Investment management isn’t a “one-and-done” proposition. Instead, it’s an interactive roadmap to your financial future and should reflect your changing goals, priorities, and life circumstances. Join us as we count down to 2025 with 25 tips to work towards improving your financial wellness before the new year!
25. Review your spending habits from 2024
- Take a look at your online banking app or checkbook to review your spending habits – where do you see trends/room for improvement/etc.
24. Address & evaluate your goals from 2024
- Did you set financial goals for the last year? If so, did you meet them, or come close? Self-evaluation is a key step in making desired changes in your financial journey.
23. Set a meeting with your advisor
- If you’re not sure where to start, or just feel like more guidance could help you in your 2025.
22. Create or adjust your personal budget
- Following a budget gets a bad rap, but it can be imperative in meeting your financial goals. Tracking spending, setting monthly goals for spending/saving/investing, and then monitoring it on a regular basis can be the difference maker for those looking to take the next step on their financial journey.
21. Start or increase your emergency fund
- Aim for 3-6 months of living expenses in a readily accessible account.
20. Pay down high-interest debt
- Review the interest rates on any debt you have and focus on eliminating high-interest credit card or loan debt as a priority.
19. Maximize employer benefits
- Review your workplace benefits, including health insurance, retirement matching, and wellness programs.
18. Review your retirement contributions
- Ensure you're contributing enough to your 401(k), IRA, or other retirement accounts to meet your long-term goals.
17. Make a plan for any known bonuses/raises/other income
- If you know of additional income headed your way in 2025, make a plan for it now!
16. Make financial mindfulness a habit
- Commit to regularly reviewing and improving your finances. Schedule regular financial check-ins with yourself and family members.
15. Focus on financial literacy
- Commit to learning one new financial concept each month, like compound interest or asset allocation.
14. Automate your savings
- Consider setting up automatic transfers to savings or investment accounts to stay consistent.
13. Cut unnecessary subscriptions & expenses
- Audit your subscriptions and recurring expenses to eliminate wasteful spending.
12. Plan for holiday spending early
- Avoid debt by setting a holiday spending limit and starting to save for it now.
11. RMD's
- If you are age eligible, consult with our team and tax professionals to ensure you're executing the best strategy for taking your yearly RMD's!
10. Review your tax strategy
- Speak to an accountant and look at potential tax deductions and strategies to minimize your tax liability for 2025.
9. Review your insurance policies
- Ensure your life, health, home, and car insurance policies are sufficient for your needs.
8. Check on your Medicare enrollment status
- Medicare enrollment can be overwhelming. Our team can connect you with professionals who can assist you in easing the process of signing up to receive your benefits when you become eligible!
7. Plan for healthcare costs
- Review your health insurance plan and consider starting a Health Savings Account (HSA) to help cover any planned (or unplanned) medical expenses in the new year.
6. Organize your documents
- Utilize AdviceWorks platform to create your virutal safe - never lose track of life's important documents.
5. Review & update your will or estate plan
- Make sure your legal documents reflect your current wishes.
4. Plan for college savings
- If you have kids or grandkids, consider starting or increasing contributions to education savings accounts. Our team can help you discern which is the best for your situation.
3. Create a plan for major purchases
- Map out big expenses for 2025, like home improvements or car purchases, and start a plan for how you will tackle the costs!
2. Set clear financial goals for 2025
- Whether it's buying a house, saving for a vacation, or pay off debt, start with a plan and follow it up with action steps.
1. Stay on track!
- Goals & resolutions are meant to guide & motivate your - but life happens to all of us! Make 2025 your year of financial wellness by doing your best to stay prepared & on track for whenever life throws curveballs your way.