​​320. How to Set Smarter Financial Goals for the New Year

A new year is a natural reset button and a perfect time to get intentional about money. On this episode of the A Wiser Retirement® Podcast, we share how most Americans enter the year with at least one financial priority. The biggest themes are consistent: reducing debt, saving for major purchases, and planning for retirement. But turning those priorities into real progress takes more than vague resolutions. It takes clarity, structure, and a plan you can actually stick with.

Related Podcast Episodes: 

Ep 238: Is Instant Gratification Ruining Your Financial Goals?

Ep 200: Setting and Achieving Financial Goals in the New Year

Related Financial Education Video:

How do I prioritize my financial goals?

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Transcript

Welcome And Why Goals Matter

SPEAKER_02 0:00

Are your financial goals setting you up for success or frustration? Stay tuned for this next episode to learn how you can set smart goals for the upcoming year.

SPEAKER_01 0:08

Welcome to a Wiser Retirement Podcast, where we cut through the noise and bring you real, honest conversations about investing, retirement, and building lasting wealth. No sales pitches, no gimmicks, just everything your financial advisor won't tell you.

SPEAKER_02 0:25

Welcome. I'm Shauna Theryald, a senior financial advisor here, and I'm joined with Michaela Dowdy, a financial advisor with the firm. So we're gonna go in today to talk about setting smart financial goals for the new year. Yes. And I love that goal planning.

SPEAKER_04 0:42

Yes. And I always joke that somehow every year I've been at Wiser, I'm on this podcast. So if you've been here for a few years now, you're probably like, wow, this is her set podcast that she does every year. It's intentional now. It should be. Yes. It's a it's a giggle for me. When I saw this come across my email that we were doing this today, it made me laugh. I was like, oh, we're still doing it. Let's go. Yes. And I'm huge on goal settings.

America’s Top Money Priorities

SPEAKER_02 1:06

So I don't know. We should do this annually. That'd be fun. And we are like our little spot of the beginning of the new year. Um, just going through a couple facts here. We're going to be talking about goal setting for finances, but you know, I love talking about goal setting for health and all the other things too. But um just a just a quick fact here that 97% of Americans identify having at least one financial priority for 2025. Um, the top one being 42% said reducing debt, um, 21% saving for a major purchase, 14% retirement planning seems a little light there. Um, and this was from directly from the CFP board debt and New Year's resolutions report. So 14% retirement planning, 21% major purchases, and 42% debt. Yes. That seems really that seems like we should be like less debt. But obviously, paying off debt is like the most important thing. It is the most important because that just sucks everything, you know. It's you want to pay yourself first instead of paying the creditors first.

SPEAKER_04 2:05

No, exactly. And so it's definitely wanting to get that debt paid down. So I could totally see how that makes sense. But also it is so sad when you really think about it that the United States really is in such a debt kind of crisis at the moment. And it is something that's so heavily utilized and it's so easy to access as well. Um, in the not great ways, I think we're like trillions in credit card debt at the moment. But yeah, you know, as a society. And so it's really d tough, you know, to get yourself out of that. But it's definitely something that's, you know, worthwhile. And so um, I think that's really just highlighted here.

SPEAKER_02 2:39

I really feel like lately I've been putting together a lot of debt projections for people. And and honestly, I'm really proud of them because it's kind of like, you know, it's kind of like like, you know, we're talking about New Year's like losing weight, and like, you know, you're like, okay, the only way to start is just to start. And you have to like rip the bandit off and you have to take an honest look at it. The debt and all of that, your your weight, your health, all of those things. Um, and so, you know, that should be the first priority is to pay that down as fast as possible because that is going to help you climb out of it.

SPEAKER_04 3:11

Definitely, you know? Yeah, no, 100%. I do feel like it's just one of those things too. It's not fun to think about either. And I think that's why we avoid it so much. And it's something too of like when you're really going through, it's kind of like when you're looking at, you know, even weight loss too, where it's like you have to start looking at, okay, well, what am I like eating that I'm not even thinking about? Like, you know, like, oh, like a little piece of chocolate here and there, or you know, just grabbing a little snack throughout the day that, you know, just adds in, you know, extra calories to your day. And not those are bad things, but also it's something that it's like if it's continually happening, then you have to kind of take account of that. Whereas the same thing happens with finances, where it's like, oh, I just spent$20 here or there. And before you know it, it's like, well, you're spending$20 every time you go somewhere at minimum, like those add up and that's to a hundred. Yeah. And to a thousand.

