This end of the year it is meaningful to reflect on what went well, recognize our areas of opportunity and determine what we can change to improve our economy and start 2025 with clear goals, Banamex advised.
He recommended establishing your financial purposes for 2025, how to determine your goals over time and define whether they are short or long term (up to 1 year to achieve it), medium (1 year to 5 years to achieve it) or long term ( more than 5 years). Being clear about the time it will take you to achieve a goal will help you establish the steps to achieve it.
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It is also important to express your goals positively, as avoid saying I am not going to spend anymore, try saying: “I am going to save $100 pesos a week.” Using a negative when writing a goal can discourage its achievement.
Banamex proposed writing down your goals and putting them in a place where you see them constantly, whether in your mirror, the bathroom, your notebook or the refrigerator. The more present you have your goal, the greater the likelihood of achieving it.
He asked you to keep in mind the amount that your goal implies and make a plan to cover it.
“Prepare a budget, this tool will help you project your expenses based on your income, which will allow you to classify and understand your expenses to reduce them. Don’t forget to incorporate savings and/or investment as recurring items.”
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Juan Luis Ordaz, director of Financial Education at Banamex, explained that one of the steps to achieve financial goals is to be realistic.
“Even if it involves a challenge, if your goal is very enterprising, don’t be discouraged. Establish the steps to follow and be very organized in carrying them out.”
Another rule, he commented, is to identify your allies and involve them in achieving your goals.
“Always keep in mind that you are not alone, your friends and family will be there to support you, whether financially, emotionally or even with their knowledge. Share the path to achieving your goal!”
Banamex highlighted the importance of constantly reviewing what percentage of your goal you have achieved. Having a timely follow-up will help you fulfill them in the established time. If you need to make adjustments, do not hesitate to make the necessary changes.
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Interview with Juan Luis Ordaz, Director of Financial Education at Banamex on Setting Financial Goals for 2025
Time.news Editor: welcome, Juan Luis! As we approach the end of the year, many individuals are looking to reflect on their financial situations. Can you share why it’s crucial to establish financial goals for the upcoming year?
Juan Luis Ordaz: Thank you for having me! Reflecting on the past year is crucial as it allows us to identify what went well, recognize areas for advancement, and prepare strategically for the year ahead. Establishing clear financial goals for 2025 enables us to establish a focused path toward improved economic conditions, be it personal or business-related.
Time.news Editor: What factors should individuals consider when setting these financial goals?
Juan Luis Ordaz: It’s essential to categorize goals by timeframes: short-term (up to 1 year), medium-term (1 to 5 years), and long-term (more than 5 years). Being clear about the time required to achieve each goal helps in creating actionable steps and evaluating progress along the way.
Time.news Editor: Setting the right tone is key to achieving these goals. Can you explain the importance of expressing goals positively?
Juan Luis Ordaz: Absolutely! Rather of framing goals negatively—like saying, “I won’t overspend”—it’s more motivational to focus on positive affirmations, such as “I will save $100 pesos a week.” Positivity in goal-setting fosters a better mindset, which is essential for motivation and commitment.
Time.news Editor: great point! You’ve mentioned the power of visibility in achieving financial goals. How can individuals reinforce their commitment?
Juan Luis Ordaz: Writing down your goals and placing them in visible locations—like your bathroom mirror, refrigerator, or notebook—can considerably increase your chances of achieving them. The more frequently you see your goals, the more likely they will remain a priority in your daily life.
Time.news Editor: Budgeting often takes a backseat during goal-setting. Can you elaborate on how crucial it is indeed to prepare a budget?
Juan luis Ordaz: A budget is a foundational tool for financial planning. It helps individuals project their expenses against their income, classify spending, and understand where cuts can be made. Most importantly,it should include savings and investments as recurring items to ensure that financial growth is not neglected.
Time.news Editor: That’s useful advice. What final thoughts do you have on achieving financial goals?
Juan Luis Ordaz: One key piece of advice is to be realistic about your goals. While it’s good to aim high,remember to break objectives into manageable steps and stay organized in your approach. Don’t hesitate to involve friends and family.Their support—be it emotional or financial—can be incredibly valuable. Lastly, regularly review your progress and be willing to make adjustments as needed.
Time.news Editor: Thank you, Juan Luis, for sharing such invaluable insights on setting and achieving financial goals for 2025. Your advice will undoubtedly guide many in their financial journey.
juan Luis Ordaz: Thank you for having me! Here’s to a financially prosperous 2025!