With a new year comes the ideal opportunity for fresh goals and the prospect of bettering one’s finances. Be it something minor or clearing debt, many small changes can result in big differences over time. The 2025 Financial Resolutions Survey reveals that saving more, paying off debt, and spending less are on many Americans’ lists of desired goals this year.
If you are willing to take charge of your finances, here are nine popular financial resolutions and easy steps to achieve them.
Save More Money
Many people set saving money as a top priority; the good news is there are lots of ways to do so. So, start with some little things, such as not paying for unused subscriptions and using that money to save money. Another very powerful thing is to automate savings by setting up transfers into some high-yield savings account that will make money grow quicker. Some accounts, for example, like Bask Bank, give an interest rate of 5.10%.
Raise Your Credit Score
A good credit score is a ticket to loans, better interest rates, and even apartment rentals. To raise your score, pay your bills on time, pay off debts, and limit how often you apply for new credit. You can also use tools like Experian Boost® to add positive payment history for utilities and streaming services to your credit report. It is free and could raise your score by as much as 13 points.
Get a Personal Budget
Having a budget does not feel restrictive; it is empowering. Seeing where your money is going lets you make better decisions by budgeting for income and expenses. Begin listing your fixed expenses—these include rent, groceries, bills, and the like—then set limits on where you can spend freely. A budgeting app such as You Need a Budget (YNAB) will help make this process more manageable by giving you an allocated job for every dollar, such as saving or paying off your debt.
Pay Credit Card Debt
Credit card debt can be intimidating, especially if the company charges extremely high interest rates. Then, there is a balance transfer to a new card with 0% interest for a promotional period, as offered by the Citi Simplicity® Card; you can have up to 21 months without interest added to it. Just make sure that you have a strategy in place to pay off the debt before the promotional period ends so you are not charged interest.
Pay Credit Card Balance in Full
Carrying a credit card balance from month to month not only costs you extra in interest but can also harm your credit score. Paying your balance in full every month should be one of your goals. If you cannot pay your balance in full, at least make sure you pay the minimum due on time to avoid late fees and penalty rates. Automatic payments can help you stay consistent.
Be Smart About Credit Card Applications
Applying for multiple credit cards in a short period of time can negatively affect your credit score. Space out your applications and only apply for cards that align with your financial goals, such as rewards programs or balance transfer offers. Most people can manage three or four cards responsibly but only take on what you can handle.
Check Your Credit Score Regularly
Checking your credit score regularly is a good habit to develop in 2024. Many tools, such as Chase Credit Journey or CreditWise by Capital One, allow you to monitor your score for free and provide tips on how to improve it. Checking your score would not hurt it, so feel free to keep an eye on it to make sure you are on track.
Review Your Credit Report
Your credit report is a treasure trove of information about your financial past; it is worth checking for inaccuracies or fraud. Federal law allows you to access your credit report from each of the three major bureaus-Experian, Equifax, and TransUnion-free, once a year at AnnualCreditReport.com. Going through your report can help you catch inaccuracies or identity theft early.
Protect Yourself With Credit Monitoring
You will want to sign up for a credit monitoring service due to the growing problem of identity theft and fraud. You can also use tools such as CreditWise from Capital One, which informs you of unusual activity. You can also scan the dark web for any information on you for free. It is a valuable added layer of security, for sure.
Conclusion
To achieve financial fitness, you do not have to change your life in extreme ways. Begin with small, easy-to-do steps and shape resolutions that suit your lifestyle. For example, if saving aggressively looks daunting, start with a lower amount and increase it steadily over time. Consistency is key.
Taking charge of your finances in 2025 will set you up for a more secure and less stressful future. Whether you are saving for that dream vacation, working towards being debt-free, or building an emergency fund, every small step you take gets you closer to those goals.
