This article provides tips on setting effective financial goals for the new year. Experts emphasize the importance of making goals specific, measurable, and aligned with priorities. They also recommend tracking progress and allowing for flexibility.
The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. The start of a new year can bring a surge of motivation around setting new goals, including financial resolutions. One way to help those goals become reality, financial experts say, is to make them as specific as possible.
Then, track your progress, while allowing flexibility for unexpected challenges. “It’s easier to track progress when we know where we are going,” says Sylvie Scowcroft, a certified financial planner and founder of The Financial Grove in Cambridge, Massachusetts. That’s why she encourages her clients to set clearly defined goals, often related to paying off a specific debt, saving a certain amount per month or improving their credit score.Trying to accomplish too much can feel overwhelming. Instead, pick your priorities, says Cathleen Tobin, CFP and owner of Moonbridge Financial Design in Rhinebeck, New York.“It’s more compelling than just a number,” she says. For example, do you want to make sure you’re on track for retirement or save money for a house? “Start there.”Scowcroft says she sees clients get tripped up by selecting overly broad goals, such as “get better with money.” Instead, she encourages people to select specific action items, such as “sign up for a budgeting tool and set aside time each month to learn where my money is going.” That level of specificity provides direction so you know what steps to take next, she adds. For example, if your top priority is to become debt-free, then your specific goal might be to pay off an extra $200 of your debt balance each month.so they correspond with goals can also help. An emergency fund could be named something like “Peace of mind in 2025,” so you remember why you’re saving every time you make a transfe
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