SPEAKER_02 3:57

And then it's like the tiny little slits, like one thing after another, you know. I have there's this, there's this quote. It's not my quote that I absolutely love, and it goes right along with this. It's um, if you do what is easy, your life will be hard. If you do what is hard, your life will be easy. So it's like, if you know, if you just do the easy thing and spend now or instant gratification, then later on you could have debt or health issues, you know, if you're, you know, taking the easy way out necessarily. And not everybody is just taking the easy way out. It could have just been catastrophic, obviously. Um, but if you do what is hard, meaning like really focus in on paying down the debt so that you have discipline, so that you're saving and so that you have future, you know, options or even the same with health. There's so many parallels that, you know, you know, take care of yourself, eat healthy, be disciplined so that you can live a longer, healthier life. I, you know, I just I love that saying, and that fits right in here.

SPEAKER_04 4:49

No, definitely.

SPEAKER_02 4:50

Well, so we're gonna go into New Year's resolutions and what does that look like? And I know we were talking beforehand, you do an annual like goal setting and vision board. So tell me how you look at that and go reflect back the past year and then maybe start looking forward.

Facing Debt And Spending Habits

SPEAKER_04 5:04

Yeah. So every year I basically do a vision board party with all my friends. Um, and it's kind of funny. So now it's like it kind of came from this time of like my mom and I back, you know, when I was at home and we would do like vision boards. My mom's a big vision board woman. And so she would have a couple of friends over and we'd all make one together. And then, you know, once I moved away for college and, you know, um continued to be moved away for, you know, my first job and all these different things, I just continued to form a friend group and everything there. That then now it's like become my annual party for everyone. I love it. And everyone just comes to expect it. Um, so I've already been asked, you know, questions even this year, um, or you know, definitely it's coming on up um at this point, but you know, something that, you know, really just getting that scheduled and, you know, people asking, hey, when's your vision board party? I'm ready to come. I've got my goals ready to go. But really, in order to prepare for that personally for me is really to go back through, look at my vision board that sits on my wall and see, okay, well, these are the goals I had set for myself this year. Where am I at on those goals? Because some are longer term. They're not, you know, something that is like going to happen this year or last year in this case. But it's also something that we want to make sure or I want to make sure is, okay, well, where am I on my trajectory to make these things happen? And, you know, is it still that I'm growing towards this? Are these goals that still resonate with me? And it's really like deconstructing my old board. And that causes me to reflect on where I'm at. And then I go into, okay, well, where do I want to be this upcoming year? And what are my goals there? You know, what do I want to be prioritizing for 2026? And, you know, what are all of the different facets of my life? So I go through each section of my life. So I'm, you know, looking at health. I'm looking at, you know, what I want my, you know, time to look like overall, you know, I'm looking at also my work life. How do I want, you know, that to look? What is my career goals and aspirations there? And then I'm definitely looking at my financial goals as well and factoring all of that in together to see exactly, you know, where those goals are, where do I want to be at the end of 2026? Yeah. What are those priorities? And so then I can use my vision board as like the big 30,000 foot view of everything. Yeah. And then I use like a journal or like a spreadsheet for everything else to really fine-tune those specific details.

SPEAKER_02 7:27

I love it.

SPEAKER_04 7:27

I really think it just helps you have that reflection moment to see exactly, you know, where where was I last year? Um, or really in 2024 is when I crafted the board. So where was my mind at in 2024? And now where am I at now, you know, approaching 2026? Or, and, you know, how do I want to continue to build upon that? And it's so fun because I have pictures from each year, and I get to kind of look back and see, you know, there was times where on my vision board it was sorority president. So I had all these presidents on my board around like my 80 pie logo. Like, um now you're working towards wiser president. Now it's a picture of Casey with an X through it.

SPEAKER_02 8:07

Exactly. Exactly. So no, I love that. And and this is um, you know, that's exactly, and then just checking it throughout the year. And so setting goals is one of those things that's really hard. And sometimes you get this inspiration because it's New Year's and you're like, okay, I'm gonna set all these goals, and then we get to like, you know, February and it like peters out. And so, like, but with finances, I don't want you to do that, you know, I don't want our listeners to do that because this is how you get ahead and actually get to your goals instead of just willy-nilly like throwing throwing it against the wall, you know, with anything. And so this is so important because of those stats we looked at and because the things we've talked about on previous shows, you know, with lack of savings and things like that. And so, I mean, really, you know, to start like you were saying, reflect on what did you accomplish this year? Yeah, write it out. Even if you don't do a vision board like Michaela, which I love, write out what did you do? Did you pay off debt? Were you saving consistently? Really dig in, you know, notice the positives and notice the negatives. Like where, where, you know, what was the pitfall? What did you keep running into? Overspending or, you know, being too vague or ignoring, you know, budgets or what have you. So be really honest with yourself. The only way to start is to like really take an honest look. So it's like, what did I actually do? Like, what were my intentions? What did I actually do? Or maybe, maybe you're just starting this and you didn't do a vision board to set goals for 20 and you want to go for 2026 and start that. Yeah. So it's like, okay, well, starts by taking an honest look. Where am I with debt? What do I want to accomplish? You know, where am I with savings? What do I want to accomplish? And really, you know, what was the negativity? And then start setting those goals. And, you know, I've most people have probably heard of this, the SMART goals.

