This isn’t about judging where you are now but about empowering you to take control and build the financial future you envision. The key is to ask yourself some important questions and be honest with your answers.
What ASIC believes to be the most common financial goals for 2025^
- Increasing savings (67%) and spending less on non-essential items (55%).
- Creating or updating a budget (43%)
- Investing more (37%)
- and paying off debts (33%).
Guidelines from the Rhodes Asset Management Team
According to Investor Relations Manager, Stephen Croll , there are some simple questions we can ask ourselves to access where we are at with our financial goals.
- What are my short, medium, and long-term financial goals? This is the foundation of your financial health check. Think about what you want to achieve, both now and in the future. Breaking down your goals into these time frames makes them more manageable and less daunting.
- How am I progressing toward them? Once you’ve identified your goals, assess your current progress. Are you on track? Ahead? Or falling behind? This honest evaluation is crucial for making necessary adjustments.
- What changes can I make to improve my outcomes? This is where you get to be proactive. Based on your progress (or lack thereof), identify specific changes you can implement to get closer to your goals.
Let’s break down some examples of how you could formulate your financial goals
Stephen warns, remember to write down your goals, otherwise they won’t happen as you can’t measure or review them.
Short-Term Goals (within 1 year):
- Goal: Save for a holiday or build a $1,000 emergency fund.
- Questions to ask: How much do I need to save each month? Where can I cut back on expenses? Can I automate my savings?
- Possible Actions: Set up a dedicated savings account, create a budget, explore side hustles for extra income.
Medium-Term Goals (1-5 years):
- Goal: Pay off debts (credit cards, student loans) or save for a property deposit.
- Questions to ask: What are my interest rates? What’s my debt repayment plan? How much do I need for a deposit?
- Possible Actions: Consolidate debt, create a debt repayment schedule, explore different savings strategies (e.g., high-yield savings accounts).
Long-Term Goals (5+ years):
- Goal: Build retirement savings or create passive income streams.
- Questions to ask: How much will I need for retirement? What investment options are available? How can I generate passive income?
- Possible Actions: Consult a financial advisor, contribute to retirement accounts, research investment opportunities (e.g., stocks, real estate).
By identifying your priorities, you can create a focused and actionable plan, says Stephen. This plan should be a living document, something you review and adjust regularly as your circumstances change. Don’t be afraid to seek professional advice from a financial advisor if you need help.
If you are seeking consistent income returns and a regulated investment option, the Premium Income Fund could align with your goals. Offering competitive monthly returns of 8.2%–9.2% p.a., the fund provides an opportunity to grow your wealth through a secure and professionally managed platform.
The Premium Income Fund is designed to meet the needs of investors looking for steady, reliable income and the fund meets all ASIC regulations.
Taking control of your finances is an investment in your future, and the sooner you start, the better!
PS – Stephen’s tip – click below to read the ASIC article (it is an interesting read).
^25-002MR ASIC’s Moneysmart encourages Australians to stick to their financial goals in 2025 | ASIC
