Start the Year Strong: Great Financial Resolutions for 2025
As we turn the page to a new year, it’s natural to think about resolutions—those promises we make to ourselves to live better, healthier, and more fulfilled lives. While personal goals often take the spotlight, the start of the year is also the perfect time to set financial resolutions. A solid plan can help you achieve not only peace of mind but also the long-term financial freedom you’re striving for.
At WWM, Jackie and I often see how impactful setting intentional financial goals can be. Here are some resolutions to consider as you build a brighter financial future in 2025:
1. Review and Refresh Your Financial Plan
Your financial plan isn’t a set-it-and-forget-it document. Life changes—whether it’s a job shift, a new family member, or approaching retirement—can impact your goals. Use the new year as an opportunity to revisit your plan. Jackie and I encourage our clients to ask: Are your goals still aligned with your dreams? Are your strategies keeping up with the market and your personal circumstances?
2. Boost Your Emergency Fund
If the past few years have taught us anything, it’s the importance of being prepared for the unexpected. Aim to have three to six months' worth of living expenses saved. If you’re already there, consider stretching to nine months for added peace of mind.
3. Maximize Retirement Contributions
Tax-advantaged retirement accounts are one of the most effective ways to build wealth. In 2025, contribution limits for IRAs and 401(k)s may have changed—check the latest numbers and aim to max out contributions if possible. We can help you create a plan that works for your goals and timeline.
4. Tackle Debt Strategically
High-interest debt can eat away at your financial progress. Create a plan to pay it down aggressively this year. Start with the highest-interest balances, or consider consolidating debt to lower your overall rate.
5. Embrace Mindful Spending
Budgeting doesn’t have to feel restrictive. Instead, think of it as mindful spending. Track where your money is going and ensure it aligns with your values and priorities. Jackie and I love helping clients uncover opportunities to align their spending habits with their larger financial goals.
6. Invest in Financial Education
The financial world is always evolving, and knowledge is power. Commit to reading one new book, attending a seminar, or consulting with Jackie and me about trends and strategies. Growth in knowledge leads to growth in wealth.
7. Plan for Tax Efficiency
The beginning of the year is the perfect time to think about tax strategies for the year ahead. Roth conversions, tax-loss harvesting, or contributing to a Health Savings Account (HSA) are just a few ways to optimize your tax situation.
8. Protect What You’ve Built
Take a moment to review your insurance coverage. Do you have enough to protect your family, home, and investments? Evaluate life, health, and property insurance policies to ensure they’re sufficient for your current needs and future plans.
9. Involve Your Family
Financial health isn’t just about numbers; it’s about aligning your goals with those of your loved ones. Start conversations about money with your partner, teach your children about saving and investing, or create a legacy plan for the future.
10. Work with Your Advisors to Stay on Track
Jackie and I are here to be your partners in financial success. Whether it’s reviewing your investment strategy, fine-tuning your goals, or answering questions about the market, we’re ready to help you make 2025 a year of smart decisions and steady progress.
Final Thoughts
Resolutions are powerful tools when paired with action and commitment. Even if you pick just a few to focus on, you’ll be setting yourself up for a stronger financial future. Jackie and I are here to help you make this your best year yet.
Here’s to a prosperous and fulfilling 2025!
