12.04.2024 By Amy Miller, AFC®

Wrapping Up the Year: Revisit Your Savings Goals

As the year winds down, it’s a great time to reflect on your financial journey and take stock of how far you’ve come.

 

Whether you’ve exceeded your savings expectations, faced unexpected challenges, or fallen somewhere in between, now is an opportunity to revisit the goals you set at the start of the year and adjust them for the year ahead.

Here’s how you can review your progress and refine your savings goals to better align with your current financial situation:

Celebrate Your Wins

Start by acknowledging your successes, big or small. Did you hit your emergency fund goal? Reduce your debt? Consistently save each month? Recognizing these achievements helps reinforce positive habits and motivates you to keep going.

Evaluate Your Progress

Take a close look at your savings goals from the beginning of the year:

  • What Worked? Identify the strategies that helped you stay on track, like automating savings or tracking expenses more consistently.
  • What Didn’t Work? Reflect on any obstacles or unplanned expenses that set you back. Understanding what hindered your progress will help you refine your approach moving forward.

Adjust Your Goals

Life is unpredictable, and your spending and savings plan should adapt to changing circumstances. Ask yourself:

If your original goals no longer make sense, adjust them to suit your current reality better. For example, if your emergency fund is fully funded, you might redirect savings toward a vacation fund or retirement account.

Set New Milestones

Breaking your goals into smaller, achievable steps makes them more manageable and motivating. For instance, if you want to save $500 next year, aim for $10 each week. Celebrate these mini-milestones to stay motivated.  Remember, BIG financial dreams begin with small actionable steps! Start small – Think BIG!!

Use Tools and Resources

Staying on track is easier with the right tools. Budgeting apps, savings trackers, and financial calculators can help you monitor progress and adjust as needed.

Commit to Your Plan

Revisiting your savings goals isn’t just about reflection—it’s about action. Make a firm commitment to your updated plan. Automate savings wherever possible and set regular check-ins to review your progress throughout the year.


Reflecting on the past year isn’t just about assessing what you’ve achieved; it’s about learning, growing, and setting yourself up for success. By revisiting your savings goals and adjusting them to fit your current financial situation, you can create a plan that works for you—one that turns dreams and aspirations into reality.

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Make this the year you take control of your financial future. Visit our resource center to find tools, tips, and inspiration to help you along the way. Let’s make this your best year yet!

 

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