As 2024 draws to a close, it’s the perfect time to pause and reflect.

In my first article of the year, I presented a personal financial success recipe that revolves around seven essential elements, known as the 7 S’s. These ingredients were meant to guide you toward building wealth, stability, and peace of mind.

Now, let’s take stock. How did you do? And how can you make 2025 an even better year for your finances?

1. Solid Income Goal

At the start of 2024, you set an income target. Did you hit it? Did you exceed it? Or did it remain a wish rather than a plan?

Reflection: If you didn’t reach your goal, was it too ambitious, or did you lack a clear strategy?

For 2025: Set SMART goals—specific, measurable, achievable, relevant, and time-bound. Break your target into quarterly milestones, as well as short-, mid-, and long-term goals, and celebrate every win along the way.

2. Second and Third Income Streams

Diversifying income was a major focus this year. Did you create additional revenue streams, or are you still relying on just one?

Reflection: If you managed to start a side gig or passive income project, how did it perform? If not, what held you back?

For 2025: Explore accessible options like freelance work, digital products, or investing in dividend-paying stocks. Even a small start can grow into a significant income booster.

3. Smart Spending

This year, we emphasised the importance of budgeting and tracking expenses. Did you stick to your plan, or did unexpected spending derail you?

Reflection: Were there habits or purchases that didn’t serve your financial goals?

For 2025: Create a budget that allows for flexibility but prioritises saving and investing. Use the “50-30-20” rule: 50% for needs, 20% for wants, and 30% for savings and investments.

4. Savvy Investments

Investing was a key ingredient in growing your wealth this year. Did you make any investments, or were you held back by fear or lack of knowledge?

Reflection: If you invested, how did your portfolio perform? Did you diversify?

For 2025: Commit to learning more about investments. Start small if you’re hesitant—consider mutual funds, ETFs, or real estate investment trusts. If you’re already investing, assess what worked and adjust for better results.

5. Simple Tracking App

Keeping track of your finances is crucial for managing your finances effectively. Did you embrace technology this year?

Reflection: If you used an app, did it help you achieve clarity? If not, why didn’t it work for you?

For 2025: Find a user-friendly app that aligns with your lifestyle, or even basic spreadsheets can help you track income, expenses, and investments. The goal is to simplify—not complicate—your financial management. Check out the WealthSync app by Smart Stewards.

6. Serious Commitment

Financial success requires discipline. How well did you stick to your goals amidst challenges or temptations?

Reflection: Were there moments when you lost focus or motivation? What triggered those lapses?

For 2025: Develop systems that keep you accountable. For example, automate your savings and set calendar reminders for financial check-ins. Surround yourself with like-minded individuals who encourage consistency.

7. Supportive Circle

We cannot overstate the power of community. Did you have a strong support system this year—friends, mentors, or accountability partners?

Reflection: Did your circle uplift and challenge you to do better? If not, it may be time to reassess.

For 2025: Intentionally seek out people who share your financial aspirations. Join communities like Smart Stewards or professional networks that align with your goals.

Looking Ahead to 2025

2024 was a chapter filled with lessons, wins, and opportunities for growth. As you prepare for the new year, don’t just focus on what didn’t go well—celebrate your progress, no matter how small.

Financial success isn’t achieved in a single year; it’s a journey of continuous improvement. Take these reflections as your guide into 2025, tweak your strategy, and stay committed to building the life you desire.

Here’s to a prosperous and fulfilling 2025. Happy New Year in advance!