SPEAKER_04 9:52

Yes.

SPEAKER_02 9:52

So what does that acronym stand for? SMART.

SPEAKER_04 9:54

Yeah. So it stands for specific, measurable, achievable, relevant, and time-bound. Okay. So it's a lot within that little acronym. Um, but it's really at the end of the day, just saying make a detailed goal.

unknown 10:08

Right.

SPEAKER_04 10:08

Because if it's vague, like you're saying, it makes it to where it's hard to have that reflection on did I achieve it or not? And so it's really being specific in what you want to achieve. So, you know, if you want to make sure that you have$10,000,$15,000 in emergency savings to cover three to six months of expenses, then that's the specific goal. And then that also makes it measurable in a way. So, like, how can you track that?

SPEAKER_02 10:34

Right. You have to be able to track your goals.

SPEAKER_04 10:35

Exactly. And so if if it is something where it's like, well, I'm going to do where I deposit$250 into my saving savings account each paycheck, then okay, great, amazing. That's now measurable. You know, you can see, okay, did I do this every paycheck? And then it also makes it achievable because then you can see, okay, in my cash flow, is that$250 going to put me in a pinch somewhere else that now I'm going to be pulling from this savings account because I racked up a credit card bill.

SPEAKER_02 11:05

Right.

SPEAKER_04 11:05

You know, and you want to make sure it's something that is manageable. And that's a really big thing as well, because sometimes we do tend to overshoot um kind of our achievable um opportunities there, but then also making sure it's relevant. So, you know, you want to make sure an emergency fund's always relevant. Right. But, you know, you want to make sure whatever you're saving towards is also, you know, relevant to what you want to be accomplishing in other areas of your life as well, and making sure it's going towards your bigger goals.

Vision Boards And Annual Reflection

SPEAKER_02 11:33

Yeah. Like you don't want to save up for like, okay, I want to buy this car. Okay, this like really expensive car, you know, but that doesn't fit into there's competing priorities. It's like, okay, but that's not a more important than saving for retirement. That's not more important than saving for college, you know. So you have to make sure, you know, the big goals. Yeah. I always love this analogy. Okay, you're at point A, you're trying to get to point B. How do you get from point A to point B? And so it could be like, okay, my big goal is this, and that's like five or 10 years down the road. And I need to do an incremental stages and kind of back in. What do I need to do on an annual basis? But the small things, the small little goals that you set throughout the years, that the smart goals should go getting you towards A to B, you know, because it gives you the steps. Like, how do you actually get to B? Like, how do you do something really huge? Well, it takes little teeny tiny steps along the way. So if you can put a trajectory and then break it down by individual goals, that's gonna be huge. But wanting to make sure that, you know, that you saving up for this car is in line with the bigger goal. Like, so that's where it's like not the instant gratification. Cause by the time you get to this big goal, that car's gonna be five years old and you're gonna want a different car. And is that is that really getting you to where you want to go? Yeah. Do you know what I mean? No, exactly.

SPEAKER_04 12:48

No, that was a great point to be made because this really is giving you those little baby steps. Right. You're completely correct in that. And that it really is outlining, well, what are these little steps that I need to be making in my mental brain, essentially, to then get me to the spot that I want to be and make sure that, you know, when you're saving up for a goal, that it's getting you to that point B that you ultimately want to be at and isn't distracting you over here with some sparkly, shiny objects, you know? Um, so definitely something to look at. And then time bound is the last thing here. And so it's making sure you set a timeline for yourself of saying, okay, so if you're wanting to have that 10 to 15,000 saved in, you know, emergency savings, then depending on your cash flow, maybe that's something you can do in six months. Maybe that's something that takes the full year. Yeah. You know, and it's okay, well, by the end of the year, I want this amount in my, you know, emergency savings versus, you know, at six months I want this. And it's then you really have that kind of finish line in sight. Right. And you can say, okay, this is when I need this done by. Because if you don't have a deadline, then you're just gonna keep pushing it. Right. And so you really just need to have that kind of established there as well, and you know, really being able to pull that in.

