With the new year upon us, now is an important time to consider your financial goals for 2025. Many people are motivated to “do better” financially, but financial resolutions can also be a little intimidating. Resolving to make a ton of money or to save all your extra funds may feel unrealistic and, therefore, hard to commit to. Fortunately, you don’t have to go big or go home. There are many more approachable financial resolutions that can help to motivate you to follow a path to financial success with goals that you can easily achieve.
Here's what you need to know.
8 Financial New Year Resolutions for 2025
At DebtBlue, we focus on helping each client achieve financial wellness, which often involves small yet meaningful steps. From our experience, we can suggest eight easy new year’s resolutions to improve your finances in a way that you can definitely achieve this year.
Save a Little Every Month
Building a savings habit can start small and grow with time. One of the most do-able financial resolutions is to save just a little every month. This simple strategy is backed by the FDIC. Open a savings account and transfer at least $10 into your account each month, and you’ll have achieved your goal. More likely, however, you will discover that you can afford to put aside a little more.
Many people find that they save more easily when they set aside a little money from each paycheck on payday, often using an automatic transfer to that there is zero temptation to spend what you plan to save. Others find satisfaction personally making the transfer because it feels good to save intentionally and see your savings grow.
Knock Out Your Little Debts
Most people have a few debts on their record. The average American adult as about $6,500 in credit card debt alone. Credit card debts, medical debts, unpaid traffic tickets; there are usually a few. While larger debts will take time, you can resolve to focus on and eliminate smaller debts this year. Consider what it would take to knock out one or more of your smaller debts with savings or a little from each paycheck before you allot your fun money.
Not only will you get those debts off your record (and those reminders off your back), your credit score will also get a boost with each debt you completely pay off. It really does pay to start small.
Target Your Next Raise and Promotion
This is your year. It’s always a good time to target your next move up in the career chain. Find out what it would take to get a raise or promotion in your current role. If that’s not realistic, it’s time to start looking for a new job to replace any position that has become a dead-end for your forward progress. The average raise is 3-5%, and the average promotion pay increase is 9.2%, but you could potentially earn more with a competitive job change.
Put your shoulder into your work if you know a raise could be just around the corner or ask your boss what you need to do to get that next promotion. If it comes down to contract negotiations, ask – politely but ambitiously – for a little more than you’ve been offered. There’s no doubt that getting a raise or a better paying job is a great way to improve your finances and your professional future at the same time.
Audit Your Auto-Pay and Subscriptions
Don’t let your fun money drain away with forgotten subscriptions. On average, people are spending $40 a month on subscriptions, many you don’t remember or need. Check your bank account and digital wallets for auto-pay authorizations and repeated transactions. Cancel services you don’t currently use (you can always reactivate later if they get something you want) and de-authorize automatic payments for any brand that you don’t recognize or use frequently.
You might be surprised just how much extra money you’ll have to spend (or save) after you stop the leeching that has become so common in our service, software, and entertainment industries.
Only Buy What You Really Want: Delay Impulse Buys to Test Your Motivation
Promise yourself that this year, you will only buy things that really make you happy. The best way to achieve this is to put off impulse buys. Just waiting two to five days can allow you to forget about things that don’t matter or identify a true longing for purchases that would make you happy every day. Maybe you really do want that mini popcorn machine and would use it every movie night, but that designer jacket might fall right out of your brain until the next shiny thing catches your eye.
It’s okay to buy fun things, but make your spending count.
Only Spend On Friends Who Will Spend On You
Spending on friends can be a rewarding give-and-take that enriches your relationship. Buying each other lunch and little gifts can be fun, but it’s important to avoid relationships where you are the only one spending. In friendship, money may be no object, but there is always an equitable trade of time, energy, and funds that balances out to ensure everyone feels they are sharing value in the relationship.
Friends often set a comfortable budget range for exchanging gifts so that no one accidentally over-spends or under-spends on one another. Whether that balance is small gifts or just each bringing a dish to your pot-luck holiday party, be sure to focus your financial resources on friends that value you equally in return.
Claim All Your Tax Deductions This Year
Filing your taxes can be a pain that most people do with an automated tool. But are you getting your full tax refund every year? Most people don’t know their full potential for tax deductions and miss out on a few opportunities to save. Did you install an energy-efficient appliance? Did you donate your time or money to a charity in the last year? Did you buy medical supplies or equipment? Did you pay off interest on your student loan?
There are tons of often-missed tax deductions. Do a little research or hire a real tax expert this year to claim your full return.
Set a Saving Goal and Celebrate by Reaching It
Last but never least, consider setting a savings goal this year and work toward it with enthusiasm. It doesn’t have to be serious, like saving for a house or car. It might be a big fun purchase or event that you’ve been dreaming of, like a hobby kit, a vacation cruise, or funds for an ultimate birthday party.
Having a motivating goal in mind can help you spend less, set aside more, and feel truly accomplished when you reach your savings goal and get to spend it all on something that makes you happy.
Make 2025 a Year for Financial Success
Setting an approachable financial goal is a great way to improve your finances and feel accomplished this year. Why not ring in 2025 with a goal that will boost your financial wellness in a way that makes you happy, proud, and empowered in the new year? DebtBlue can help with professional debt resolution services. We are here to help you master your finances and achieve your financial goals for 2025.
What are your financial New Year’s resolutions? Contact us to share your goals and build debt management into your plans.