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When it comes to financial resolutions, paying off the debt is at the top of many 2025 to-do lists.
However, financial advisors who work with clients every day have their own wish lists for what they believe should be their top financial priorities for 2025.
Here are some tips on everything from budgeting to estate planning from the association's member experts CNBC FA Council.
“Start slowly and easily achieve your new financial goals,” said Lee Baker, certified financial planner and founder, owner and president Claris financial advisors in Atlanta. “It's better to have a few victories under your belt than to try to build Rome in one day only to end up frustrated.”
Make sure your budget is in line with your goals
The new year is a great opportunity to think about where your money is going.
“Taking a little time to understand your actual expenses and then deciding whether they align with your goals and values is time very well spent,” Jude Boudreaux, partner and senior financial planner at the firm, told CFP Planning Center in New Orleans.
Ask yourself whether your spending is aligned with your goals and values and whether it should continue, he suggested. When you sit down and look at the numbers, it will help you determine where you should make changes.
Increasing awareness of your spending can help ensure you get the most out of your money, advisers say.
“Conscious spending that reflects personal values can lead to greater satisfaction and stronger relationships,” said Rianka Dorsainvil, CFP and founder and senior wealth advisor at YGC wealth.
Assess where you can cut back on expenses
With credit card debt rising to record levels and consumers continuing to struggle with higher prices, now is a great time to rationalize your spending.
The new year is also a good time to review your credit and debit card statements for the year, said Ted Jenkin, CFP and founder and CEO of the company oXYGen Financiala financial advisory and wealth management company based in Atlanta.
Look for subscriptions, apps and memberships you don't use and cancel them, he said.
Also be sure to check how much you pay for streaming services and where you can save, Jenkin said. Many subscriptions to streaming services can now add up to more than just your cable bill. Families can save by reducing the number of subscriptions or having multiple family members on one account, he said.
Also be sure to pay attention to your grocery bills and the tendency to add up to spontaneous purchases, which can add up, Jenkin said.
Create a personal investing policy statement
When the market inevitably experiences ups and downs, there is a temptation to react.
However, research shows that the worst market days are common strictly observed through the best of days. If you sell during a down market, you will lose your advantage.
By creating a personal investing policy statement, you can avoid reacting to what's happening in the market and instead focus on your goals, founder Carolyn McClanahan told CFP Partners in life planning in Jacksonville, Florida.
For example, an investor with a long time horizon before retirement may decide to allocate 80% of their portfolio to stocks and the remaining 20% to fixed income. When the market falls or rises, they can choose to rebalance to 80% of their capital allocation rather than be tempted to react to the latest moves, McClanahan said.
Try to negotiate a higher salary
The start of a new year is usually an opportunity to meet with your manager or boss to discuss your achievements and value to the team and company, said Cathy Curtis, CFP and founder and CEO Curtis financial planning, fee-only financial planning and investment advisory firm.
Before this meeting, research your market value and determine what salary or other compensation you want to seek, giving a clear, concise explanation as to why, Curtis said.
Also remember to assess whether your work could be better rewarded elsewhere, she added.
Make sure your estate plan is up to date
According to Louis Barajas, CFP, registered agent and CEO of the company, one area of financial planning that people tend to avoid is estate planning. International private wealth advisors in Irvine, California.
For anyone who has young children or owns property, it's especially important to make sure you complete an estate plan, Barajas said.
It's worth noting that estate planning doesn't necessarily have to be expensive, he said. For those whose financial situation is not complicated, there are good online estate planning resources available to help you prepare wills, trusts, powers of attorney and guardian nominations at minimal cost.
Proper estate planning can help ensure that your wishes regarding where your money goes will be followed after your death. Importantly, this should also include your digital assets, Preston Cherry, the company's founder and president, told CFP Parallel financial planning in Green Bay, Wisconsin.
“These areas require annual reviews to address major life and financial milestones and adjustments to the value system,” Cherry said.
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Set aside time to meet with your family to discuss money
More than half of Americans – 56% – say their parents never talked to them about money, says a the latest Fidelity research.
To start a conversation about money in the family, it's a good idea to set aside a formal time to discuss the topic.
Lazetta Rainey Braxton, CFP and Founder and Managing Director The coterie of true wealthrecommends scheduling at least two extended family meetings per year to discuss intergenerational wealth.
Possible topics that could be covered include financial resolutions, long-term care needs for older generations, and the status of planning documents.
If you are married, make your spouse a priority
A successful marriage is often a precursor to personal happiness, said Tim Maurer, CFP and general counsel at the firm SignatureFDwith offices in Atlanta and Charlotte, North Carolina.
If you have a spouse, investing more time and money in your marriage will pay off, he said.
Start with open money conversations where both spouses answer the questions “What works?” and “What could work better?” Maurer said.
It's also helpful to have weekly standing meetings to discuss calendars and budgets, where any adjustments that need to be made can be identified, he said.
Be sure to create a new budget category dedicated to date nights and try to schedule this time together every week, Maurer said.
Identify key financial terms and start early
Whether it's getting your tax return in by April 15 or getting your required minimum payment by December 31, it's a good idea to get started well before the deadline.
“Think about all the things that will come up throughout the year and plan for them early,” said Baker of Claris Financial Advisors in Atlanta.
“Avoid waiting until the last minute,” Baker said. “You and your advisors will benefit.”
Please consider donating money now
For people who are retired or near retirement and have the means to do so, it may make more sense to give money to loved ones now rather than wait, said Boudreaux of the New Orleans Planning Center.
This provides an opportunity to identify family values and direct money toward that goal, Boudreaux said. This may include, for example, financial assistance for adult children who are currently raising grandchildren, he added.
In 2025, the annual gift tax exemption will increase to $19,000 per recipient. However, individuals can still make gifts in excess of that amount by filing a gift tax return with the IRS and counting them toward the lifetime gift tax exemption, which will be $13.99 million in 2025, Boudreaux said.
Notably, direct education funding is not subject to gift tax restrictions, he said.