Experts share tips on setting effective financial goals for the new year, emphasizing the importance of motivation and clarity.
You have more power over credit card interest rates than you think you do, one advisor says. Whether you're saving to move out of your parents' house or pay off student loan debt, financial resolutions can help you stay motivated, said Courtney Alev, consumer advocate. Entering a new year doesn’t erase all our financial challenges from the prior year, Alev said. But it can really help to bring a fresh-start mentality to how you’re managing your finances.
If you’re planning to make financial resolutions for the new year, experts recommend that you start by evaluating the state of your finances. Then, set specific goals and make sure they're attainable for your lifestyle. Let this be the year you change your relationship with money, said Ashley Lapato, personal finance educator for YNAB, a budgeting app. If you feel like money is a chore, that there's shame surrounding the topic of money, or like you were born being “bad at money,” it's time to change that mentality, Lapato said. To adjust your approach, Lapato recommends viewing money goals as an opportunity to imagine your desired lifestyle in the future. She recommends asking questions like, “What do my 30s look like? What do my 40s look like?” and using money as a means to get there. 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. If you can attach the financial goal to a bigger life goal, it’s much more motivating and more likely you’ll continue on that path, Watson said. Whether you're saving to buy a house, pay off credit card debt or take a summer vacation, being clear about the goal can keep you motivated
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