5 Financial Resolutions for the New Year
Last Updated
January 13, 2025
Written By
Morgan Kulikowski
As we enter 2025, it’s the perfect opportunity to set fresh goals, especially when it comes to finances. Whether you want to grow your savings, tackle debt, or take better control of your money, here are five financial resolutions to consider, along with tips to help you stick to them this year.
- Create a Realistic Budget
A budget is the foundation of financial wellness. Start by tracking your income and expenses to see where your money is going. Use this information to set realistic spending limits for each category. Remember to allocate funds for savings and unexpected expenses.
Check out our 5 Steps to Building a Successful Budget blog to learn steps to establish a budget that works for you!
- Build Your Savings
Whether you’re saving for a vacation, a new home, or an emergency fund, having a savings plan is essential. Commit to setting aside a percentage of your income each month. Automating your savings by scheduling transfers to your Family First savings account makes it even easier to stay consistent.
The Goal Builder feature in our online banking platform and mobile app can help you reach your goals faster!
- Pay Off Debt Strategically
Debt can feel overwhelming, but with the right strategy, you can take control. Start by listing your debts and their interest rates. Focus on paying off high-interest debt first (the avalanche method) or start with the smallest balances for quick wins (the snowball method).
Read our blog Credit 101: How to Establish Credit and Understanding Your Score to learn how managing debt can also improve your credit score.
- Improve Your Financial Knowledge
Knowledge is power when it comes to managing money. Dedicate time this year to learning more about personal finance. Read blogs, attend workshops, or schedule a session with a financial counselor.
Read more about financial literacy to understand your finances better by reading our blog Understanding Financial Wellness.
- Stay Consistent and Accountable
Setting financial resolutions is only half the battle; sticking to them is the real challenge. Break your goals into smaller, manageable steps and celebrate milestones along the way. Share your resolutions with a trusted friend or family member who can help keep you accountable.
No matter what your resolutions look like, Family First Credit Union is here to help you make this year your most financially successful yet. Visit your local branch or explore our website to learn more about how we can support your financial goals in 2025.
Author
Morgan started her banking career with Family First in 2018. She is a Business Intelligence Analyst and has worked alongside various departments and committees within the credit union, giving her an expansive set of skills and knowledge to help you reach your financial goals. She is committed to helping her members and community by offering financial guidance and support wherever she can, both within the credit union walls and out in the world.