The start of a new year is a prime opportunity to take control of your finances and set clear goals for the year ahead. In 2025, let’s focus on creating a financial plan that’s realistic, flexible, and tailored to your aspirations. Whether you’re saving for a milestone or working towards financial freedom, our guide to setting financial goals for 2025 will help you plan effectively.
How 2025 financial goals are different
Every year brings new challenges and opportunities. In 2024, RBC revealed that total household debt payments for Canadians grew by 7.8% year over year, led by an 8.4% surge in mortgage payments driven by higher interest costs. This means that in 2025, Canadians might be navigating:
- Rising interest rates: managing debt becomes even more crucial.
- Evolving spending habits: post-pandemic priorities have shifted.
- Economic uncertainties: emergency funds are more essential than ever.
By understanding these trends, you can craft financial goals for 2025 that are timely and effective.
5 steps to building your 2025 financial roadmap
Here are the steps we recommend taking when it comes to setting your financial goals for 2025:
1. Reflect on 2024
Take stock of what went well and where you faced challenges last year. Did you meet your 2024 financial goals? What habits can you carry forward or leave behind?
2. Prioritize one big goal
Start with one major goal for 2025 – like paying off credit card debt, saving for a down payment, or building a $5,000 emergency fund. Once this is defined, you can create smaller goals to support it.
3. Create a 12-month action plan
Break the year into quarters or months. For example:
- Q1: Focus on debt reduction.
- Q2: Ramp up savings with a tax refund.
- Q3: Review investments or RRSP contributions.
- Q4: Reassess and adjust for the future.
4. Build habits, not just plans
The key to achieving financial goals lies in daily habits:
- Track your spending.
- Set calendar reminders for bill payments.
- Practice mindful shopping during sales like Black Friday or Boxing Day.
5. Stay flexible
Unexpected expenses or changes might arise. Be ready to pivot while keeping your big-picture goals in mind.
Financial tools for 2025 success
Equip yourself with resources like:
- Spend trackers: ideal for budgeting and remaining aware of the income you’re bringing in versus your expenditure.
- Debt calculators: you can use our debt repayment calculator to visualize how different forms of debt relief might work for you.
- High-interest savings accounts: make your money work harder for you.
How Spergel can support Canadians’ financial goals in 2025
If debt or financial stress is holding you back, Spergel’s expert Licensed Insolvency Trustees are here to help. With personalized advice and proven solutions, we can help you regain control and focus on what matters most – your future. We have been helping Canadians on their journeys to financial freedom for over 35 years, and we are here to help you too.
Take the first step today
Make 2025 the year you achieve your financial dreams. Start by setting clear goals, building strong habits, and seeking support when you need it. Contact Spergel to book and a free, no-obligation consultation and get started on your journey to financial success.
