The new year is a time for reflection and planning, and 2025 is no exception. Financial experts Ilyce Glink and Samuel Tamkin have outlined practical resolutions to help readers improve their personal finances step by step.
These resolutions focus on making small, manageable changes that can have a lasting impact.
A Mixed Economic Outlook
Despite positive economic indicators like record stock market highs, declining gas prices, and low unemployment, many Americans feel financially insecure.
Surveys show a significant percentage of people live paycheck-to-paycheck—66.2% according to MarketWatch, with even high-income earners reporting financial strain.
The rising threat of cybercrime, predicted to cost the world $10.5 trillion by 2025, adds to financial anxiety. Additionally, younger Americans face challenges like unaffordable homeownership due to persistently high interest rates.
In this context, adopting practical financial resolutions can help individuals regain control and build security.
Small Steps Toward Financial Success
Resolution 1: Define Your Financial Goals for 2025
Start with clear, achievable goals, such as saving $1,000, paying off a credit card, or setting aside funds for a home down payment.
Without defined objectives, financial progress becomes harder to track.
Resolution 2: Reduce Unnecessary Spending
Cutting expenses is critical for achieving financial goals. Use strategies like the “Go to Zero” spending plan, which prioritizes essential expenses—housing, food, utilities—and channels remaining funds into savings.
Resolution 3: Increase Your Income
If reducing expenses isn’t enough, consider ways to bring in extra income. Explore opportunities on websites like SideHusl.com, which reviews hundreds of side hustle options.
Resolution 4: Improve Your Credit Score
With credit card interest rates averaging 20%, raising your credit score can save you money.
Use free resources from Experian, Equifax, and TransUnion to review your credit report, identify issues, and freeze your credit if needed for added security.
Resolution 5: Expand Your Financial Knowledge
The more you know, the better financial decisions you can make. Take advantage of free educational resources like the financial wellness program at ThinkGlink.com, which offers tools, guides, and strategies to improve your money management skills.
A Hopeful Path Forward
Financial stability and growth require a proactive approach. By making small, intentional changes each month, you can achieve noticeable improvements by year’s end.
We wish you a successful and prosperous 2025!
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