It’s time for New Year’s Resolutions, and many people want to improve their finances and control their money better. In fact, 52% of Americans plan to make finance-related New Year’s resolutions for 2025, according to a new WalletHub survey. For example, 41% of people who are making a financial resolution want to save more money.
Inflation is still the biggest worry for 2025. 56% of Americans say inflation is their biggest financial concern for 2025; more than 3 in 5 Americans expect to spend less money on New Year’s plans this year than last year due to rising costs. But there is optimism; nearly 2 in 3 people say 2025 will be better for their wallet than 2024.
John Kiernan, WalletHub Editor, says, “Despite continued concerns about inflation, Americans are cautiously optimistic about their finances heading into the new year. Nearly 2 in 3 people believe that 2025 will be better for their wallet than 2024, according to a new WalletHub survey. One reason for that is the fact that 52% of people plan to make finance-related New Year’s resolutions, with saving more being at the top of that list. Hopefully, this will reduce debt levels and put people on a more sustainable path.”
That being said, here are the top 14 most popular New Year’s resolutions for 2025. How many are you trying to do?
Top Personal Finance Resolutions for 2025
Make a Realistic Budget & Stick To It
The first thing you have to do when taking control of your finances is to make a budget. That’s right- a BUDGET. A personal budget. You need one. You need one written down. Not only that- but it needs to be a budget that WORKS. A budget that only deals with the money you have and not the money you think you have or the money you wish you had.
Read More: How To Make a Budget That Actually Works
Get a 5%+ Return on Your Cash
Don’t fall into the trap of thinking that investing is reserved for the already rich. Although having more money to play with invests simpler and less risky, anyone with a healthy savings account and enough income to set aside a few dollars each month can afford to invest. So don’t ask yourself whether you should get involved — try to figure out the best ways to use your money.
Read More: Best Ways to Invest Money
Save More Money
Saving money is important, and I am the queen of frugal living. Frugal living is one of the best ways to ensure you save more money—instead of wasting it on things you don’t need.
Read More: 30+ Best Frugal Living Tips To Help You Save Money Now
Explore Ways To Refinance High Interest Rates
Debt is a problem for many Americans. Especially now in the holiday season. So, what will you do when the holidays are over and your credit card debt is piling up? It may be possible to refinance some of your existing loans into ones with lower interest rates. Then, you can work on paying it down.
Read More: How To Reduce Your Interest Rate
Repay 25% Of Your Credit Card Debt
If extra debt money was available, it might be worth boosting financial confidence, morale, and saving opportunities. Financial experts regularly recommend two ways of reducing debt: the “avalanche” and the “snowball” techniques. The two programs will help you focus on debt reduction. The snowball method is first to pay off your debts, then take the next payday.
Read More: How To Get Out of Debt Fast: 10+ Tips You Need To Know Now
Use Different Credit Cards for Everyday Purchases & Debt
Credit cards give different cashback percentages for different types of purchases. Credit cards can offer great perks, protection, and rewards when used responsibly. Putting debt on low-interest rate credit cards or interest-deferred cards can help relieve you while you work on a plan to pay them off expeditiously.
Fight Back Against Inflation
Inflation is high, and consumers are reacting by changing their behavior. There are lots of frugal living tips and money-saving hacks that anyone can use to fight back against inflation.
Pay Bills Right After Getting Your Paycheck
Making bills a priority is essential for anyone who wants to control their finances. If you struggle with impulse spending, you must pay your bills immediately so you are not tempted to spend the money instead.
Protect Your Identity
Fraudulent claims on loans and leases are the fastest-growing kind of identity theft in the United States. Many people want to look into options to keep their information safe from those who would use data that does not belong to them for personal gain.
You need to protect yourself from criminals looking to harm your credit and use their identity for themselves. One thing you can do is you can request a credit lock from all three national credit bureaus and block access to any person or agency trying to do a credit check on you.
Read More: How to Lock Your Credit – What it Means and Why You Should Consider It
Focus on Physical Health, Given Its Strong Connection to Financial Health
What if we told you one of the best investments you can make in life is in yourself? I’m not the only one who thinks so. Physical health is directly related to financial health, and people are starting to realize that. They want to improve their physical health and then, hopefully, their financial health.
Read Now: 8 Reasons Why Physical Health Is Frugal
Look for a Better Job
The New Year is the perfect time to decide and change your life. It’s time to consider getting a new job and improve your life. You should make this year the year to get a better job for many reasons.
Read More: 7 Reasons You Should Consider a New Job in 2025 (Even if You’re Comfortable Where You Are)
Make Sure You Have Enough Insurance for a Catastrophe
Recent years have demonstrated the unpredictability of life and the necessity of being prepared for unforeseen events. If others rely on you, it is crucial to ensure their well-being in your absence or if you cannot work. You should also protect your property from rising climate change issues like flooding and fires.
Get an a in Financial Literacy
Financial literacy levels in this country are far too low, and they’re headed in the wrong direction. According to WalletHub, roughly 40% of Americans grade their financial know-how at a “C” or below.
So start 2025 by taking the WalletLiteracy Quiz and getting a baseline score. Then, throughout the year, study the areas where you struggled and periodically re-test yourself to gauge your progress. Your goal should be to get at least an A- by the time 2026 rolls around.
Join a Credit Union
Credit unions frequently offer lower fees and more favorable interest rates on loans and savings accounts than traditional banks, making them a valuable alternative. For instance, credit unions offer interest rates on checking accounts that are 40 times higher than those offered by regional banks.
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