What is one of your financial goals for 2025? Maybe it’s to save enough money to take that fall cruise to your next favorite place. Maybe you want to go visit a friend or family member you haven’t seen in a long time. Maybe it’s to be more present with your family and enjoy a staycation. Whatever your goal is, consider some loud budgeting to accomplish it!
You may have to decrease some happy hour time or you may have to change how often you visit the local coffee shop. That doesn’t mean that you can’t enjoy happy hour or coffee with friends and family. You may need to adjust what it has looked like in the past and change it going forward so that you can reallocate that money to your 2025 goal.
Take some time and try to figure out the amount of money that you need to accomplish your goal. Break down that number by the number of months/paychecks/weeks that it will be until you need to fund it. If there are certain points during your timeline that you need a specific amount, then make a note of that. For example, if you plan to take a cruise and you need to pay the deposit in 3 months, you’ll need to know how much that is and account for it within your timeline.
Now, look at your current spending and money habits. Is there something you can trade out today for that goal? Here are some examples:
· Saving $25 per week by not getting coffee on the go will add up to $100 per month.
· Saving $50 once a week to not eat dinner out will add up to $200 per month.
· Limiting your online purchases to things that have been sitting in your basket for the month instead of doing click and shop could save you several hundred dollars.
· Consider doing a month of cooking using only items from your fridge, freezer and pantry, except for items that are perishable or that you know you need to buy to complete a meal that you have 90% of the ingredients for already. Your grocery bill could be very little and you’ll have less food waste by using food before it expires.
You can share your financial goal with others and explain how you are swapping out some of your current spending and habits so that you can accomplish that goal! It doesn’t mean that you can’t meet up with friends, but consider inviting them over instead of heading out.
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