an appointment with a relationship banker, visit the One Community bank website.
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Set financial goals in 2025 and watch your money grow
January 28, 2025
