Now that it is officially 2025, it is the perfect time to reflect on our financial goals and make a plan to achieve them. Whether you are looking to save for a big purchase, pay off debt, or build wealth, setting financial goals is an important step in taking control of your finances. So, let us explore nine financial goals to set for 2025, along with specific savings methods to help you reach them.
1. Save For A Down Payment On A Home
If you are looking to buy a home in 2025, start saving for a down payment now. Aim to save 20% of the purchase price to avoid paying private mortgage insurance (PMI).
Savings Method: Set aside 10% of your monthly income in a dedicated savings account for your down payment fund. Learn more about Banterra Bank’s savings account options here.
2. Pay Off High-Interest Debt
High-interest debt, such as credit card debt, can hold you back from achieving your financial goals. Create a plan to pay off your high-interest debt in 2025.
Savings Method: Use the snowball method to pay off your debt, paying the minimum on all debts except the one with the highest interest rate. Allocate 10% of your monthly income towards debt repayment. Here are some resources to help you learn more:
- Start Paying Off Your Debt
- New Year Strategy For Debt Management
- Paying Off Credit Card Debt: Your Seven-Step Guide
3. Build An Emergency Fund
An emergency fund is essential for covering unexpected expenses, such as car repairs or medical bills. Aim to save three to six months' worth of living expenses in 2025.
Savings Method: Set aside 5% of your monthly income in a high-yield savings account for your emergency fund. Learn more on building an emergency fund here: Building An Emergency Fund 101
4. Save For Retirement
It is never too early to start saving for retirement. Take advantage of employer-matched retirement accounts, such as a 401(k) or IRA, to build wealth over time. Check out Banterra’s CDs and IRAs: CDs & IRAs | Banterra Bank
Savings Method: Contribute at least 10% of your monthly income to a retirement account and take advantage of any employer matching contributions.
5. Fund A Major Purchase
Whether you are looking to buy a new car, take a dream vacation, or make a major home improvement, saving for a specific goal can help you achieve it.
Savings Method: Set aside a fixed amount each month in a dedicated savings account for your major purchase fund. Save roughly 20%-30% of the estimated down payment to set yourself up for success. Need help financing a big purchase? Explore our personal loan options.
7. Improve Your Credit Score
A good credit score can help you qualify for lower interest rates and better loan terms. Determine a plan to improve your credit score in 2025.
Savings Method: Use a credit monitoring service to track your credit score and make adjustments to your spending habits to improve your credit score over time.
- Check Your Free Credit Report From Experian
- Get a Free Credit Report | Equifax®
- Free Annual Credit Report | TransUnion
8. Create A Budget And Track Your Expenses
Creating a budget and tracking your expenses can help you stay on top of your finances and make progress towards your goals.
Savings Method: Use a budgeting app or spreadsheet to track your income and expenses and adjust your spending habits to save more. Learn more by visiting these resources:
- Budgeting For A Big Family
- Five Common Budgeting Mistakes To Avoid
- Five Ways To Use Your Mobile Banking App
9. Invest In Yourself
Investing in yourself, whether through education, training, or personal development, can help you increase your income and achieve your financial goals faster.
Savings Method: Allocate 5% of your monthly income towards personal development expenses, such as courses, conferences, or coaching.
Achieving your financial goals in 2025 requires careful planning, discipline, and a commitment to saving and investing. By setting specific goals and using the savings methods outlined above, you can make progress towards your financial goals and build wealth over time.
Succeed With Banterra Bank
At Banterra Bank, we are committed to helping you achieve your financial goals by providing a range of savings accounts, CDs, and IRAs to help you save and invest in your future. Our savings accounts offer competitive interest rates, flexible terms, and convenient online and mobile banking access. Our CDs and IRAs provide a safe and secure way to grow your savings over time, with fixed interest rates and flexible terms. Start your path toward a brighter financial future with Banterra today.
January 28, 2025 by Banterra Bank
By clicking the links above, you are now leaving Banterra Bank's website and are going to a website that is not operated by the bank. Banterra Bank is not responsible for the content; availability of linked sites; does not endorse or guarantee the products, information, or recommendations; and is not liable for any failure of products or services provided by the linked website. Please be advised that Banterra Bank does not represent either the third party or you, the customer, if you enter into a transaction. Further, the privacy policy of this site owner may be different than that of the bank and this site may provide less security than the bank's website. We encourage you to read the privacy policies of websites reached through the use of links from the Banterra Bank website.
