As the new year approaches, experts advise focusing on financial resolutions to achieve financial goals. They recommend evaluating current financial situations, setting attainable goals, and changing negative money mentalities. The article emphasizes the importance of forgiveness for past mistakes and visualizing desired futures to stay motivated.
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“Let this be the year you change your relationship with money,” said Ashley Lapato, personal finance educator for YNAB, a budgeting app. Liz Young Thomas, head of SoFi Investment Strategy, added that it’s key you forgive yourself for past mistakes in order to move into the new year with motivation.When setting your financial resolutions for 2025, it's important to establish the “why” of each, said Matt Watson, CEO of Origin, a financial tracking app.
“Calibrate your spending with your income, and any month you spend less than budgeted, transfer the difference into your savings account, ideally a high-yield savings account,” he said.“Interest rates aren’t likely to come down very fast, so you’re still going to have to put in the hard work of paying down debt, especially high-cost credit card debt, and do so with urgency,” McBride said.
Bandebo also advises student loan borrowers to make all payments on time, as servicers will begin to report late payments starting in January, and missed payments will affect borrowers' credit scores.Automated changes, like increasing workplace 401 plan contributions, setting up direct deposits from paychecks into dedicated savings accounts, and arranging for monthly transfers into an IRA and/or 529 college savings accounts all add up quickly, McBride said.
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