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Sharing a Big Goal For The Year 😌
I've got a big goal for 2025, and you👆🏾 can be part of it!
Rimi Lala
January 03, 2025
Happy New Year 🎉
I hope you have enjoyed your holidays and are excited about the new year. I am rooting for all of you this year and I hope you have an amazing year!
My goal is to help you step into the new year as your most confident self when it comes to money. I'll be working hard to bring you all the financial literacy tools and knowledge you need to make it happen 💪🏾!
What’s in this letter ✍🏾
What’s Rimi Up To!
One of my big goals for 2025 is to completely avoid using food delivery services. This decision came after reviewing my 2024 finances and realizing just how much money went to platforms like UberEats and DoorDash 😢. While reflecting on those experiences, most of them didn’t even bring me joy—I’d categorize them as 'sad spends.' This year, I’m focusing on being more intentional with my money and aligning my spending with what truly matters to me.
I’m sure I’m not the only person in this boat! When I shared this goal on social media, a number of you wanted to join in!
Hit "Reply"📲 if you want to, so I can set up something to keep us accountable, maybe a hashtag we could tag to show our monthly progress.
I've also decided to break my 2025 goals into quarters this year. Doing this feels more manageable and allows me to focus on achieving them step by step. Plus, it gives me the flexibility to align each quarter's goals with what I want to prioritize at that time.
Have you set some goals for this year, financial and non-financial?
I would love to hear some of these goals, so don’t hesitate to reply this email sharing some of them!
On to another news, I’m currently in Atlanta and I’ve been in the US for the past 3 weeks. I’m so excited to be back in Canada soon to enjoy all my Trader Joe’s Snacks!
I’m not excited about how cold it is, and I’m hoping all my plants 🪴 have not been unalived before I arrive as no one has been able to water them 😭
Finance News with Rimi (Money Tea)
A question for you guys: What should I name this segment; Finance News with Rimi or Money Tea with Rimi? N:B This is also going to translate to weekly videos on social media
Let’s get into it!!!
Canada's headline inflation dropped below 2% in 2024, which is a positive sign. However, uncertainties persist in the Canadian economy, including slower GDP growth, potential trade tensions with the US, higher youth unemployment rates, and the continued devaluation of the Canadian dollar.
The next interest rate announcement is expected on January 24 (my birthday 🎉), and I’m hoping for favorable rates for everyone dealing with high mortgage rates. If you're wondering how this affects you, you can read this…
The income tax brackets are increasing by 2.7% in 2025. This means that if your income doesn’t increase, you’ll pay less in taxes compared to the previous year due to the inflation adjustment. However, this change doesn’t affect your 2024 tax filing. It will come into play when filing your 2025 taxes in 2026.
The S&P 500 closed 2024 on a high, delivering a 23.3% return—an amazing year for investors in the index. What this means is that if you had invested $10K at the beginning of 2024, you’d be finishing the year with $12,330 vs $10,400 in a savings account.
There are predictions floating around that Bitcoin might hit the $200K range in 2025. Remember, this is not financial advice—just sharing the buzz! Do your own research and take from this what you will.
Money Tips for the Year 💸
It’s the new year and a lot of us have big financial goals but how are you going to ensure you achieve this?
Here’s how…
Break Your Goals into Smaller Steps
If you have a big goal, like saving $5,000, break it down into manageable chunks. How much does that translate to on a biweekly or monthly basis? For example:
Biweekly: $5,000 ÷ 26 weeks = approximately $192 per pay period.
Monthly: $5,000 ÷ 12 months = approximately $417 per month.
Breaking it down makes your goal feel more achievable and gives you a clear target to work toward.
Track Your Expenses & Financial Numbers
Tracking your expenses is one of the first steps in effectively managing your money. It helps you understand your finances, set realistic goals, and stay on track to achieving your financial goals.
The Wealth Savvy Budget Tracker is on sale for just $15 until January 6! I dare say this is your ultimate money tool for 2025—just be sure to use it. Plus, you can watch the walkthrough video to get started.
Stay Disciplined and Avoid Keeping Up with the Joneses in 2025
If you truly want to achieve your goals, discipline is key. Prioritize saving and make it a non-negotiable part of your budget. For me, I’ve committed to a No UberEats/Doordash buy in 2025, and I’ve set clear rules like deleting both apps, focusing on meal prepping, and allowing occasional dining out.
Remember, don’t compare yourself to others. You don’t know the full picture of their finances, and everyone has different privileges. Focus on maximizing your own advantages and stay committed to your financial journey.
Accountability and Loud Budgeting
Accountability is key when managing your finances. Share your financial goals with someone you trust to stay on track. This way, they can help keep you accountable and encourage you when you need it most.
In addition, practice loud budgeting—be transparent about where your money is going and stick to your budget without feeling ashamed. Letting others know about your commitment to saving and budgeting not only reinforces your focus but also invites support. They can steer you away from financial decisions that could derail your goals and help keep you on the right path.