8 Steps To Make 2025 Your Wealthiest Year Yet

Having coached over 150 people and seeing firsthand the financial transformations they’ve achieved, I’ve learned key lessons that I want to share. Let’s dive into the steps I’d recommend to make 2025 your wealthiest year yet.

Step 1: Reflect on 2024

Before charging into 2025, take a moment to review the previous year. Reflecting on your financial wins and losses will help you identify patterns and refine your approach.

Ask yourself:

• How do I feel about my financial situation right now?
• What motivated me to improve my finances in 2024?
• What challenges did I face, and how did I overcome them?
• What were my biggest financial wins?
• Which habits should I leave behind? Which habits should I continue?

This reflection process is crucial for setting up intentional and effective strategies for 2025.

Step 2: Forgive Yourself

Let go of any shame or guilt about past financial mistakes. Maybe you racked up credit card debt or overspent during the holidays—it happens. What matters now is acknowledging those choices, forgiving yourself, and moving forward with confidence. You’re not defined by past mistakes.

Step 3: Create or Update Your Budget

A solid budget gives you clarity and control over your money. Track your expenses, categorize your spending, and update your numbers for 2025. If budgeting feels intimidating, there are templates and apps like YNAB and Buddy to help get you started.

Remember, budgeting isn’t about restriction—it’s about freedom and intentionality.

Step 4: Review Your Savings

Take stock of your savings accounts and set clear goals for each one. Assign every dollar a purpose.

Here are key savings accounts to prioritize:

• Emergency Fund: Aim for 3 to 6 months of living expenses.
• Travel Fund: Plan those well-deserved getaways.
• Big Purchase Fund: Save for major expenses like a home or car.

High-interest savings accounts, such as those offered by Neo, can help grow your money while keeping it accessible.

Step 5: Conduct a Debt Check-Up

List all your debts, noting the interest rates and minimum payments for each. Create a repayment plan using strategies like the avalanche or snowball method. Knock out high-interest debts first to save money in the long run.

If you need help creating a debt repayment strategy, I’ve got detailed videos and resources to guide you.

Step 6: Check Your Credit Report

Your credit score is a financial game-changer. Regularly checking your credit report helps you spot inaccuracies and monitor your progress. Platforms like Borrowell and Credit Karma are great tools to use.

A strong credit score opens doors to better loan terms, credit card rewards, and even job opportunities.

Step 7: Set Clear Financial Goals

Be specific and intentional about what you want to achieve in 2025. Break down your goals into actionable steps.

Here’s an example goal plan for 2025:

• Invest $30,000:
  • $8,000 into FHSA (Wealthsimple Trade)
  • $7,000 into RRSP (Wealthsimple Invest)
  • $15,000 into TFSA (Wealthsimple Trade & TD Direct Investing)
• Save $7,200:
  • $300 per month for travel
  • $300 per month for emergency fund contributions

Remember: Your goals should be realistic, measurable, and backed by actionable plans.

Step 8: Automate Everything

Make 2025 the year your money works for you. Automate your savings, bill payments, and investment contributions. This approach removes decision fatigue and ensures consistent progress toward your goals.

Conclusion

Now you’ve got a roadmap to crush your financial goals in 2025. It’s not about perfection—it’s about progress. Start small, stay consistent, and celebrate your wins along the way.

Here’s to a financially empowered 2025! ✨