The new year is almost here. Are you ready to learn how to turn your financial goals into accomplishments and big wins in 2025?
The Science of Achieving Goals
Research from Gail Matthews, a professor at Dominican University, shows that people who do four specific things are 77% more likely to achieve their goals compared to those who merely thought about them without even writing them down.
Let’s dive into the four specific things from the study and how you can apply them to make 2025 a year full of financial wins!
1. Write Down Your Financial Goals
It’s one thing to think about your goals, but putting them on paper makes them real. Writing down goals helps clarify your vision and gives you a tangible point of reference.
Use the SMART-Y format:
Specific: Clearly define your goal.
Measurable: Attach a number or metric to track progress.
Achievable: Set goals that are realistic yet challenging.
Relevant: Align goals with your values and priorities.
Time-bound: Set a deadline.
Your Why: Adding a personal reason makes goals more compelling.
Example: Instead of saying, “I want to save more,” write, “I will save $10,000 by December 31st 2025 to fund a family vacation that allows me to spend more time bonding with family.”
2. Plan the “How”
Once you’ve defined your goals, map out the actions to achieve them. What steps will you take to make them happen?
Example:
Goal: Save $10,000 by December 31st 2025.
Actions:
Automate a $400 monthly transfer to a high-yield savings account.
Allocate year-end bonuses or tax refunds to savings.
Congrats! At this stage, you’ve essentially created a written financial plan! It's something only 36% of Americans have, according to the Schwab Modern Wealth Survey 2024, By writing your goals and actions, you’ve joined an elite group that’s more likely to succeed.
3. Share Your Goals with Someone You Trust
Accountability is key. Find a trusted friend, partner, or financial coach to share your financial plan with. This simple step makes your goals feel more real and gives you someone to cheer you on or offer guidance when you need it.
4. Track and Share Your Progress
Regular check-ins keep you motivated and on track. Choose a frequency—monthly, quarterly, or whatever works best—and update your accountability partner on your progress. Did you meet your savings goal this month? If not, what adjustments can you make?
Example: If your goal is to save $10,000 and one of your actions is saving $400 monthly, check your progress every month and report it to your accountability partner.
You Can Celebrate More Financial Wins in 2025!
By taking these four simple steps, you’re setting yourself up for financial wins that will make 2025 a year to celebrate. You’re not just wishing for success—you’re creating a powerful cycle of motivation and success.