The new year is perfect for resetting and focusing on your financial life. Whether you’re looking to reduce debt, increase savings, or protect your future, expert information can guide your path.
Here are seven ways to get started.
1. Start with Family Finance Discussions
Open discussions about money can improve communication and build trust. Schedule at least two family meetings this year to cover important financial matters such as estate planning and care needs for older generations.
Discuss topics such as long-term goals, generational wealth, and financial decisions to keep everyone on track.
Pro tip: If you have more than $150,000 in savings, Zoe Financial can help multigenerational families manage their wealth effectively.
2. Revisit Your Budget and Spending Habits
It’s time to take control of your spending. Check and cancel your monthly charges for unused subscriptions, streaming services, or unnecessary memberships.
Simplifying grocery shopping or combining streaming accounts with family members can also cut costs.
Pro tip: You can also pay for unwanted subscriptions again. Quicken Simplify quickly finds and tracks your subscriptions and cancels unwanted subscriptions.
3. Establish a Solid Investment Plan
Market volatility is inevitable, but reacting emotionally can hurt your portfolio. Create an investment policy statement that aligns with your long-term goals.
By regularly rebalancing, you can ensure that your portfolio reflects your target allocation, even during bear markets.
Pro tip: If you have at least $100,000 in investments, check out a free service called SmartAsset. You fill out a short questionnaire and are immediately matched with up to three vetted financial advisors in your area.
4. Focus on Debt Reduction
Debt can be a major obstacle to financial freedom. Start by paying off high-interest credit cards and loans. Use the avalanche or snowball method to build momentum and see results.
Paying off debt now frees up money for other important things later.
Pro tip: If you have more than $20,000 in unsecured debt, get some professional help. National Debt Relief is a trusted source of free advice and help.
5. Stay Ahead of Home Planning
Reviewing your estate plan is essential to your inheritance. Review your will, trusts, and digital assets to ensure they reflect your current goals.
Simple online tools make it easier and more affordable than ever to write or review site planning documents.
Pro tip: Want to save time, money, and stress while protecting your family? Where there’s a will, there’s a way.
6. Reevaluate Your Monetization Strategy
Negotiating a raise or finding new opportunities can improve your financial outlook. List your accomplishments, research market rates, and prepare a clear pitch to discuss with your employer.
If an additional income stream appeals to you, consider side gigs to supplement your main income.
Pro tip: Turn your hobby into cash – find out how to make real money playing your favorite games!
7. Wise Giving and Generosity
Giving money to loved ones can fit your family’s values and reduce future tax obligations. With the 2025 gift tax exemption of $19,000 per recipient, now is the perfect time to make meaningful contributions.
Direct funding for education is an excellent way to increase impact without incurring tax liabilities.
Pro tip: Protect your financial future – check out annuities for higher income now and lifetime income.
Make 2025 Your Year of Financial Growth
Adopting these strategies will help you face financial challenges with confidence.
Reducing debt, investing wisely, and encouraging family conversations can lay the foundation for a secure and fulfilling financial future.
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