This is the 2nd article in a 2-part series. You can read Part 1 by clicking here.
July: Get smart about debt
Debt can be a major obstacle to financial freedom. It can keep you from saving or investing and even eat into your earnings.
If your debt is overwhelming, consider 2 strategies that can help ease the stress of repayment, namely the snowball and avalanche methods.
Tip: Learn the difference between good and bad debt to avoid becoming overburdened by unnecessary borrowing.
August: Invest in personal growth
Personal growth is an investment that pays in the long run. Upskilling or working on your physical and mental health may not just open doors to new opportunities but also boost your overall satisfaction with life.
Whether it’s taking a course, starting a new hobby, or attending fitness classes, having personal wins can directly and indirectly contribute to your financial goals. They can translate to a positive outlook in other areas of life as well.
Tip: Find friends and communities that empower you to get out of your comfort zone and motivate you to follow through with new skills or routines.
September: Prepare for large expenses on the horizon
The final months of the year tend to be the busiest and most expensive ones. It’s wise to put safeguards in place to stay within budget.
Plan months ahead for gifts, trips, and other holiday-related expenses to save yourself the stress and costs of last-minute preparations.
Tip: Look for creative ways to stay within your gifting budget, whether it’s by saving year-round or pooling resources through group gifts.
October: Beware of unnecessary risks
The holidays are a time of plenty, not just in terms of food and gifts, but also investment scams. Stay steps ahead of scammers by learning how to spot common red flags, like the promise of huge, risk-free, guaranteed earnings.
Tip: If you’re unsure of an investment offer or it seems too good to be true, it’s best to walk away before trouble actually happens.
November: Resist the pressure to overspend
November typically kicks off the season of bonuses and cash gifts, bringing with it the temptation to spend on luxuries. While you deserve a reward for a year of hard work, it’s ideal to treat yourself responsibly.
Sometimes, the best gift you can give yourself is financial stability. Consider ways to maximize your bonus by prioritizing obligations and long-term goals before spending any extra money on wants.
Tip: Know when to save or splurge to make the best use of your disposable income.
December: Celebrate wins while leaving room for growth
As the year winds down, take some time in December to reflect on your financial journey. What went well? Where could you improve?
Use this time to reset your goals for the next year based on your progress and areas that may require a little more focus.
Tip: Take a moment to celebrate your achievements, no matter how small, and prepare for a fresh start.
We hope these monthly lessons help you to not only stick to your goals, but also create sustainable habits that will guide you toward success year after year.
This time of the year may be filled with enthusiasm, but laying out a full-year, 12-month plan will certainly help you muscle through 2025 from start to finish.
Read Part 1 here.
