3 Money Goals To Set Right Now (That'll Earn You Big $$$)

Regardless of your income level or investment success, life is unpredictable. An emergency fund serves as a financial safety net, protecting you from unexpected setbacks such as medical expenses, car and home repairs, or job changes. "It allows you to weather these challenges without disrupting your long-term financial goals and is foundational to your overall financial security," says Diana Perkins, a certified public accountant and founder of Trading With Diana.

In 2025, economic uncertainty and inflationary pressures continue to shape the financial landscape, points out Cary Carbonaro, a certified financial planner and author of The Money Queen's Guide: For Women Who Want To Build Wealth and Banish Fear. Creating a robust emergency fund in 2025 will give you peace of mind.  

Perkins offers a strategy for doing so. Set a savings target of at least three to six months of living expenses. "This will provide a sufficient buffer to cover essential costs," she says. One way to build your savings is to set up automatic transfers weekly or monthly to your emergency fund to a high-yield savings account. Don't combine that money with any other money, like cash for daily expenses.

"Automation removes emotional decision-making from saving and investing. It's important to set contribution amounts that you can comfortably make," says Peter Ankeny, founder of Wolf Pine Capital.

High-interest debt, like credit card debt, eats away at your financial freedom. It can prevent you from building wealth and achieving other financial goals. 

"The shocking truth is a $5,000 credit card balance at 20% interest could cost you nearly $9,000 in interest if you only pay the minimum. Even with falling interest rates, credit card APRs won't budge—making 2025 the perfect time to tackle high-interest debt," says Stewart Willis, president of Asset Preservation Wealth & Tax. "Avoid the trap of making minimum payments—it's a wealth killer," he adds.

Understand that if interest rates remain high in 2025, carrying debt is very expensive. "Eliminating high-interest debt is like getting an instant return on your money," says Carbonaro.

How to pay down debt? Carbonaro says to focus on the debt snowball or avalanche method: Either pay off the smallest balance first (snowball) or tackle the highest interest rate (avalanche). Redirect windfalls, like bonuses or tax refunds, toward debt repayment. And by all means, do not take on new debt while chipping away at current balances.

Better yet, avoid debt in the first place by reining in spending. Make a budget and stick to it. Pause before making major purchases. "Use the Amazon hack. Let items sit in your cart for two weeks before reassessing if you actually need them," says Chelsea Williams, The Money Whisperer and founder of Money Mastery.  

Make living within your means your new habit. You'll thank yourself later.

"Diversifying income sources is crucial in 2025's volatile economy," says Ali Zane, CEO of Imax Credit Repair. He says relying solely on a single paycheck can be risky and advises developing alternative income streams. 

"This could involve investing in peer-to-peer lending or monetizing a hobby. The key is to align these streams with your skills and interests, making them sustainable and enjoyable," he says.

To get started, identify passions that can generate revenue, then research platforms that support these endeavors. "A common pitfall is spreading yourself too thin across multiple projects; focus on one or two that show the most promise and scalability. Building alternative income boosts your savings and provides a safety net against unforeseen financial setbacks," says Zane.