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High inflation in recent years will continue to wreak havoc on many Americans' wallets in 2024, but the start of a new year is a good opportunity to set new financial goals to get back on track.
“As we head into 2025, the nation's fiscal outlook calls for proactive decisions to address growing concerns like inflation and debt,” said WalletHub analyst Chris Lupo. FOX Business. Top financial decisions for 2025 should focus on smart budgeting, saving, and debt repayment.
Many Americans set new financial goals at the beginning of the new year (iStock)
Here are some of the most important financial New Year's resolutions for 2025. According to WalletHub:
1. Make a realistic budget and stick to it
“With Americans owning nearly $1.3 trillion Credit card debtSetting realistic budgets is a must, Lupo said.
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2. Save more money
Savings is also key, Lupo says, as many families lack emergency funds. He suggests starting small with the goal of saving two months' worth of salary and reaching a year's worth.
“Don't forget to maximize your earnings: 5%+ APY on online savings accounts makes switching banks worthwhile,” he noted.
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3. Explore ways to refinance high interest rates
High-interest debt is costly, so consider tools like balance transfer cards or debt consolidation loans to lower costs, Lupo says.
4. Pay off 25% of your credit card debt
The average American currently has more than $10,000 in credit card debt, and the sooner it can be tackled, the better. WalletHub says it's important to get serious about it, but suggests it's probably best to start small by setting a goal to eliminate a quarter over the course of the year.
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5. Fight inflation
Look for ways to cut down on everyday expenses, such as buying everything you buy, taking advantage of deals and coupons, turning down the thermostat, buying in bulk, and discounting until prices drop.
WalletHub suggests dealing with high prices by shopping around and finding the best deals on everyday items. (Paula Chapdlin for The Washington Post via Getty Images/Getty Images)
WalletHub has 10 more suggestions for 2025 financial decisions, including paying bills as soon as you get your paycheck, and making sure you have Adequate insurance For a disaster, protect your identity, improve your financial literacy, and even look for a better job.
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“Focus on financial literacy and health Money habitsLike paying bills right after payday, Lupo said. These steps will help make 2025 a financially healthier year.