SPEAKER_02 13:54

It's to give you that discipline and that that, you know, to look back on. Okay. So prioritizing goals. Like we were kind of already talked about this, you know, a little bit. So it's like, you know, the first thing is like looking at short-term versus long-term goals.

SPEAKER_04 14:10

Yep.

SPEAKER_02 14:10

So, you know, that longer term goal that we talked about, getting to be ultimately whatever that is, you have to set those short-term goals. Um, so determine what those are. And in finance, you know, Michaela, what would you say that is?

SPEAKER_04 14:23

Yeah. So I would say a short-term goal is that emergency savings. That's something you can do likely and build up, you know, pretty quickly in comparison to like retirement savings. Right. So, you know, retirement savings are happening over the duration of your life until you decide to exit the workforce, you know, whether that be you're an early retiree and you're wanting to exit at 55, or you're like, I'm gonna work until I can't work anymore, but you still want to have those retirement savings there. And so, you know, that's the longer term goal. Whereas an emergency fund, something that is a little bit shorter. So it might feel like a long term and like a little bit of our brains of like, oh my gosh, it's gonna take so long to build up. And, you know, the moment I get it there, I have to have a big expense. And, you know, it is something you're kind of continually saving for, but it's also, you know, having that as a shorter term goal, as well as, you know, debt repayment. So, you know, debt falls off after a certain time, you know, if you're continuing to pay those off and um make, you know, strides towards that and being debt-free. So that's something that's also shorter term. And in comparison to, you know, like saving for education savings, um, those typically are built over time. They're not something that's done um in a short-term horizon either. Yeah. So definitely, you know, short-term versus long term um in the grand scheme of things is it's that emergency fund, debt repayment, those kinds of shorter term um side of things versus like retirement and education savings, those typically take a bit longer.

SPEAKER_02 15:44

Right. Absolutely. And then it's the time value of money, you know, you want to start as soon as possible with the savings and the retirement and you know, so that way it has time to compound and be invested. Um, because the more that you save now, the less you have to save in the future. Exactly. And it works for you. Definitely. So if you think about that, it's like, and we all I don't know that we've ever put it on there, but like education savings, you know, the more that you put in a five, two, nine now or something to invest to be able to use for education, you're actually spending less on education than if you just pay for it outright. Yeah. Because if you put$10,000 in an account and it grows to like$40,000 or$30,000, you only spent$10,000 technically. I mean, obviously it's growing and you're spending what it is at the time, but you know what I'm saying? Like your cash principle is$10,000. Yes. Exactly. And then it grows tax-free in a$529, you know. So it's thinking about that, that's smarter than just, you know, you could cash flow it in the future potentially. Yeah. But the more that you can let it grow now, the less you're actually outflowing from your everyday expenses. So that's the powerful. And I don't know that it's I I don't know. I thought about that verb. I mean, clearly that's what you're doing. But if you think about it like that, it's like, oh, you know, yeah. Um, because some people are like, I'll just cash flow it in the future. And it's like, well, but you're actually spending less now to do it now and invest it than you would be in the future. Definitely. Right? Definitely. Um, so it's thinking about like that. And I also know we have clients ask us this all the time, and just, you know, balancing enjoying life for planning for the future. Cause it's like, okay, well, I always feel like I'm saving to my emergency savings or I'm putting it in in savings or I'm paying out debt or I'm doing, you know. Um, I don't know. What do you say to clients when they say that to you? Like balancing the two.

SPEAKER_04 17:25

Well, I feel like it is that big work-life balance that we're like kind of in right now, if it's constantly that is a high topic at this point. And so it is. I'm with you. It's constantly a client question. And with that, I would say it really is something for me that I do encourage clients to, you know, at the end of the day, yes, work towards your goals. And you also do need to know when it's time to go out for a nice dinner and celebrate. And so I think it's more so taking those checkpoints in a way, yeah. Of saying, okay, well, if it's something that, you know, if I'm talking to like a 30-something client and, you know, for them it's they really want to go on a big trip to Europe or something like that. And like travel's their big thing. I feel like with younger clients, it's always just travel traveling. It is experiences. Experiences. Yes. And so it's always like, I want to go travel, I want to do experiences, da-da-da. And so it's like, okay, well, that's great that you want to do those things. Well, then how much is that trip going to cost? Right. How much is this going to be? Right. And it's okay, well, then go ahead and start saving for that now instead of saying, oh, credit card points will take care of it.

SPEAKER_03 18:24

Right.

