Four Financial Tasks to Complete to Start 2025 on a Solid Financial Foundation!
As 2025 begins, it’s the perfect time to review your finances and get ahead while the New Year is still fresh. Many people start their New Year’s resolutions in January, so why not tackle some important financial tasks now? Don’t let the year get away from you—take action now to maximize your finances as you move through 2025!
- Evaluate your 2024 Financial Goals
- Start by looking at the financial goals you set last year and then assess your progress towards them. Checking in on the progress of your goals can help identify specific areas you might need to work on in 2025, as well as help you decide how to prioritize spending and saving. If you didn’t set any financial goals in 2024, now would be a great time to start thinking about what you would like to accomplish in the New Year.
- Get a Copy of your Credit Report
- If you haven’t checked your credit report this year, now would be a great time! Each of the major credit bureaus (Equifax, Experian, and TransUnion) allow consumers to obtain a copy of their credit reports. This is a crucial opportunity to double check the items being reported to your social security number and identify any errors or signs of theft.
- Review and Adjust your Budget
- Examine your spending last year in categories like housing, food and groceries, transportation, daily incidentals, irregular expenses, etc. Check your progress on reducing your debt, saving for an emergency fund, and other goals you set. Do you anticipate any major expenses in the next year, like having a child, getting married, replacing your furnace, a landscaping project, or a new car? Are there areas where you can cut back on spending to free up funds for your most important goals?
- Set Specific and Measurable Goals for Next Year
- Instead of saying, “I will save more money this year,” try this: “I will commit to setting up an automatic transfer of $250 per paycheck into a savings account dedicated to my upcoming wedding.” Or commit to paying down a specific credit card or loan by a specific amount within six months. Make a list of your goals and check your progress each quarter. Financial goals that are actionable, measurable, and specific are more likely to provide motivation and enhance the probability that you’ll meet them.
Set yourself up for success in 2025!
Checking these tasks off your to-do list is an important step toward starting 2025 on a solid financial foundation. If you are struggling with starting or updating your financial plan, budget, or goals, remember Regional Missouri Bank has other tools that you can utilize to make this process easier! Stop into any of our nine convenient branches or call us today to see how our team can assist you!