Q&A with Apricot: How to Stick to Good Financial Habits in 2025 ?

As the excitement of the new year starts to wear off, it’s easy to forget about the financial goals we had set up for 2025. This is a good time to take a look at our financial goals and see how we can make sure we stick to them throughout the year. Here are some practical tips to help you stay on track.

Start with Realistic Goals

It’s great to be ambitious, but setting overly aggressive goals like saving 50% of your income can set you up for failure. If you’re new to saving, begin by aiming for 10% of your income. A key principle is to “pay yourself first.” This means setting aside 10% of your income as soon as you get paid, before you even have a chance to spend it.

Know Your “Why”

Understanding your motivation is crucial for staying committed to your financial goals. Are you saving and investing for specific goals like buying a car, making a down payment on a home, or taking a dream vacation? Do you have debt you want to pay off? Are you saving and investing to have financial security, feel less anxious about money matters, and not be dependent on your salary all the time? Maybe you want to retire early and quit your office job to pursue your hobbies? Are you building wealth for you and your family? Whatever your reason, keep it in mind to stay focused and motivated.

Build Good Financial Habits

Developing strong financial habits is essential for long-term success. Here are some key habits to cultivate:

• Create a Budget: A budget helps you track your income and expenses, identify areas where you can cut back, and allocate money for savings and investments. Even small expenses can add up – that daily coffee could be costing you 365,000 AMD per year!
• Set Quarterly Goals: Break down your annual savings goal into smaller, quarterly targets. This allows for flexibility and helps you stay on track. Quarterly goals give you more flexibility than monthly ones in case you need to spend less or more in a given month.
• Pay Yourself First: Make saving automatic! Set up a system where a portion of your income is automatically transferred to your savings or brokerage account each payday.
• Review Your Bank Statements Regularly: Keep an eye out for recurring charges for services you no longer use. Cancel those unused subscriptions and memberships to free up extra cash.
• Plan for Big Expenses: Anticipate major expenses like gifts, home repairs, or vacations. By planning ahead and saving for these costs, you can avoid debt and financial stress.
• Start Investing: Don’t let inflation erode your savings. Put your money to work by investing in assets that align with your goals and risk tolerance. Through a brokerage account with Apricot Capital, you can invest in a wide range of investment instruments, from low-risk government bonds to diversified ETFs and high-growth stocks.

Ready to take control of your finances? Open a brokerage account for free and download our Apricot app from the App Store or Google Play. Learn more about investing in Apricot Academy. 

It’s important to remember that investments are subject to market fluctuations and carry inherent risks. Consider your financial goals and risk tolerance before investing.

Apricot Capital is regulated by the Central bank of Armenia.

*The examples in this text are for illustrative purposes only. This does not constitute investment advice or a recommendation to buy or sell any specific investment instrument. The past performance mentioned in this text is not indicative of future results.