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A new calendar year is a great opportunity to go back to basics to build a better relationship with your finances. You can start building new habits to get you on the right track with your money and hitting your 2025 financial goals!
Here’s four steps to managing your money better in 2025...
1) Decide Your Goals
Take some time to sit down and decide your goals. Reflect on 2024 - what went well and what didn't. What financial targets do you want to hit in 2025? Are you saving for a house deposit, paying off debt, or have a big trip planned? Define your money goals for this year so you can create a strategy to reach them.
2) Build a Budget
Now that you have clear goals in mind you can action a plan to achieve them. The first step is creating a budget for your disposable income. Begin by subtracting your reoccurring expenses (e.g. bills, rent) from your income and then assign a percentage of the leftover to each of your goals. Now you know how much you have to spend and how much you can afford to save.
3) Set a Schedule
Schedule a recurring meeting in your calendar to check in with your finances and see if your spending is on track. This can be a weekly or monthly meeting. But by getting it in the diary you're less likely to forget or skip a session. It's important to regularly review your progress.
4) Celebrate Your Wins
Throughout the year celebrate when you stick to your savings targets and when you eventually hit your financial goals. Hitting those smaller milestones along the way is just as important as reaching the end amount!
Consistency is Key!
A relationship is something you have to invest time and energy into - it’s the same when improving your relationship with your finances. Building these habits will help you achieve consistent progress towards reaching your money goals in 2025!
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