Paragon Perspectives: Reflecting on Your Financial Goals for the Year: 3 Essential Questions to Ask Yourself
As the year winds down, it’s a natural time for reflection. We’re all taking stock of what we’ve accomplished, where we’ve fallen short, and how we can do better in the new year. Your financial goals are no different. Whether you’re planning for retirement, growing your wealth, or simply aiming for better financial habits, now is the perfect moment to hit pause, reflect, and refocus.
Here are three essential questions to guide your financial reflection and set you up for success in the coming year.
1. Did You Hit Your Financial Goals This Year?
Start by looking back at the financial goals you set for yourself at the beginning of the year. Did you meet them? If so, take a moment to celebrate! Progress deserves recognition, no matter how big or small.
Common financial goals include:
- Building or maintaining an emergency fund
- Paying off debt
- Increasing retirement contributions
- Growing investment accounts
If you met your goals, think about what strategies worked best. Did you automate savings? Create a stricter budget? Recognizing the habits and actions that led to success will help you repeat them in the future.
But what if you didn’t hit your goals? Here’s the good news: It’s not about perfection—it’s about progress. If you’re closer to your goal now than you were a year ago, that’s a win. Take note of where things went off track and consider what adjustments you can make for next year. Sometimes, the goal wasn’t the problem—the strategy was. Small changes in your approach can make a big difference.
Reflection Prompt: What financial goal am I most proud of achieving this year, and why?
2. What Financial Challenges Did You Face, and How Did You Overcome Them?
Life has a way of throwing curveballs—and this year was no exception. Did inflation impact your budget? Did an unexpected medical expense or car repair catch you off guard? Identifying these challenges is just as important as celebrating your wins.
The goal isn’t to dwell on setbacks—it’s to recognize patterns. If an emergency expense set you back, do you have a plan to build a stronger emergency fund next year? If rising prices strained your budget, could a subscription audit or meal planning help ease the pressure?
Even if you didn’t “overcome” every challenge, the fact that you’re reflecting on them is progress. Personal finance is a lifelong journey, not a single destination.
Reflection Prompt: What’s one financial challenge I’ve faced this year, and how did I respond to it?
3. What’s One Financial Habit You Can Improve in the New Year?
Personal finance isn’t about making one big, sweeping change. It’s about making small, consistent improvements that add up over time. The end of the year is a great time to identify one financial habit you’d like to improve.
Here are a few ideas to spark your thinking:
- Automate savings: Set up automatic transfers to your savings or investment accounts. Out of sight, out of mind—and into your future.
- Review your subscriptions: Cancel any services you’re not using. Those $10 monthly fees add up quickly.
- Track your spending: Use an app or a simple spreadsheet to track where your money is going. Awareness is the first step to change.
- Plan for big expenses: Identify major expenses for the year (like vacations or home repairs) and create a plan to save for them in advance.
The goal isn’t to “do it all.” The goal is to focus on one habit that can make the biggest impact. When you’ve mastered that habit, you can move on to the next. It’s all about sustainable progress.
Reflection Prompt: What’s one financial habit I can improve, and what’s one small action I can take to make it happen?
Looking Ahead to the New Year
Reflection is powerful, but action is where the magic happens. Use these three questions as a guide to set your financial goals for the new year. This isn’t about perfection—it’s about making small, intentional choices that move you closer to the life you’re working toward.
Need help clarifying your financial goals or building a plan to achieve them? We’re here to guide you every step of the way. Reach out to schedule a conversation, and let’s make next year your strongest financial year yet. 215-348-3176
Here’s to progress, growth, and financial peace of mind.
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About Charles
Charles McNamara, III (Charlie), is a Founding Partner, Financial Advisor, and President at Paragon Wealth Management, a financial services firm based in Doylestown, Pennsylvania, dedicated to professionally supporting, educating, and providing informed direction to each and every client. Charlie’s passion for working with clients one-on-one to find specialized solutions to pursue their financial goals drives the firm’s client-focused mission and continued success. He values the confidence clients have in him to always keep their best interests in mind.
A veteran of the financial services industry since 2000, Charlie brings an extraordinary level of knowledge and experience to the financial field. After obtaining a business finance degree from Delaware Valley University, he began his career as a financial advisor with Prudential Financial in 2001, and was promoted to management in only three years due to his hard work and dedication. With an entrepreneurial spirit and a passion for helping people solve problems, he launched his own practice in 2007.
When he’s not at work, Charlie spends time with his wife, Lisa (co-owner of local salon Moxie), daughter, Carissa, and their two dogs and cat. He enjoys weightlifting, running, golfing, fishing, and giving back to the community through his church, Our Lady of Mt. Carmel, and local organizations, such as the Travis Manion Foundation. To learn more about Charles, connect with him on LinkedIn.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All investing involves risk including loss of principal. No strategy assures success or protects against loss. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Any securities mentioned here are for informational purposes only and are not recommendations to buy or sell any security.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Great Valley Advisor Group, a Registered Investment Advisor. Paragon Wealth Management and Great Valley Advisor Group are separate entities from LPL Financial.
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