5 Expert Tips to Master Your Money Management in 2025!

The countdown to the New Year is on, and for countless American households, that means one thing is front and center: personal finances! As 2025 approaches, nearly 38% of folks have declared financial stability as their top priority, according to a fresh survey. With resolutions swirling in the air, now is the perfect time to set the stage for financial success.

We tapped into the wisdom of certified financial planners to uncover their best financial resolutions for the upcoming year. Let’s dive into their expert advice!

Kamila Elliott, Co-founder and CEO of Collective Wealth Partners

First things first: Create a budget and stick to it! Maximize those retirement contributions and set one personal financial goal—maybe it’s knocking out credit card debt or investing an extra $100 a month. Let’s make those dollars work for you!

Barry Glassman, Founder and President of Glassman Wealth Services

It all begins with understanding where your money goes. I challenge everyone to track their spending for a few months—look back three months on those credit card and Apple Pay statements. You might be shocked at the changes you’ll make just by knowing the truth of your spending habits!

Marguerita Cheng, CEO of Blue Ocean Global Wealth

Let’s talk about something that’s often overlooked: estate planning. Yes, even your 18-year-old heading to college in the fall of 2025 should consider it! I had my daughter set up her health care and financial power of attorney before she left home. If you’re feeling overwhelmed, remember: it’s a process. Start with the basics like power of attorney, then tackle beneficiary designations, and eventually, a will or trust if needed. Plus, it’s a great opportunity to review any retirement plans from past jobs and revisit life insurance too.

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Lee Baker, Founder and President of Claris Financial Advisors

1. It might not be the most exciting topic, but it’s crucial: review all your insurance coverages. Auto and home prices have surged, and don’t overlook disability and life insurance. Remember, you can always replace your car or home, but what happens if you can’t earn an income?

2. Now is the time to fine-tune your tax strategies and retirement plans:

• Take a look at those required minimum distributions: Do you really need them? Could Qualified Charitable Distributions enhance your overall financial picture?
• Consider tax loss harvesting to potentially boost your portfolio performance.
• Maximize your employee benefits: Are you fully utilizing a health savings account and retirement plan contributions?

3. Analyze your cash flow:

If you went a little overboard during the holidays, it’s time to strategize and rid yourself of that financial hangover while preventing it from happening again next year. Keep an eye on the interest rates—we’ve seen some cuts from the Federal Reserve, and there may be more on the horizon. Assess your situation!

Cathy Curtis, Founder and CEO of Curtis Financial Planning

1. Embrace automation when it comes to savings:

One of the best features of retirement plans like 401(k)s is that the contributions are automatically deducted from your paycheck and invested. To save for other goals, set up an automatic transfer from your checking account to a savings or investment account. Determine how much you want to save each month based on your cash flow, and set up that transfer. Once it’s in motion, it’s out of sight and out of mind—and watch your savings grow!

2. Tackle overspending head-on:

Start by identifying your spending weaknesses—whether it’s home decor, gadgets, travel, or fashion—and take a good look at your year-end credit card statements. Jot down how much you spent in these categories, then set a new budget that’s 20-30% lower for 2025. Keep track of your spending each month on a spreadsheet or app to stay accountable!

3. Stay the course with your investments, no matter what the headlines say:

If the end of 2024 is any indication, 2025 might bring its fair share of market turbulence. With new political dynamics, global tensions, and inflation in the mix, it’s easy to feel anxious. Yet, history shows us that markets rise over time. The savvy long-term investor’s best move? Keep investing and stay invested!