The Best Personal Finance New Year’s Resolutions for 2025

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The high inflation of recent years has continued to wreak havoc on many Americans’ wallets in 2024, but the start of the new year provides a great opportunity to set new financial goals to get back on track.

“As we approach 2025, the nation’s financial landscape calls for proactive solutions to address growing concerns such as inflation and debt,” WalletHub analyst Chris Lupo told FOX Business. “The top financial resolutions for 2025 should focus on smart budgeting, saving and paying down debt.”

Many Americans are setting new financial goals as the new year begins (iStock/iStock)

Here are some of the top financial New Year’s resolutions for 2025, according to WalletHub:

1. Set a realistic budget and stick to it

“With Americans carrying nearly $1.3 trillion in credit card debt, setting realistic budgets is critical,” Lupo said.

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2. Save more money

Lupo says saving is also key, as many households lack emergency funds. He suggests starting small with the goal of saving two months of take-home pay and working your way up to a year.

“Remember to maximize your earnings: 5%+ APY on online savings accounts is worth switching banks,” he noted, adding that certificates of deposit (CDs) high efficiency are also worth considering.

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3. Explore ways to refinance with high interest rates

High-interest debt is expensive, so Lupo suggests considering tools like balance transfer cards or debt consolidation loans to reduce costs.

4. Pay off 25% of your credit card debt

The average American currently has over $10,000 in credit card debt, and the sooner the better. WalletHub says it’s important to take this topic seriously, but suggests it’s probably best to start small by setting a goal of cutting a quarter of it over the course of the year.

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5. Fight against inflation

Look for ways to cut costs on your daily expenses, such as shopping around for everything you buy, taking advantage of deals and coupons, lowering the thermostat, buying in bulk, and discounting until prices drop.

WalletHub suggests combatting high prices by shopping around and finding the best price on everyday items. (Paola Chapdelaine for the Washington Post via Getty Images / Getty Images)

WalletHub has 10 more suggested financial resolutions for 2025, including paying your bills right after you get your paycheck, making sure you have enough insurance against a catastrophe, protecting your identity, brushing up on your financial knowledge, and even looking for a better job.

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“Focus on financial literacy and healthy financial habits, like paying your bills immediately after payday,” Lupo said. “These measures will help make 2025 a financially healthier year.”