Not sure what your financial goals should be for 2025? Now's the time to decide. But which financial goals will get you from where you are today to where you want to be tomorrow faster?
To move the needle and fast, the more specific the financial goals you choose, the better.
It's not enough to say "I wish I was rich." You must do more than dream about making more money, having zero credit card debt or amassing a $1 million 401(k) balance.
You need a clear road map to achieve your goals.
Living without financial goals is like driving down the highway in a thick fog, says Brian Tracy, author of the books, "Goals! How to Get Everything You Want – Faster Than You Ever Thought Possible" and "The 32 Unbreakable Laws of Money and Success."
Put Your Financial Goals On Paper
It's not until you identify your financial goals – and put them down on paper – that the fog will lift, says Tracy.
"It's very important to write down exactly what you want to accomplish," Tracy said in an IBD interview. "You need to be absolutely crystal clear about what it is that you want. That's the starting point."
People make New Year's resolutions to exercise more and eat less. "But that's very vague," said Tracy. "And easy not to do."
In contrast, you're more likely to stick with a well-articulated goal with a timetable and a way to measure progress. That's especially true if you reinforce your financial goals on a regular basis by jotting them down in a spiral notebook, Tracy says.
Set Reasonable Financial Goals
Setting unrealistic goals, however, is self-defeating. A goal is only worthwhile if it's doable. "You could defeat yourself by saying, 'I'm broke today, but I want to be a millionaire in a year,'" said Tracy. "Because it you don't believe that it's possible nothing will happen."
"So, what you do is set a goal that's reasonable," he said.
Many Americans are following that advice. One in three (29%) of Americans are only considering goals within their control, according to Fidelity Investments' 2025 New Year's Financial Resolutions study.
That strategy worked last year for those who said they were able to stick with their resolutions. The top reason cited for the success was that they "created a financial goal that was clear and specific," says Fidelity.
Now's The Time To Start
With Jan. 1 just weeks away, now's the time to map out financial goals.
"It's a fresh start," said Jaime Eckels, a certified financial planner at Plante Moran Financial Advisors. "It gives you a begin date."
Here are five achievable and worthwhile financial goals for 2025 that could set you up for future success.
First, increase your income. Investing in yourself is a good starting point. Making more money means having more cash to spend, and more free cash to pay off debt, save and invest.
Tracy says everyone should make it a goal to increase their income by a certain percentage each year. He often tells salespeople that it's a reasonable goal to increase their pay by 50% in the next 12 months.
"Calculate exactly how much you earned this year, and set a goal: it's 150% of that," said Tracy. "It sounds very simple. But it's like dropping a depth charge into the ocean. It goes off, and your whole life begins to change."
Making more at work isn't a pipe dream, Tracy says. It's all about being more productive. If you're a salesperson, for example, and you now make two cold calls a day, make four calls tomorrow. If you work in an office, don't waste time with watercooler talk.
Focus on the goal. "You read, you organize, you plan, you start early, you work harder, you stay later, you focus," said Tracy. "You focus on the most valuable tasks that you can do that are the most valuable to your company."
Raise Your Value
Next, commit to boosting your net worth. Sure, it's a long shot that you will accumulate a net worth north of $142 billion like Warren Buffett. But if you put your mind to it, you can grow your nest egg each year, each decade and amass a sizable sum.
But you first must identify what you want that net worth number to be by a certain end date, such as the start of retirement or your 70th birthday. If you're in your prime earning years or an entrepreneur or small business owner or investor, put a number on your hoped-for net worth. Let's say it's $10 million. Now you have a goal to go after.
Banish Credit Card Debt
Third, pay off credit card debt. Paying off plastic is expensive. The average interest rate on a credit card is 24.43%, according to LendingTree. At the end of the third quarter, Americans owed $1.17 trillion on credit cards, according to the Federal Reserve Bank of New York.
So, if you're one of those folks with a balance, debt reduction should be a primary goal, says Derek Miser, investment advisor at Miser Wealth Partners.
"If you have credit card debt, you're behind, you're losing every day because the interest rates are so high," said Miser.
Miser offers these tips to achieve your goal of paying off credit card debt. If you have good credit and get 0% rate offers for a set number of months, take advantage of the low rate. Just make sure you don't take on new debt and pay off the balance before the introductory rate ends to avoid getting hit with the resumption of high rates. Homeowners might also consider using a lower-rate home equity line of credit (HELOC) to pay off higher cost credit-card debt, adds Miser. You might also be eligible for a tax deduction on the interest you pay on the HELOC.
Financial Goals: Shore Up Retirement Funds
Fourth, bolster your retirement account. More than half (55%) of Americans are concerned that they cannot achieve financial security in retirement, according to a 2024 survey by the National Institute on Retirement Security. If you're looking for a goal to call your own: Saving more money for your Golden Years is a good place to start.
"It's a great time to reassess your retirement savings, and make sure you're doing the right things," said Eckels.
Again, the key is to be as specific as possible. Is your goal is to contribute more to your 401(k)? Specify an annual dollar amount increase or commit to boosting your savings by a certain percentage each and every year.
"If your retirement plan has an automatic escalation feature, commit to that," said Eckels. "If you're contributing 10% now, and each year your savings go up by one percentage point, it automatically increases your savings."
Backstop Your Home
Lastly, build a home maintenance fund. Two-thirds (65.6%) of U.S. households own homes. And that means at some point the heater will conk out, the roof will leak or the 1990s kitchen will need an update. That's why building a home repair savings fund is a goal most Americans should look to achieve, says Courtney Klosterman, home insights expert at Hippo Insurance, a home insurer.
Nearly half of homeowners have $1,000 or less saved for home upgrades and maintenance costs.
"That may be enough to cover seasonal maintenance and smaller repairs," said Klosterman. "However, a larger financial cushion can be a big help when addressing multiple projects at the same time or more expensive projects, like repairing rotted wood, roof damage or HVAC replacement."
Experts recommend saving 1% to 3% of your home's value for budgeting purposes.
Other Solid Financial Goals
Other financial goals worth considering include boosting your credit score so you can get better rates on future borrowing costs. Or putting all your savings on autopilot. Another important goal is to make sure all beneficiaries on your financial accounts are updated to ensure your assets go to the right people. And don't forget to set long-range goals, such as paying for your child's college education or your daughter's wedding.
In the big picture, a goal worth its weight in gold is committing to better money habits, says Miser.
"Just having some financial discipline, building a habit of saving would be a big goal," said Miser.
It's your loss if you don't set financial goals.
"Life happens," said Miser. "People think, 'I have a lot of time to fix this problem.' But we've all lived long enough to realize that suddenly that 10 years has gone by, and you realize: I didn't get anything done ... I thought about it a lot. But I didn't actually do anything."
