Financial Planning: My 2025 Projects
Financial planning is the foundation of long-term stability and success. You are saving for a major life goal. You are investing in new opportunities, or securing your future. Having a well-thought-out financial plan is essential. In this post, I outline the projects and strategies I plan to achieve in 2025.
Financial Goals
- Build an emergency fund (6 months of expenses)
Our current household monthly expenses are about $3,000, so my target for an emergency fund is around $18,000. I might keep this amount on a regular HISA (High Interest Savings Account) and I also need this money to be liquid and easily accessible for emergencies.
- Open a FHSA account and save for a down payment on a house
Since we are now renting, we some times contemplate in getting our own place in the near future. At the moment, there is so much uncertainty. House prices are still overpriced. Interest rates keep falling. There is instability in work, and unforeseeable changes in our current living situation. This account will most be an investment account.
- Grow my TFSA investment portfolio to $20,000
I neglected my TFSA account for a very long time, which I really regret now. I consolidated all of my TFSA accounts into one and opened a self-serve investment TFSA account. Luckily, I have a lot of contribution room and started investing since late last year (2024). My goal is for the end of this year (2025) is to contribute a total of $20,000. So far, my account sits at $5,000.
Open a RESP account and contribute to my daughter’s post secondary education(Completed)
We want to help our daughter financially. This support is for when she decides to go to university or college after high school. By saving on a RESP account, it will lower the burden of applying for a student loan in the future. In case that she decides not to acquire a post-secondary education; this money can help her in other ways.
- Get a part time job or work on a hustle.
To achieve all these financial projects more income will be required. I plan to develop other income streams by hustling and/or by looking for a part time job. This is really dependent on my current work’s schedule, since at this moment I do work a lot of hours.
It is always good to plan ahead. That way, you will have an idea of what needs to be done. You will also know how to achieve things when you have it outlined. Plans and projects can change at any time and it can be modified to follow your own pace.
The key to financial success is consistency and adaptability. You are working on a short-term savings goal. Alternatively, it is a long-term investment strategy. In both cases, staying proactive and informed will help you make better financial decisions.
Also remember that no matter how good you plan the most important key is to TAKE ACTION!
What financial projects are you working on this year? Share your thoughts and strategies in the comments below!
