Make 2025 Your Year: Setting Financial Goals with Confidence
The start of a new year is more than a calendar change—it’s a fresh opportunity to take control of your financial future. At The Peoples Bank, we believe that clear, actionable financial goals can empower you to achieve stability, prosperity and peace of mind.
Let’s make this a new year’s resolution so you can keep and achieve financial goals that will set the stage for long-term success.
Reflect on Your Financial Journey
Before looking ahead, take a moment to reflect on where you’ve been financially. What worked well in 2024, and what could be improved? Did you save as much as you hoped, or did unexpected expenses derail your plans? Honest self-assessment is key to setting realistic and effective goals.
How We Can Help: The Peoples Bank can help you create a personalized snapshot of your income, spending and savings habits, helping you identify areas of improvement.
Define Financial Goals
A vague goal like “save more money” can be hard to achieve. Instead, make your goals SMART: Specific, Measurable, Achievable, Relevant and Timely.
Examples of SMART goals for 2025 include:
- Save money for a down payment on a home by December 2025.
- Pay off a certain amount of credit card debt by July 2025.
- Contribute 15 percent of your 2025 salary to a retirement account.
Taking larger goals and breaking them down into smaller, actionable steps can make them more manageable and less overwhelming.
Build an Emergency Fund
If you don’t already have one, start an emergency fund in 2025. Financial experts recommend setting aside 3–6 months’ worth of essential living expenses to prepare for unexpected situations, such as job loss or medical emergencies. Even though this may not seem attainable, if you start small, consistency is key. Automate a portion of your paycheck to go directly into a savings account at The Peoples Bank.
Create a Workable Budget
Budgeting isn’t about restricting your spending—it’s about aligning your finances with your priorities. Start tracking your income and expenses to understand where your money is going. Then allocate your funds using the 50/30/20 rule:
- 50% for necessities (rent, groceries, transportation).
- 30% for discretionary spending (dining out, entertainment).
- 20% for savings and debt repayment.
Download The Peoples Bank “Green 2 Go” app to help (Available at the Apple App Store and the Google Play Store).
Features include:
- View account balances and transaction history
- View account alerts
- Transfer funds between accounts
- Bill Pay 1
- e-Statements
- Mobile Deposit
Plan for Retirement
It’s never too early—or too late—to prioritize retirement savings. Strive to contribute at least 15% of your income to retirement accounts in 2025. Take advantage of employer matching contributions if offered, as they’re essentially free money. Explore The Peoples Bank Asset and Trust Management team retirement planning resources and tools to create a strategy.
Click Here for more information.
Revisit and Revise Your Goals
Financial planning is a dynamic and ongoing process. Schedule regular check-ins to evaluate your progress, celebrate milestones and adjust your goals as needed.
The Peoples Bank advisors are always available to provide guidance and help you stay on track.
Let's Make 2025 Your Best Financial Year Yet
At The Peoples Bank, we’re dedicated to helping you succeed. By setting clear goals and taking advantage of our tools and resources, you can build a brighter financial future. Start today—visit thepeoples.com or stop by your nearest branch to take the first step toward achieving your 2025 financial goals.