I had the pleasure of joining Experian’s #CreditChat to discuss an essential topic for the new year: Mapping Your 2025 Financial Journey with SMART Goals. This timely conversation provided actionable insights for setting and achieving financial goals that are Specific, Measurable, Achievable, Relevant, and Time-bound (SMART). Here’s a recap of the inspiring discussions from the chat.
1. The Importance of Setting Financial Goals
Q1: Why is it important to set financial goals at the start of a new year, and how can SMART goals set you up for success?
A1: A fresh start always feels great, and the new year is the perfect time to set financial goals. The key is to start—step by step, little by little. Use the 12 months ahead to set monthly target goals and review them quarterly to stay on track.
2. Key Elements of Strong Financial Goals
Q2: What are some key elements of a strong financial goal?
A2: Two essential elements are: 1) focusing on your credit, as good credit can save you money, and 2) building an emergency fund. If you already have 3 months saved, aim for 6 months to increase your financial security.
3. Taking the First Steps
Q3: What are the first steps you should take when setting financial goals for the year?
A3: Start by being realistic and setting a positive tone for the process. Light a candle, enjoy a coffee, and focus on your goals. Once clear, map out actionable steps to achieve them.
4. Setting Realistic Timelines
Q4: How can you set a realistic timeline for achieving your financial goals?
A4: Underestimate what you can save or pay off to avoid overcommitting. This way, any extra progress feels empowering and keeps you ahead of your goals.
5. Prioritizing Financial Goals
Q5: How do you decide which financial goals to prioritize?
A5: Allocate a percentage to saving and paying off debt so you’re making progress on both simultaneously. Seeing both your debt decrease and savings grow keeps you motivated.
6. Measuring Progress
Q6: What metrics or benchmarks do you use to measure progress?
A6: Track your savings, debt, and income regularly. Like a game, you need scores to see if you’re winning or losing. Monthly check-ins and quarterly reviews help you adjust as needed.
7. Tools to Stay Focused
Q7: What tactics, tools, or visuals can help keep you focused on your goals?
A7: Use tools that work for you! Since we always have our phones in hand, save your goals there for quick access. Keeping them visible helps you stay focused and motivated.
8. Building Habits for Financial Alignment
Q8: What habits or routines help you stay aligned with your financial objectives?
A8: I automate savings from my paychecks and use phone reminders labeled “Abundant Journey 💵” for monthly and quarterly reviews. This routine keeps me consistent and inspired.
9. Handling Setbacks
Q9: How do you handle setbacks while staying committed to your financial plan?
A9: An emergency fund is crucial for unexpected expenses. If that’s not enough, focus on finding the best lending option to minimize the impact and get back on track.
10. Recommended Resources
Q10: What’s one resource you recommend for achieving financial goals?
A10: I recommend Money: A Love Story by Kate Northrup. It’s a fantastic resource for shifting your mindset about money and creating a healthier, more empowering financial journey. Additionally, join my 30 Days of Empower Your Credit Challenge on Instagram for daily tips to help you build stronger credit habits and stay focused on your 2025 goals.
Conclusion
This week’s #CreditChat was a powerful way to kick off 2025 with clarity and purpose. Thank you, @Experian, for mapping out such thoughtful weekly topics, and to the amazing panelists for sharing their expertise. These chats are always a highlight of my week and a reminder that financial wellness is achievable with the right tools, mindset, and support.
Here’s to a year of SMART financial goals and abundant success! For more tips, inspiration, and guidance, follow me on Instagram or tune into my podcast, Credit Over Coffee.