SPEAKER_04 18:25

Okay, that's great if they will. Um, you know, credit card points are amazing. We don't say anything bad about those. But also at the end of the day, you know, you also need to have that savings um set aside there as well. So you don't end up in a pinch at the same time. So it's really making sure that you're prioritizing both of those goals. Yeah. But it's making sure that those are there are healthy savings. So it's if you're building up the emergency fund, if it's doing debt repayment, then if it's something that we really need to focus on debt repayment, then it might just say, okay, well, then maybe we pause a couple of trips and we stay more local. You know, find those little weekend getaways so you still get that travel experience. Because for some people it is something that it's like for their mental sanity, they need a moment away from the house. You know, and that's something that they just have to have. And it's like, okay, we can acknowledge that, but we need it to not be a by the water five-star resort. It needs to be a, you know, maybe it can still be by the water, but maybe it's by a lake and it's, you know, a third of the cost. Um, you're still getting that similar experience. I'm not gonna say it's the same, but it's similar. And it's something that can still fill, fill that void of whatever it is that you're needing it for. Um, and then from that we can kind of build upon. But really making sure that you're still prioritizing those main savings goals and then just adjusting the experiences to fit where you're at to prioritize that. Um, and then of course, once you get to those goal set, it's it's so important to just, you know, go have a nice dinner or go have a nice little celebration that, you know, just celebrates that milestone. Before we jump back into the episode. Do you know if you are ready to take off and launch into retirement? Get your pre-retirement checklist, a free guide from Wiser Wealth Management, from cash flow to Social Security. We've got your account down covered. Go to wiserinvestor.com slash guides to download your free guide today. Now let's get back to the episode.

Turning Intentions Into SMART Goals

SPEAKER_02 20:22

I mean, I think, you know, you're hitting it on the head. It's like, and it's kind of what we said. It's like, do, you know, do what is hard now so your life can be easier in the future and you have choices. So it really, depending on when you're starting from, you know, if you're starting from a lot of debt and you haven't been balanced doing a good balance of saving and, you know, spending, and you know, then we have to, it's gonna be harder in the beginning to write the ship, if you will. Definitely. So, and that's okay. Yeah. Because it's better to write the ship than never write the ship. Exactly. So we have to, you know, we have to start. You know, the sooner you start, the better it's gonna be. And and and you know, so it depends on where you're starting from. And, you know, if if you don't have a lot of debt and you're doing great with savings, then, you know, there's gonna be years where the market is higher than others. There's gonna be years where, you know, you may earn a little bit more in a bonus because the company's doing well. Well, use those moments, you know, make sure your savings is planned, you know, make sure that you're paying things off. But if you have those bumps in income or you have those bumps in the market, you know, maybe use some of that as, okay, we did well this year and we're gonna do this, you know, with that. Cause it's something we didn't expect, maybe, you know. Definitely. So, you know, it's it's really deciding what's more important to you. Cause I promise you, your future self needs you to make the good decisions right now. And your future family, meaning the family you're currently in, the older version of your family, need you to make those good decisions now. And I always try to, you know, remind clients that you're also, we learn a lot of our money habits when we're growing up and little from our families. So we are teaching our children what their money habits are right now. Exactly. You know, so if we're just spending, spending, spending, then they're gonna spend, spend, spend. And I promise you, when they're in college and their lifestyle change changes, it's gonna be harder for them at that point versus you just being disciplined along the way. Or it's gonna be harder for you because they're gonna expect it and you're just gonna keep doing that, which is gonna further compound your problems in the future. Okay, so practical tools, you know, in looking at all this, um in prioritizing goals, maybe using, I don't know, some budgeting apps, um, automatic transfers, using your financial advisor. You know, what do you suggest with drilling down and looking at things? Are there apps that you use or anything?

SPEAKER_04 22:46

No, so definitely this is something that's so huge, especially, you know, now like a lot of banks now even have their own, you know, platforms essentially that they utilize of, you know, coming in and looking at, okay, well, what is my spending trajectory look like on, you know, this account or this credit card, whatever it may be. And it'll actually do a full breakdown for you of what you can look at. And, you know, it'll kind of budget for you of like, well, this is on average what you spend on groceries. This is what you spend on gas. And then that really helps if you don't know exactly where your budget even is. Um, of we don't know how much we're spending each month. We're just spending it, you know? Right. And so that's something that can really help you too, is first looking at those statements. And then for me, what I've noticed is, you know, some apps out there. So there's like Rocket Money that can help you. Um, and then there used to be Mint, and I haven't seen a great replacement for Mint yet.

SPEAKER_02 23:38

Yeah.

SPEAKER_04 23:38

Um, as well as that one did operate. And honestly, for me, everyone's gonna laugh, but I am a classic spreadsheet girly. Um, so I still do it old school in my own personal finances. I do this is kind of where we're getting into next with accountability, but I just do a check-in, you know, once a month with myself of okay, all the bills have been paid. Now what does what do my accounts look like? Where am I at? Am I on the trajectory I want to be on with what my goals were for 2025, you know, and where am I starting for 2026? You know, just going through each month and looking at that. And the big thing for me I've noticed that even helps myself with saving and what really helps our clients as well is automatic transfers to whatever savings you need. And it's saying, you know, it's kind of like it just gets it out of your eye.

