It’s that time of the year again, you know, the “New Year, New Financial Me” season. Here’s a fun fact though: most New Year resolutions don’t make it to February. In fact, research shows that 23% of people quit their resolution by the end of the first week and 43% quit by the end of January. But hey, if you’ve set big, shiny New Year resolutions, no judgments here. In fact, we are rooting for you and want you to become a multimillionaire by December 2025 (seriously!).
So, we put together a guide with proven tips to make sure you crush your money goals this year. If you want to be part of the top 1% who achieve their financial goals for the year., keep reading.
1. What Matters Most to you?
The first step in setting money goals is understanding what truly matters to you. Instead of letting societal expectations or external pressures dictate your objectives, focus on what aligns with your values.
Are you saving for a vacation, paying off debt, or building an emergency fund? Goals tied to personal meaning are easier to stay committed to. Let your values guide your goals. For example, if financial security is important, you might prioritize setting up an emergency fund or securing adequate insurance coverage.
2. Be Specific and Realistic
Vague resolutions like “save more money” or “get better with finances” can be hard to follow. Instead, break your goals into specific, actionable steps. For instance, if you aim to save N5,000,000 by the end of the year, calculate how much you need to save each month or week. Label your savings accounts for motivation—“Summer Vacation Fund” or “Future Home Savings” sounds much more exciting than “General Savings.” Small, incremental actions can also help prevent burnout. For example, If you’re saving for retirement, start with increasing your contributions by 1% this year, then gradually build from there.
3. Create a Tracking System
Tracking your progress is important for staying motivated. Just like you’d monitor your weight loss journey or a fitness challenge, keep tabs on your financial goals. Set up regular check-ins with yourself—weekly or monthly—to review your progress. This could involve examining your loan repayment schedule, spending habits or assessing your savings growth. Breaking larger goals into smaller milestones can also make them feel more attainable. Once you hit a milestone, celebrate! it’ll keep you motivated to push forward.
4. Automate Where Possible
Automation is one of the easiest ways to stay on track with financial goals. Set up automatic transfers to savings accounts or retirement funds. Even better, use the Moni app to set a savings plan and target based on your current income. This ensures you’re saving consistently without the temptation to spend that money elsewhere. Start small when you’re automating savings. Begin with amounts that fit comfortably within your budget and increase them gradually over time. Automation minimizes decision fatigue and builds good financial habits effortlessly.
5. Plan for the Unexpected
No matter how carefully you plan, life has a way of throwing curveballs. Be prepared to adjust your financial goals when the unexpected happens, like medical or other unexpected expenses. Flexibility is key. If you need to pause progress on one goal to handle an emergency, that’s okay. Revising your plan doesn’t mean you’ve failed—it means you’re adapting to new circumstances.
6. Enlist an Accountability Partner
Sharing your goals with someone you trust can significantly boost your chances of success. Whether it’s a friend, family member, or financial advisor, having someone to check in with keeps you accountable.
Schedule regular “money dates” to discuss your progress, brainstorm solutions to challenges, or simply encourage each other. Knowing someone else is invested in your success can be a powerful motivator.
7. Simplify with “Good-Enough” Choices
Perfection can be the enemy of progress. It’s easy to get stuck overanalyzing decisions, such as which savings account offers the best interest rate or which budgeting sheet to use. Sometimes, taking action now is better than waiting for the perfect solution.
Adopt a “done is better than perfect” mindset. Choose tools and strategies that work well enough to get started, and refine them later as needed.
8. Set Reminders and Deadlines
You know what they say – out of sight, out of mind. To keep your financial goals top of mind, write them down and display them somewhere visible. Use digital reminders or calendars to nudge yourself periodically. If a goal is time-sensitive, set a realistic deadline. Break it into smaller tasks with their own mini-deadlines to stay organized and on track.
9. Celebrate Wins, Big and Small
Achieving financial goals isn’t always easy, so it’s essential to acknowledge your progress. Celebrate milestones, whether it’s paying off a debt or reaching a savings target. Rewarding yourself reinforces positive behavior and makes the journey more enjoyable. Just make sure your celebrations don’t undo your progress—find budget-friendly ways to treat yourself.
10. Subscribe to the Moni newsletter
We know, we know. We’re a little biased but our blog and newsletter are packed with tips and guides to help you level up your finances. From breaking bad spending habits to learning how to save smarter, we’ve got you covered. Think of us as your money-savvy bestie who never runs out of sound advice!
To round off…
Money goals for 2025 don’t have to end up as forgotten resolutions. You can stay on course by setting clear priorities, breaking goals into actionable steps, and building a system for tracking progress. Remember to remain flexible, focus on what matters most to you, and celebrate your achievements along the way!
