End-of-year Money Goals

End-of-year Money Goals
End-of-year Money Goals

If your wallet is taking strain after another year of expenses, then setting end-of-year money goals is a great way to stay financially motivated and work towards improving your financial situation. Here are some common end-of-year money goals to consider:


Emergency Fund

We may not want to think about it, but we all need a rainy day fund. Things happen in life so aim to have a specific amount saved in your emergency fund by the end of the year. Typically, having three to six months' worth of living expenses is a good goal.

Pay Off Debt

Work on paying down high-interest debts like credit card balances, personal loans, car loans and student loans. Set a target amount or percentage of your debt to pay off by the end of the year.



Create and stick to a budget to track your income and expenses. Your goal could be to consistently follow your budget for the entire year.


Savings Goals

Set specific savings goals, such as saving for a vacation, a down payment on a house, or retirement contributions. Allocate a portion of your income each month to reach these goals.



So many of us delay investing because we are focused on the present and how we can either survive, or merely enjoy what we have now. So if you're not already, consider starting or increasing your investments in stocks, unit trusts, pension funds or other assets. 


Increase Income

Explore ways to increase your income, such as taking on a side hustle, freelancing, or seeking a raise at your current job. In addition, look around your home for things you never use and could actually sell to help pay off accounts.


Cut Expenses

Identify areas where you can cut expenses and redirect the savings towards your financial goals. This might include reducing discretionary spending (like those coffees you love to buy), negotiating bills, or refinancing loans.


Net Worth Growth

Set a goal to increase your net worth by a certain percentage. This can be achieved by reducing debt and increasing assets.


Charitable Giving

Charity is not something that not many people think about but if you believe in the adage that you will receive when you give (and you have the means), consider allocating a portion of your income for charitable giving. You can set a goal for the amount you want to donate by the end of the year.


Financial Education

Invest in your financial knowledge. Consider reading books, listening to podcasts, taking courses, or attending workshops to improve your financial literacy. The more knowledge you have, the more you can control your financial well-being.


Tax Planning

Tax is here to stay and your fiscal requirements should not be something you're afraid of. If you are not compliant, set a goal to become so and whilst you're at it, work on tax planning to maximise your tax benefits. 


Estate Planning

Perhaps it is the thought of life after death that makes people avoid estate planning but it is vitally important. Set a goal to have your Will finalised and ensure that someone you trust has a copy.


Remember to make your financial goals specific, measurable, achievable, relevant, and time-bound (SMART). Additionally, regularly track your progress and make adjustments as needed to stay on course. If you can afford to, it's also a good idea to consult with a financial advisor or planner to help you set and achieve these goals effectively.