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How to Set and Achieve Financial Goals in the New Year

Are you ready to take charge of your finances and make 2024 your most financially successful year yet? Setting clear and achievable financial goals is the first step towards securing your future and realizing your dreams. In this guide, we’ll walk you through the process of setting SMART (Specific, Measurable, Achievable, Relevant, Time-bound) financial goals to set you on the path to financial success.

Why Set Financial Goals?

Setting financial goals gives you direction and purpose. Whether it’s paying off debt, saving for a dream vacation, or investing for retirement, having specific goals helps you stay focused and motivated.

Step 1: Assess Your Current Financial Situation

Before setting goals, it’s crucial to understand where you stand financially. Calculate your income, expenses, assets, and debts. Use budgeting tools or apps to track your spending patterns.

Step 2: Define Your Financial Goals

Be specific about what you want to achieve. Break down your goals into short-term (1 year or less), medium-term (1-5 years), and long-term (5 years or more) objectives. For instance:

  • Short-term: Build a home down payment fund of $$$ in 12 months.
  • Medium-term: Max-out all pre-tax investment contributions and backdoor Roth’s.
  • Long-term: Create multiple cash flow streams using portfolio assets, real estate and small business ownership.

Step 3: Make Your Goals SMART

Ensure your goals meet the SMART criteria:

  • Specific: Define exactly what you want to achieve.
  • Measurable: Quantify your goals so you can track progress.
  • Achievable: Set realistic goals within your means.
  • Relevant: Align your goals with your values and priorities.
  • Time-bound: Set deadlines for each goal to create a sense of urgency.
Step 4: Create an Action Plan

Break down each goal into actionable steps. For example, if your goal is to save $5,000 in a year, calculate how much you need to save each month ($416.67) and adjust your budget accordingly.

Step 5: Track Your Progress Regularly

Monitor your progress regularly—weekly or monthly—to ensure you’re on track. Adjust your plan if necessary but stay committed to your goals.

Step 6: Stay Flexible and Stay Motivated

Life is unpredictable, and circumstances may change. Be flexible and willing to adapt your goals when needed. Celebrate small victories along the way to stay motivated.


By setting clear and achievable financial goals using the SMART framework, you can take control of your finances and pave the way for a more secure and prosperous future.

Remember, the key to success lies in commitment and consistency. Start small, stay focused, and watch as you achieve your financial aspirations, one step at a time.

For more personalized advice on achieving your financial goals, book an introductory meeting today.

Disclaimer: Some content may be AI curated. Before making any decisions, you should consult with your own financial advisor or tax professional. Learn more about our approach to planning, investment and tax advice to see if you might be a good fit for our practice.

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