SPEAKER_02 24:27

Yes.

SPEAKER_04 24:28

You never even see it. Yes. And so that's something that really with clients that I try and hone in with them on is the moment if you can do it to where you know your paycheck comes in on the first or whatever day, and then you say, okay, the next day, all of it goes out, you know, not all of it, but you know, for whatever it needs to be um, you know, categorized into, whether that be, you know, your high yield savings account, or it needs to go into a Roth IRA, or you want to contribute to a brokerage account, or you need to go to 529 savings, paying down debt, whatever it may need to be, it all just kind of automatically goes out. And then from that moment, you then have okay, well, what can I spend for the rest of the month or however you know your paychecks are set up. And so it's really figuring that out and having those automatic transfers is a game changer because then it's something where it's no longer in that account that you're spending out of. And since it's not there, you can't really spend it.

SPEAKER_02 25:24

It's harder to touch, exactly. Yes, but don't do that if you're charging credit cards because then we, you know, then it gets into a bad cycle. Yes, exactly. And then we're a good point. Yeah, exactly. I know I'm I'm with you though. I do a spreadsheet and I use Quicken and I use Rocket Money. I'm just a door. Well, Rocket Money like tells you this this bill went up and this it brings stuff to your attention, or you have this automatic thing going on, like here's all your subscriptions, and it tells you, do you want to lower your bills? This is how you can do it. So I I love how it does that and I can quickly look at things, um, you know, but I also use a spreadsheet and then I just use Quicken to balance everything. So um it's kind of overkill, probably, but I know what's going on. You do know what's going on. And I get alerts if like there's a credit card charge on my phone, uh, you know, to my phone. So it's like, um, who? It's like one of my teenagers just charges.

SPEAKER_04 26:12

I was about to say it's like the teenagers can't do it. I'm like, what are you doing?

SPEAKER_02 26:15

Like, so I'm like, you need to ask me before you spend the money, you know? It's like I don't just go and take your money. So, you know, so now they're really good about asking. So it's like, can I do this? Yes. You know, can I do this? Yes. It's like, you know, so that's good. Yes. The fear of the credit card in them. Um, staying accountable. This is really important. It's not, it's not like, you know, bad staying accountable. This is like measuring yourself. And like, how do you because like, you know, we're all excited at the beginning of the year to start all these things and to lose the weight and to get our finances in order. But like, how do you keep going when it gets hard? Like, how do you keep yourself accountable?

SPEAKER_04 26:48

Well, I think the big thing is letting someone in to your goals. And that's the big difference that we see with whether clients if they're a couple or whether if you're a single individual and you have a best friend, you know, and it's something that you just have to bring someone into your space and into your goals to let them know, even if you don't want them to know the full nitty-gritty, but you want them to know this is my goal of what I'm trying to do. Because the big thing is too, is if you have people in your circle that are rooting for you in that way and they know what your goals are, then they're less likely to put temptation in front of you. And I think that's the big thing, especially with, you know, when it comes to finances and spending. If it's like, you know, sometimes, of course, experiences, things come up, but it's also, you know, maybe it is something that it's understandable then when you're like, hey, I'm really trying to save, you know, right now for this goal. So, you know what? I'm not gonna go to the most expensive restaurant in town for a random Wednesday night dinner, you know, or whatever it may be, wherever you splurge. And I'm gonna try and pivot. So what if we go here instead? You know, and then it's also just letting your friends into that and letting them know kind of where you're at. And then that helps them also support you.

SPEAKER_03 27:58

Yeah.

SPEAKER_04 27:58

And then you can kind of all have that kind of conversation. And what I've noticed is vulnerability leads to more vulnerability amongst a group of people. And so if you're being honest about your savings goals, then likely one of your friends is going to start being honest about theirs. And then before you know it, you have an entire accountability group of friends that are all on the same path.

SPEAKER_02 28:16

And they're all bettering themselves. Yes. And you're doing it together. Exactly.

SPEAKER_04 28:20

And it's like, how amazing is that that you get to be the one, like the person that gets to bring this up and bring this as an attention point of this is a goal that speaks to my heart and what I want, you know, in the future. And then now all of your best friends are on this journey with you. Like, how fun is that?

SPEAKER_02 28:34

I love that.

