Go to the gym… Head back to school… Prioritize yourself… There’s endless possibilities for New Year’s resolutions, but financial goals often take a back seat. We may be bias, but financial goals deserve a spot right next to personal and physical improvement goals.
The new year and all its possibilities can be overwhelming. Let this blog serve as your one-stop guide for your 2025 financial resolutions:
- “I will take control of my finances”
Review your current financial situation
- Dedicate a day to analyze your financial habits. Track your spending, identify unused subscriptions, and assess your debts. Writing down clear financial goals for the year will give you direction and purpose.
Digitize your budget
- Digital budgeting tools provide a modern way to manage your money. Apps can track spending in real-time, send reminders, and help you stay on track with your goals. Having your budget accessible on your phone means you can make informed decisions anywhere. Look into all the benefits of mobile banking and online banking and make the switch if you haven’t already.
Protect your digital footprint
- With finances increasingly managed online, protecting your digital footprint is crucial. Clean up your online accounts, review stored banking information, and cancel any unnecessary recurring charges. Regularly updating passwords and monitoring accounts can safeguard against fraud.
- “I will build a safety net for life’s surprises”
Start or grow your emergency fund
- Setting aside even a small amount, like $50 per week, can accumulate into a robust emergency fund over time. This fund can help cover unexpected expenses, such as car repairs or medical bills, without derailing your budget. Check out our savings account offerings to find the perfect emergency fund for you.
Reduce/consolidate debt
- Consider consolidating high-interest debts using tools like home equity loans. This strategy can simplify payments and lower interest rates, making debt repayment more manageable.
Pay down credit card balances faster
- High-interest credit card debt can be a financial burden. Focus on paying off these balances and develop a structured payoff plan to reduce interest payments and improve your financial health.
- “I will get financially fit”
Monitor your credit score
- Think of monitoring your credit score like tracking fitness goals. Use free or low-cost tools to check your credit regularly and stay informed about factors affecting it.
Reduce financial stressors
- Automating bill payments and savings can simplify your finances. Refinancing loans can also lower monthly payments, making financial management less overwhelming.
Reward your progress
- Tie financial goals to other resolutions. For example, save $5 every time you work out. Small incentives can keep you motivated.
- “I will educate myself about money”
Read or listen to personal finance resources
- Incorporate personal finance books, audiobooks, or podcasts into your routine. When it comes to personal finance, knowledge is power.
Apply what you learn
- Put your newfound knowledge into action. Whether it’s creating a budget, starting an investment account, or paying off debt, take steps to implement the advice you learn.
- “I will tackle big financial decisions with confidence”
Refinance your mortgage (if applicable)
- Refinancing your mortgage could lead to significant savings through lower interest rates and monthly payments. Evaluate if this option suits your financial goals.
Work with a financial advisor / seek professional advice
- A financial advisor can provide expert guidance on retirement planning, debt management, and investment strategies. Think of them as a personal trainer for your finances—helping you achieve long-term success.
From the Penn Community Bank family to yours, we wish you a happy, healthy, and prosperous New Year! For more financial tips and resources, visit www.PennCommunityBank.com.
