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A Guide to Setting Financial Goals

June 16, 2025
  • Budgeting
  • Money Management
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A Guide to Setting Financial Goals infographic.

Become the Master of Your Money

A Guide to Setting Financial Goals

63% of Americans don't expect their personal finances to improve in 20241

Steps to Setting Financial Goals

  1. Assess your current financial situation
  2. Define your goals
  3. Make SMART goals; specific, measurable, achievable, realistic, and timely
  4. Create a BUDGET! If you fail to plan you plan to fail
  5. Develop a plan
  6. Track your progress

51% of Americans would run out of money within 1 month if they lost their income2

29% said they'd run out of money in one week or less3

Benefits of Setting Financial Goals

INCREASED savings!

REDUCED debt

Improved financial confidence

Progress towards long-term aspirations (e.g., buying a home, retiring comfortably)

52% of Americans report their net worth is less than $30,0004

25% say their net worth is negative5

Financial Tips and Strategies

Allocate Your Spending

50% needs and obligations

20% savings and debt repayment

30% extra purchases (e.g., online shopping, subscriptions, eating at restaurants)

Utilize employer-sponsored retirement plans

Automate your savings (put money from each paycheck into a savings account)

Avoid impulse purchases

Seek professional financial advice (if needed)

Sources:

Savings Statistics And Trends In 2024 - Forbes Advisor

2024 Household Debt Report: Trends & Insights (wallethub.com)

The 50/30/20 Budget Rule Explained With Examples (investopedia.com)

Personal Finance Statistics in the U.S.: 99 Facts to Know for 2024 (listwithclever.com)

A Year to Forget: Americans Fall Short of Financial Goals in 2023 (https://listwithclever.com/research/financial-goals-2023/)

Links:

1https://www.bankrate.com/investing/financial-advisors/personal-finances-outlook-survey/#:~:text=A%20new%20Bankrate%20survey%20finds,think%20their%20finances%20will%20worsen.

2, 3https://finance.yahoo.com/news/nearly-one-third-americans-broke-160022842.html

4, 5https://www.nasdaq.com/articles/whats-your-net-worth-25-of-americans-say-theirs-is-0$-or-less#:~:text=A%20recent%20Clever%20Real%20Estate,worth%20is%20less%20than%20%2430%2Cooo.

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