- Set SMART Goals
- Create a Realistic Budget
- Automate Your Savings
- Start a Savings Challenge
- Review Often
The New Year is a fantastic time for a fresh start — and your finances are no exception! Whether you’re saving for that dream vacation, paying off debt, or finally establishing the emergency fund you’ve been meaning to start, there’s no time like now to get things on track.
At Advia, we’re here to help you make 2025 your best financial year yet. Let’s jump into some tips to set you up for success:
1. Set SMART Goals:
Have you heard of SMART goals before? As the name suggests, these types of goals are a great tool for success and stand for:
- Specific: Set a clear goal, like “save for an emergency fund.” The more specific, the better.
- Measurable: Assign a number, such as saving $2,000.
- Achievable: Ensure your goal is realistic and within your resources and current budget.
- Relevant: Make sure it aligns with your needs, like housing, loans, or healthcare costs.
- Time-bound: Set a deadline, like saving $2,000 by December 2025, to keep yourself motivated. You can split this up into smaller timely goals as well, like saving so much per month or per paycheck.
Once your SMART goals are set, you can determine how to balance them to fit your lifestyle. Ask yourself: can I prioritize both building savings and other expenses without over-stretching? A healthy mix of goals ensures stability while making strides in your financial wellness journey.
2. Create a Realistic Budget:
A budget is the foundation of any successful savings plan. Online tools and mobile banking apps — like those available at Advia — can make budgeting easier by tracking your spending and categorizing expenses automatically. Plus, you can take a close look at your income and expenses to identify areas where you can cut back on unnecessary spending.
Keep in mind, it’s okay to not budget every single dollar for necessities. Want to have a cup of coffee from your favorite café once a week? Budget for your wants, however that might look for you. That’s not irresponsible- that’s reality.
3. Automate Your Savings:
One of the simplest ways to stay consistent with saving is to automate the process, setting up automatic transfers from your checking account to a savings account each payday.
4. Start a Savings Challenge:
Make saving fun by participating in a savings challenge. For example, try the 52-week savings challenge, where you save a specific amount each week (starting with $1 in Week 1, $2 in Week 2, and so on). By the end of the year, you’ll have saved over $1,300! You can also try a no-spend month or set mini-goals, like saving an extra $100 a month for six months.
5. Review Often:
Life happens, and your financial plan may need to adapt throughout the year. Set aside time each month to review your progress and adjust your budget as needed. Remember to celebrate your milestones along the way to stay motivated and inspired! You deserve it.
Here’s to 2025!
Starting the New Year with a strong savings plan can set the tone for a financially secure year.
At Advia, we’re committed to empowering our members with the tools and resources you need to thrive. Check out our free financial education workshops, savings calculators, and online guides. Explore our rewards programs and special offers to maximize your savings throughout the year. Cheers!