Many people will make financial resolutions for 2025. Here's some items financial advisors hope you will consider putting on your list for next year.
Financial advisors say other moves, including prioritizing mindful spending, can help bring better balance to your financial health in the new year.
Ask yourself if your spending aligns with your goals and values and if it should continue, he suggested. Once you sit down and look at the numbers, it can help identify where you might want to make changes. Also be sure to take a look at how much you're paying for streaming services, and where you might be able to cut back, Jenkin said. Multiple streaming service subscriptions can now add up to more than a cable bill. Families may save by cutting the number of subscriptions or by having multiple family members on one account, he said.
One area of financial planning that people tend to avoid is estate planning, according to Louis Barajas, a CFP, enrolled agent and CEO of "These areas require annual reviews to help account for life and money milestones and adjustments in your value system," Cherry said.To get a family money conversation going, it helps to set a formal time to discuss the topic.Possible topics that could be discussed include financial resolutions, long-term care needs for older generations and the status of estate planning documents.
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