Do you remember making different new year resolutions and listing the number of things you wanted to achieve before we kick-started this year?

Sure, you remember.

But let me ask you, how many of those goals have you been able to achieve now?

Or are you simply just waiting for the year to come to an end so you can start with another round of endless resolutions that you know you’ll never meet?

There’s still about 221 days left in 2020. So there’s still much time to start working towards those financial goals you’d had set yourself up to at the start of the year.


Financial goals are those money objectives you envision, plan and commit to achieve. They are usually big picture objectives of what to save for and spend money on. They can be short term – saving to buy a car, starting a side hustle, saving for a vacation, etc., or long term – saving for retirement, having emergency funds, investing in stocks, etc.

Whatever your financial goals are, there’s a need for planning, commitment and consistency to ensure you achieve your aim.

In this post, I’ll be giving you a round up of top 10 of the best financial goals you can still accomplish this 2020.

So let’s dive right in.


1. Start saving for retirement

save for retirement - financial goal

There’s no better time to start saving for retirement than to start now. The sooner you start dedicating a percentage of your salary towards your retirement savings, the happier your future self will be with you.

Saving towards retirement is generally a long term financial goal. One which most young people often ignore because they feel it’s still a long way off. Hold on to that ‘it’s still a long way off’ thought in a minute and consider this – If you’re a millennial, you have less than 29,200 days from today, on average, to mark the end of your ability to change anything.

Do you still feel you needn’t be worried about taking your retirement savings seriously?

Have a plan to allocate 10% to 12% of your monthly income towards retirement and start with this plan immediately.

2. Cutting back on unnecessary expenses

cutting back on expenses - financial goals

Another vital financial goal you can hope to achieve this 2020 is to cut back on the way you spend money. Now is the time to stop the habit of impulse buying and put a big leash on your love for shopping.

One way to do this is to have a clearly spelt out budget plan and to be disciplined enough to spend only what’s within your budget. Having a budget not only minimizes your tendency to spend unnecessarily, but also, helps you manage the way you use your funds.

3. Pay off debt

pay off debt

Are you still being heavily weighed down by debt? Don’t worry, you’re not alone. Now is the time to take decisive action and make conscious effort towards paying off that debt.

Before you start repaying your debt though, take your time to note and prioritize the kind of debt you have, and determine how much it would cost you to pay it off. Having this knowledge will help you come up with a more strategic plan for paying off the debt.

4. Start a side hustle

start a side hustle

Having another source of income generally means more money right? And more money gives you more liquidity to save. If you already do have a regular 9 to 5 job, you can get a side hustle to help augment your income. There are several ways you can make money online without even having to stop working your regular job. Some of the things you can do online to make money include:

  • Starting a blog
  • Completing online surveys
  • Affiliate marketing
  • Owning an Etsy store
  • Web designing, and lots more.

5. Start saving up emergency funds

start saving for emergencies - financial goals

If you have not started already, now is the best time to start saving towards emergencies. You might have, at one time or the other, had an unforeseen emergency situation that just happened and emptied all your accounts. Just imagine what the case would be if such emergency situation occurred when you have no income or savings. The only way you can prevent this scenario from happening and finding yourself in a tight spot is to START saving towards emergencies now. A good emergency savings is one which should cover your expenses for four to six months, that way, you’re well protected from any future unforeseen occurrence.


6. Read personal finance books

personal finance books

Personal finance books, generally, will give you a fighting spirit and mindset when it comes to safeguarding and putting your finances to best use. They will teach you the best ways to get out of debt, motivate you to plan and stick to your budget, and help overcome spending issues you may have. You can get a list of the best financial books to read here.

7. Invest wisely and reinvest your returns


Another financial goal you should look towards achieving is to start investing now. Investments, when done properly, will fetch you much more money in the long run. You can invest in real estate, cryptocurrencies, stocks and bonds, etc. So rather than leaving all your money dormant in a savings account, it will be a good idea to invest the money wisely in any of these ventures and when the profit starts coming, always reinvest the returns.

8. Cultivate the habit of writing down every penny you spend

writing down expenses

Writing down your expenses as you go, is a great habit you must cultivate if you want to have a good grip on how you spend money. Writing down each and every of your expenses will help you analyze, strategize, prioritize, identify and cut off those expensive and unnecessary expenses.

Admittedly, writing down your expenses every day will not be easy, but it’ll help you a lot. You can use the traditional pen and jotter for this or make the notes on your smartphone.

9. Don’t accumulate more debt

stop accumulating debts - financial goals

It’s very good if you have successfully paid off your debt or are making consistent efforts towards paying off your debt completely. But try as much as you can not to accumulate more during this period. To do this, you would need to stop using your credit cards. Future purchases and acquisitions should be made strictly on your income and savings. If you can discipline yourself enough not to live a lifestyle of borrowing money, then you can truly start planning ahead for major purchases with the funds you have. Besides, there’s a general feel-good feeling when you have no debt disturbing your mind.

10. Live below your means

live within your means - financial goals

One of the best 2020 financial goals you can hope to achieve is learning how to live below your means. To further simplify this concept, picture it this way: if you spend above your income, you’ll be indebted, if you spend lower than your income, you’ll have savings. It’s as simple as that. You don’t have to take out a loan to acquire a flashy sports car when your savings can only afford a sedan. Live within your means, it’s a wise thing to do.

I would love to hear some of your financial goals for 2020, so leave a comment below.

Ciao ❤️

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