SPEAKER_04 28:35

And so it's something that for me, I think that's a big thing is having someone there with you, but it's also having those monthly check-in points or quarterly check-in points, whatever it may be. I wrote I recommend monthly.

SPEAKER_02 28:47

Yeah, quarterly is too much.

Prioritizing Short And Long Term Goals

SPEAKER_04 28:50

But monthly check-ins, um, at least for, you know, I've I've seen where marriages, sometimes they'll have one person that does the monthly check-in, but then as a couple, they do it quarterly, um, which is an interesting dynamic. Um, but that is something I've seen. And then also just having like visual trackers of, you know, whether it be a spreadsheet, whether it be on an app somewhere, just being able to see, I've even seen people with like debt payoff have one of those um like thermometers in their houses, like in like, you know, like a private room in their closet or something like that. So it's not everywhere for someone to see. And it just kind of has it to where they'll shade it um of like paying down their debt. And they just, you know, it's something that for them is exciting because it is exciting. And um, so it's just really bringing people into that accountability space and knowing that it's not shameful because in the like in the United States, it is something that we're all striving for financial success. And, you know, um, everyone's striving for that. Maybe it's differently, yeah, but it's also something that everyone's saving for something in some regard. Um, and so it's really just bringing your closest people into that and allowing them to share in that with you.

SPEAKER_02 29:56

And I think it's also like resetting your intentions, like refocusing on what, you know, what you want most, not what you want right now, but what you want most. And so when you're faced with those questions of and then, you know, the tracking and checking in with yourself or with your, you know, partners um or with your family if you want to do it as a family, you know, it's like, you know, getting those small wins throughout the year adds up to something huge. Um, you know, and if you don't meet it, don't beat yourself up, just readjust and reset your intentions. But don't, don't let yourself out every time because that defeats the purpose. You know, it's like, okay, what am I trying to do? I don't want to do this again this year, where, you know, I look back and I'm like, okay, I didn't do the things that I set out to do. You know, you you have the power to change that. Definitely. You have the power to change it and make it better for you and for those around you. Yeah. Um, and showing up for yourself and keeping promises to yourself. That's a huge thing. Just a couple of mistakes to avoid. Um, what would you think in in terms of finance, you know, what could could help create issues?

SPEAKER_04 31:00

Yeah. So definitely setting too many goals at once. Yeah. That's a big one that we see is it's like overwhelming. Yes, it's overwhelming yourself. And it's something that if you don't feel like you're having small victories every now and then, it can become something that you're like, well, why am I even doing this? I'm just gonna live my life how I want to live it. And I'm not gonna try and save and do all of these other great things to build up my future self. Um, and so it's really if you establish too many goals, it's really like if you do too much on your calendar, if you get too involved in anything in your life, um, and you have too many different things that are pulling you in too many different directions, well, then you really can't do any of them that well. So it's the same thing here um with setting goals for your finances is setting too many goals and thinking that on your, you know, whatever you're limited, uh no matter how much you make your limited income. Um, everyone has that, and you know, for your paycheck. And then it's well, if you're setting too many savings goals and you leave nothing for, you know, being able to go out to eat a couple of times a month, then okay, well, now it's gonna feel so it's gonna feel so yes, so restrictive that it's not sustainable. It's kind of like going on a diet that's too aggressive.

SPEAKER_02 32:05

Yeah.

SPEAKER_04 32:06

And it gets to the point where it's like sometimes you need the aggressive diet to put you on track. I'm not saying you don't, completely, but you know, also you have to find at some point that sustainable diet um and that sustainable lifestyle that works.

SPEAKER_02 32:18

And because the two extremes don't exactly rigid or just like YOLO, you know. You only live once. That's what it stands for. Literally, you know, it's like, okay, it's out the window. So, you know, there has to be like that in-between check balance for sure.

SPEAKER_04 32:30

Yeah. And I think too, just ignoring any sort of inflation or lifestyle changes that may have happened, you know, life does happen at different points, and you know, different things have to become priority, whether that be health changes and you have to have a gym membership now or things like that that you need to start factoring into your budgeting. And so it's something there that we need to take into account, or even really when you're building your budget, taking into account inflation. That's huge because that's something that you know you may be thinking, oh, well, you know, I used to spend on gas like$25 to fill up. Yeah, but you don't do that anymore. Right. So, you know, don't build off of past numbers that were idealistic. You need to be more building on reality and what actually makes the most sense. Yeah.

SPEAKER_02 33:14

Perfect. Um, okay. So we're gonna switch lanes for a minute. Um, since we're talking about money, um, you know, our listeners always love hearing how, you know, other people in our office um navigate their financial world. So our newest segment is three questions in three minutes. Um, so it's kind of like a rapid fire. So this is kind of getting to know Michaela a little bit more. But um what's a money mistake you weird you're weirdly glad you made?

