Deciding When to Take Social Security

As the New Year is in full swing, it’s the perfect time to set your sights on working towards financial wellness. Adding financial goals to your New Year’s resolutions is a powerful way to create a roadmap in your pursuit of a stronger financial future. Here are some key steps to consider in helping you set your financial goals in 2025.

Create a Budget

Creating a budget can be a great first step in managing your finances. It helps you track income and expenses, identify areas to cut back, and allocate more toward savings or debt repayment. Whether you’re saving for a big purchase, paying off debt, or building an emergency fund, a budget provides the structure and accountability to address your financial goals.

Divide Your Goals into Categories

To simplify things, it can be helpful to break your financial goals into three categories: short-term, medium-term, and long-term. This approach helps you focus and make steady progress toward your objectives.

Short-term goals: These can set the foundation of your financial plan. They often focus on immediate or achievable tasks, such as creating a monthly budget, saving for a small purchase, or paying off a specific bill. Successfully completing short term goals can provide a confidence boost to keep you motivated!

Medium term goals: Once you’ve started to make a good dent into those short-term goals, it’s time to start working on bigger goals! These might include building a six-month emergency fund, saving for a vacation or paying larger debts. Medium-term goals require more planning and discipline but can be critical milestones on your journey towards financial independence.

Long term goals: These could be your big-picture objectives, often tied to major life events or dreams. Examples include saving for retirement, buying a home, or funding a child’s education. Long-term goals require consistent effort and planning over several years.

By dividing your goals into these categories, you can create a clear timeline and strategy for pursuing your financial objectives

Working With a Financial Advisor

Setting financial goals is important, but having the right guidance can make all the difference. A financial planner can provide personalized advice, educate you on financial strategies, and empower you to make informed decisions. At Sgroi Lawley, we’ve been helping Western New Yorkers work towards financial independence for over 50 years. Our team of experienced financial advisors works closely with you to create a customized plan tailored to your unique situation.

Take the First Step
The New Year is an opportunity to start fresh and take control of your financial future. By creating a budget, categorizing your goals, and working with a trusted financial planner, you can set yourself up for success in 2025 and beyond!

ABOUT SGROI Lawley

Sgroi Lawley is a full service, independent financial planning firm proudly serving the Western New York area since 1971. We offer services that will help you achieve your financial goals including retirement planning, investment management, estate planning, college planning and insurance. We help individuals, families, retirees, working adults, young adults and business owners.