While some of us still resolve to hit the gym every New Year, most of us go for better money management. Research found that over 50% of us plan to set new money goals for 2025.
No matter what you decide, it’s still helpful to take stock of your finances now. It can help you get a jump start on resolutions to improve your financial fitness.
Start with creating an inventory of your take-home pay, essential expenses, and non-essential buys like entertainment and gift shopping. Be sure to include estimates for big-ticket items you’re anticipating, like upcoming home repairs or tuition. Once you have a clear picture of how much you earn and where your money is going, you’ll be able to create goals.
Live below your means during 2025. This may sound cliche, but it has merit, especially as almost 30% of us feel we overspend on luxuries. Although lifestyle changes may be difficult at first, you’ll cheer up when your savings grow. Some sneaky ways to save:
- Cut down on your streaming subscriptions and go for the free options. Ditto with drive-through snacks and drinks; these can wait until you’re home.
- Never go shopping without a list. This helps prevent impulse buys. Also, paying with cash helps you resist overspending.
- Reduce your car or truck payment. You may be able to refinance your payment and also find cheaper insurance.
This brings us to a true path to happiness: life without debt.
Aspire to be debt-free sooner than later. Most of us define financial happiness as being debt-free, although most of us also have some debts. You can attack these in a variety of ways, from prioritizing those with the highest interest rate, to pledging your next tax refund to this worthy cause.
Give Yourself a Money Check-Up
- Check your credit report and score for accuracy.
- Look for ways to improve your credit by paying bills on time and reducing debt.
Build or Strengthen Your Emergency Fund
- Aim for 3–6 months’ worth of living expenses in an easily accessible account.
- Start small if needed; even a few dollars a week adds up over time.
The New Year is an excellent time to reset and focus on your financial goals. Remember to include “fun money” in your budget for hobbies or affordable vacations so you don’t feel deprived. Saving doesn’t mean cutting out all joy!
Core Bank covers all your unique needs by offering several account options for private, personal, and business banking alike. Whatever your goals, you’ll have access to great benefits when you sign up for an account with Core Bank. Contact us or open your account online today!