SPEAKER_04 33:45

Yes. So I will say it's indie 500 tickets. I am weirdly glad I bought the most expensive ticket you can buy, which is pit access and everything all weekend long and all month long for the month of May. And so I bought it, had no idea who was gonna go with me, had no friends when I first went, um, but made a bunch of friends once I got there. And it ended up being like the best experience ever. Um, and so while I spent more than I should have on tickets and for everything that month, um, it ended up being one of the best experiences of my life. And I got to even go to like the after party with all the drivers afterwards, and it was just so great. So highly weirdly one of those things that like looking back it was worth the money. Um knowing going into it. But not knowing it going into it. It was a leap of faith at that moment. Um, but yes.

SPEAKER_02 34:40

If you could only travel to one place, where would you go? And who are you taking with you?

SPEAKER_04 34:45

Okay, so one place, I'm gonna stretch it and I'm gonna say Europe, which I know is a continent, but yeah. But okay, I also haven't been to Europe, so other than like Ireland, which is not really Europe. Anyways, um, but Europe. And I think I would probably take like, I mean, right now I already have a trip kind of lined up with um my significant other. So I guess probably him.

SPEAKER_02 35:08

Awesome. Okay, what's something you believed strongly 10 years ago that you don't believe anymore?

SPEAKER_04 35:15

So 10 years ago, I was dead set. I was going to be a pediatric oncologist. Um, and now here we are. So clearly that was not the path for me. Right. And but yes, that was where I thought my life was aligning at that point was I was going to do pediatric oncology and work in that field.

SPEAKER_02 35:37

I love it though, because so many so many, you know, up-and-comers in college think they have to have it all figured out and you can just switch mid-you know, mid-college, mid-career. You can just switch, you know. Isn't it funny where we think we're gonna be? And then I know. I love it. Well, I'm glad you're here because it would be great or wherever you are, but you know, we're glad we have your talents here.

SPEAKER_04 35:58

So don't know why I thought I could be an oncology when I'm afraid of needles.

SPEAKER_02 36:02

Well, you don't have to get the needles or them. You don't even have to as a doctor, right? You don't do needles. I don't know. It's nurses, I think. I don't know. I don't really know. Okay, so really just to recap, um, the main takeaways here is just, you know, reflect on the current year, uh, set smart goals going forward, prioritize your goals above, you know, competing, other competing forces and just stay accountable. Um, you know, and just in all of this, I'm not giving you an out, but you know, it really just taking an honest look is like the best way to start. And, you know, progress, just don't forget, you know, making changes, some progress is way better than perfection. Um, you don't have to be perfect. It's not going to be perfect. Just starting and moving in that direction. The only way to start is to start and just starting and going that direction. So, you know, we we would love for you to share your 2026 financial goals with us or connect with the team for help setting them. Um, we we would love to hear from you and hear what your goals are. We actually have a client, we have a couple clients that have set their goals for the year and then they email us when they do it. So we love sharing your goals too. It's like, oh, I did this and I did this. And so yes, and then we get to root alongside you, which is so fun. Yeah. So we love to do that too with you. It's not, you know, it's important to us because like it makes it exciting for us too, that we're actually making an impact in your lives. You know, we're not just sending you this list of things to do and then you don't do it completely. Right. We're we're rooting for you. We are ready for your cheerleader. So well, thanks for listening to today's episode. If you're interested in learning more about Wiser Wealth Management or want to schedule a consultation to meet with one of our fiduciary financial advisors, you can do so by going to wiserinvestor.com or by clicking the link in the episode notes. We will see you next week.

Enjoy Life Without Derailing Savings

SPEAKER_00 37:55

Thanks for listening to a wiser retirement podcast. We hope you enjoyed today's episode. Make sure to subscribe wherever you're listening. That way you don't miss any new episodes. We'd also appreciate if you could leave a rating and review. If you have any questions about anything that was discussed today, head to WiserInvestor.com and reach out. This podcast is strictly for informational purposes only and is not to be considered as investment advice or solicitation to buy or sell any financial products, securities, digital assets, or any other investment vehicles, or a basis to make any financial decisions. Wiser Wealth Management Incorporated is a registered investor advisor with the SEC. The host and or guest may personally own securities, digital assets, or other investment vehicles mentioned on this podcast. Neither the host nor guests of the show are compensated for their participation, and no referral fees are paid to or received by any host or guest for clients, listeners, or similar interests. Investments involve risk, and unless otherwise stated are not guaranteed. Be sure to first consult with a qualified financial advisor, tax professional, insurance professional, andor legal professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.