New Year, New Financial Goals: Setting Yourself Up for Success in 2025
As the new year approaches, it's the perfect time to reflect on your financial journey and set new goals for 2025. Whether you're looking to save more, invest wisely, or simply manage your money better, setting financial goals using the SMART criteria can improve your chances of success.
SMART goals are Specific, Measurable, Achievable, Relevant, and Time-bound. This approach provides a clear target and a timeline, making it easier to track your progress and stay motivated.
To help you achieve your goal, you can use the MOVE Bank savings calculator. This tool allows you to input your current savings, and monthly contributions to see how long it will take to reach your goal. By visualising your savings plan, you can make adjustments as needed and stay on track.
Specific: Being specific about your goal helps you focus on what exactly you want to achieve. Instead of a vague aim, you have a clear target, like "save $5,000."
Enter Your Starting Deposit: Entering your initial deposit provides a starting point for your savings goal.
Measurable: Measurable goals allow you to track your progress. By knowing how much you need to save each month, you can monitor your advancements and stay motivated. Input Your Desired Deposit Frequency: This will help you determine when your goal will be reached.
Achievable: Setting achievable goals ensures that your targets are realistic and attainable. This prevents frustration and keeps you motivated as you see progress. Set Your Contribution Amount: Determine how much you can realistically contribute. Enter this amount to see how it impacts your goal.
Relevant: Your goals should align with your broader financial objectives and personal values. This relevance ensures that your efforts are meaningful and worthwhile. Adjust for Accuracy: Play around with different inputs to see how this can affect your goal timeline.
Time-bound: Having a deadline creates a sense of urgency and helps you stay focused. Knowing you want to save $5,000 by the end of the year gives you a clear timeframe to work within. Review the Results: The calculator will show you how much you will have saved at the end of your savings term.
By setting SMART goals and using tools like the MOVE Bank savings calculator, you can create a clear, actionable plan to achieve your financial aspirations in 2025. Visit movebank.com.au/calculators to get started today.
5.25 % p.a. Interest rate
* Bonus interest rate applied on balances up to $25,000 when the account holder makes a minimum deposit of $200 and no withdrawals within a calendar month (prior to 5pm on the last day of the calendar month). Otherwise the base interest rate will apply.
This article is for general information purposes only and is not intended as financial or professional advice. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product or other professional advice. You should seek your own independent financial, legal and taxation advice before making any decision about any action in relation to the material in this article. Railways Credit Union Limited trading as MOVE Bank ABN 91 087 651 090. AFSL/ Australian Credit License number 234 536 | ABN 91 087 651
