Set your financial resolutions for 2025


PHOTO CREDIT: StatePoint Media

January is a time for setting goals, new habits and fresh starts.

Here are five financial New Year’s resolutions you can set for yourself, along with how a financial professional can help you achieve them:

Boost your financial IQ

Financial literacy is critical to building wealth. It will help you break bad habits and make better choices. From managing debt to investing, a professional can educate you on potential strategies for reaching your goals. When you work together to execute those strategies, you’ll do so with a clear understanding.

Plan for the future

Because of compound interest, the right time to get serious about your investments and savings is always as soon as possible. If you’ve delayed this goal, make 2025 the year to open or increase your retirement account contributions. A professional can make recommendations for what type of accounts to open. They also can help you calculate how much you need to contribute monthly to have the retirement you desire and to meet your other long-term goals.

Reduce your tax burden

It’s not too early to begin planning for tax season. Work with your advisor to use tax-advantaged investments and deductions to keep more of your money next year.

Review your insurance policies

Figuring out whether you have the right types of insurance coverage in place and in the proper amounts can be tricky. Review your policies with a professional to better understand this important aspect of your overall financial plan.

Make a budget

Whether you’re spending more than you earn or earning more than you spend, creating and adhering to a budget is the best way to get smart about your finances. If you’re in a net deficit, you can look to your budget to identify where you can reasonably reduce expenses, or alternatively, boost your income. Your budget also can show where to direct any surplus.

This new year, let a financial advisor trained to examine every facet of your finances help you get your ducks in a row.

Related Posts

Her Magazines Newest Stories