Smart financial planning: Resolutions for a prosperous 2025
Feeling overwhelmed by financial decisions?
As you enter your 30s and 40s, personal and financial decisions start to feel like they’re stacking up. Retirement savings, buying a home, moving home, job changes, paying off debt. “Should I have children? And if yes, then how should I start planning for your children’s education.” All while trying to keep up with the day-to-day demands of life.
Add in unexpected life events like a redundancy, a family emergency, or even a global financial shift, and it’s easy to feel overwhelmed.
Maybe your financial goals haven’t been top of mind as you juggle your busy personal and professional life.
But without clear goals, it’s easy to get stuck in the weeds, unsure whether you’re making real progress or just treading water.
The solution? It’s time for a fresh financial start
As we step into 2025, it’s the perfect time to revisit and realign your financial goals.
Financial goals are like a compass. They can guide you toward success or leave you wandering in circles. But without clear direction, those unexpected financial twists, like market volatility or changes in tax laws, can easily knock you off course.
By setting a clear and actionable plan, you can take control and confidently navigate the path to financial stability and independence.
Revisit your financial goals: a fresh start for 2025
Have you set your financial resolutions yet, or are you still putting them off?
It's never too late to reassess. Life moves fast. Personal circumstances change, global events unfold, and markets can shift dramatically.
It’s easy to lose track of your financial objectives amidst the whirlwind of everyday life, but now’s the time to press "reset" and make sure your goals align with your current reality.
Think about where you want to be in 5, 10, or even 20 years. Whether it’s saving for retirement, building a college fund, or buying a dream home, setting clear financial targets will help you steer your money in the right direction.
The power of goal-setting: more than just a buzzword
Setting goals is crucial, but it’s not just for CEOs and athletes. It's for anyone, especially women like you, who are balancing multiple roles and responsibilities.
Setting financial goals can help you focus your efforts and prioritise your resources in a way that makes a real impact.
Think of goal-setting like a thread guiding you through a labyrinth. In Greek mythology, Theseus used a ball of thread to navigate the labyrinth and defeat the minotaur.
In your financial journey, that thread is your set of clearly defined goals, providing clarity as you navigate the sometimes-confusing world of investing, saving, and wealth management.
But here’s the catch: setting goals isn't enough.
You need to write them down.
It is claimed that writing down your goals can increase your chances of achieving them. So, grab a notebook (or open a new note on your phone), and map out your vision for 2025. You deserve to have a solid plan that supports your dreams.
Are your financial goals still on track?
It’s easy to assume that the financial goals you set in your 20s or early 30s are still relevant today, but things change fast. Have your goals evolved as your life has changed?
Perhaps you've had children, shifted careers, or even experienced a shift in priorities. Or maybe the world around you has changed, from shifting tax policies to fluctuating markets or global economic shifts.
If your financial goals haven’t been updated to reflect these changes, now’s the time to realign. Don’t worry, you’re not alone. Many women are recalibrating their strategies in the face of uncertainty. The good news is, now that you recognise it, you can adjust your approach and set yourself up for success in 2025.
Aligning your goals with a financial strategy that works
Once you’ve revisited your goals, the next step is ensuring they align with a solid financial strategy. For some women, this might mean taking a more cautious approach to investing, especially if you’re worried about global risks or market instability. For others, it could involve focusing on optimising tax planning or creating a more tax-efficient investment strategy.
Did you know that capital gains tax (CGT) and income tax on savings are now more widely applied outside of pensions and ISAs? And This makes it even more critical to adopt smart, tax-efficient savings strategies. And with pension wealth soon to be subject to inheritance tax (IHT), it's essential to plan ahead and protect your wealth for the next generation.
Life is unpredictable, whether it’s a sudden career change, an unexpected family emergency, or even the impact of a global event. But here’s the silver lining: life’s biggest challenges often open the door to new opportunities. If you're facing a financial reset, this could be the perfect time to realign your goals and strategies.
Ready for 2025? Make it your year of smart financial moves!
Whether you’ve already mapped out your financial resolutions for 2025 or are just getting started, now is the time to take control of your financial future. By reviewing and revising your plan, you give yourself the best chance to achieve your goals. The sooner you start, the more time you give yourself to reach those financial milestones.
How to make your financial plan stick in 2025
Set smart goals: make them specific, measurable, achievable, relevant, and time-bound. Don’t just think about your goals, write them down and commit to them.
Prioritise what matters most: whether it’s paying down debt, saving for your kids’ education, or ensuring a comfortable retirement, focus on what is most important to you and your family.
Review regularly: life changes, your plan should too. Set quarterly check-ins to adjust your plan as needed. Don’t wait until the end of the year to reflect on your progress.
Stay flexible: we can’t predict the future, but we can prepare for it. Be open to adjusting your financial plan as personal and global circumstances evolve.
The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.
