What Financial Goals Do You Want to Achieve This Year? Here’s How You Can Set and Achieve Them

Think of some of your financial dreams – like building a house back home, sending your siblings to school abroad, taking your parents on a holiday cruise – and many more. The good news is all these goals are achievable this year, by setting clear financial goals and developing meaningful strategies to reach them such as seamless money transfers internationally. Read more to understand what financial goals are, why you should set them, how you can achieve them, and what happens when you don’t have them.

What Are Financial Goals?

Financial goals are your specific earning, saving, and spending objectives based on your individual, family, or collective needs. They reflect your current priorities — whether its supporting loved ones, paying your tuition, staying debt-free, investing, or achieving personal milestones. Because they rely heavily on money, they are most likely the things you will spend the most time thinking about.

A financial goal is your commitment to your future self - a plan to turn your dreams into your reality.

Examples of Financial Goals

Short- Term	Medium-Term	Long-Term
Creating an emergency fund	Purchasing a new car	Relocating to a new country.
Paying off a high-interest debt	Investing in a new business	Buying a house
Saving for a vacation	Paying off student-loans	Retiring before 40.

Why You Should Set Financial Goals in 2025

Have you ever tried going on a journey without a map? As you know it never ends well. Similarly, financial goals help you plan your finances throughout the year ensuring you don’t end up in unpleasant financial conditions. Here's why setting monetary goals are critical to your growth:

1. They provide direction - Like a map, they guide your financial decisions and keep you focused.

2. They motivate you and give you clarity - Because life can be eventful, filled with highs and lows, your financial goals remind you of what your future can look like.

3. Good money management skills and habits - When you commit to a financial goal, you will tend to avoid impulsive financial decisions and frivolous spending.

4. Risk mitigation and safety - One benefit of having a financial goal is that your goals can provide a buffer or soft landing in an unexpected circumstance like a job loss, early retirement, or economic downturns.

Setting goals is the first step in turning the invisible into the visible. Tony Robbins.

How To Set and Achieve Your Financial Goals in 2025

Some useful tips that can help you anticipate your financial needs, work through them, and achieve your financial goals are:

1. Evaluate Your Current Financial Situation

It goes without saying that to know where you are going, you need to know where you are right now. Also, starting a new year does not mean your financial challenges of last year will suddenly disappear. So make some mental assessment of your present state financially. Here's a checklist to get you started:

Financial Questionnaire

These questions will give you a fresh view of where you are now, the things that worked or did not work, areas for improvement, and most importantly a clear understanding of your finances.

2. Define Your Financial Goals

To define is to write in clear print and stick it somewhere you can see often. For example, a financial goal could be; Pay my Canadian Master’s Tuition Fees, Buy a brand new Lexus RX 350, Build a local bakery for my parents, etc.

Pro tip: When defining your goals, ensure that they are specific, measurable, achievable, relevant and timely.

SMART formulae	Example
Specific	Pay CAD 30,000 for my graduate tuition fees
Measurable	Choose a payment plan and make deposits using Africhange.
Achievable	Send 5,000 CAD every month.
Relevant	A master's degree will increase my earning opportunities.
Time Bound	Deadline is September 30, 2025

3. Develop Financial Strategies to Reach Your Goals

What actionable steps can you make in order to achieve your financial goals. For instance, a strategy for a savings goal of building a local bakery for your parents back home could be; send 20% of my monthly income back home using Africhange, acquire a cheap land lease, etc.

4. Budget and Track Your Spending

Keeping track of your finances and making changes to the way you spend money will help you actualize your financial goal. You might even be surprised at how little expenses like wellness programs, fancy dinners, monthly subscriptions, uber, or even data are collectively eating into your finances.

Show me your budget and I will tell you what you value. Joe Biden

Categorize your income and expenses into your needs, savings and your wants, then assign percentages to them.

Categories	Percentage of Income
Needs	50%
Savings	25%
Wants	25%

5. Create Financial Milestones and Celebrate Them

Breaking down your large goals into smaller, reachable elements will keep you motivated. Depending on your financial goals, some examples of financial milestones are:

• Making a down payment on a house.

• Paying 50% off a high-interest debt.

• Making a hotel reservation for your vacation.

6. Prioritize Wealth Creation and Investment Strategies

The more money you make, the easier it will be to achieve your goal. Be open to investing in small or large companies that you are interested in, take up a side hustle, freelance, consult, and find safe legal ways to create wealth.

The Consequences of Not Setting Financial Goals

If you go into the year without proper financial goal setting and strategy, you are more likely to struggle with anxiety, miss out on money-making opportunities, fall into heavy debts, and have an overall poor financial health. You will also notice inconsistencies in your spending and a much more reactive approach to money. And while you may not have a standout negative money experience, you will certainly be vulnerable to financial storms and the feeling of being one step away from helplessness.

The Bottom Line

In conclusion, 2025 can be the year you change your relationship with money from an unhealthy one to a much better one. From a finance standpoint, the best way to do that is to set and commit to SMART (specific, measurable, achievable, relevant, and time-bound) financial goals. It is also helpful to use tools that help you keep track of your financial goals like a spreadsheet, savings or investment apps, and money transfer applications like Africhange.