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Achieving financial success doesn’t happen overnight. It requires intentional planning, a clear vision, and a strategy that will guide you toward your goals.
Here are five steps to help you plan effectively for your 2025 financial goals.
Know Your Purpose
Before you can achieve your financial goals, you need to define what they are. Simply saying “I want to save more” isn’t enough – that’s just an intention. Money is a tool to reach your “real” objectives, so be specific about what you’re saving for. Here are some examples:
- Build an emergency fund of X SGD, enough to cover at least three months of living expenses.
- Save X SGD for a deposit on a property in your home country.
- Allocate no more than 40% of your income toward dining out and holidays.
The clearer you are about your purpose, the easier it will be to create a strategy to reach it.
1. Set a Time Frame
Once you have your goals, it’s essential to establish a timeline for achieving them. A great way to visualise this is by drawing a timeline with 2025 as your starting point. Place each goal along the timeline according to when you expect to reach it. This financial road map helps you stay focused and provides a clear path to follow.
2. Prioritise Your Goals
In a perfect world, we’d have unlimited resources to accomplish all our goals simultaneously. Unfortunately, that’s rarely the case. You need to prioritise how you allocate your resources effectively. Don’t fall into the trap of focusing only on short-term goals because they seem closer. Consider what’s most important in the long run and balance your efforts accordingly.
3. Create an Actionable Trigger
It’s time to take action. But where do you start? Often, the first step is the hardest, but it’s crucial for gaining momentum. Let’s say you know someone who’s been wanting to learn to play the guitar for years but hasn’t done anything about it. What advice would you give them? Probably something simple like, “Sign up for a lesson.” The same principle applies to your financial goals.
For example, if you want to save for a holiday, consider opening a separate savings account dedicated solely to that goal. This makes it easier to take concrete steps toward your objective.
4. Set an Autopilot Plan
Now, the best part: automation. In my eight years of helping clients achieve their financial goals, I’ve found that the key to success is automating as much as possible. Once you’ve defined your goals, set a timeline, and created a strategy, put your savings on autopilot. For example, if you need to save 3,000 AUD per month for retirement, set up automatic transfers so that amount is invested each month without you needing to think about it.
This removes the human factor – and the temptation to skip a month or two – ensuring that you stay on track. We all struggle with discipline, but automation makes it easier to stick to the plan and reach your goals.
By making your goals specific, setting timelines, prioritising effectively, taking actionable steps, and automating the process, you can set yourself up for financial success in 2025 and beyond.
Côme Doléac
Associate Partner, Select Investors
come.doleac@sjpp.asia
+65 82840434
www.selectinvestors.sg
The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives. Members of the St. James’s Place Partnership in Singapore represent St. James’s Place (Singapore) Private Limited, which is part of the St. James’s Place Wealth Management Group, and it is regulated by the Monetary Authority of Singapore and is a member of the Investment Management Association of Singapore and Association of Financial Advisers (Singapore). Company Registration No. 200406398R. Capital Markets Services Licence No. CMS100851. St. James’s Place Wealth Management Group Ltd Registered Office: St. James’s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom. Registered in England Number 02627518.
