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While the recent rise in inflation will continue to take a toll on many Americans’ wallets in 2024, the start of a new year is the perfect time to set new financial goals to get back on track.
WalletHub analyst Chris Lupo told FOX Business: “As we head into 2025, the country’s financial landscape demands aggressive solutions to address rising concerns such as inflation and debt.” he said. “The most important financial solutions for 2025 should focus on smart budgeting, saving, and paying down debt.”
Many Americans set new financial goals at the beginning of the new year. (license/image)
According to WalletHub, the top financial New Year’s resolutions for 2025 are:
1. Create a realistic budget and stick to it
“With Americans carrying nearly $1.3 trillion in credit card debt, setting a realistic budget is imperative,” Lupo said.
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2. Save even more money
Saving is also important, Lupo said, as many households lack emergency funds. He suggests starting small, with the goal of saving two months’ worth of your take-home pay, and working your way up to a year’s worth.
“Remember to maximize your returns. An online savings account’s 5% APY or higher is worth switching banks,” he notes, adding that high-yield certificates of deposit (CDs) are also worth considering. He added that there is.
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3. Consider ways to refinance at higher interest rates
High-interest debt is costly, so people should consider tools like balance transfer cards and debt consolidation loans to reduce 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 you tackle this debt, the better. WalletHub suggests that while it’s important to take it seriously, it’s probably best to start small by setting a goal of chipping away at a quarter of that amount over the course of a year.
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5. Fighting back against inflation
Look for ways to cut down on everyday expenses, such as stocking up on everything you buy, taking advantage of sales and coupons, lowering the thermostat, and buying in bulk to save until prices drop.
WalletHub suggests combating high prices by shopping around for everyday items to find the lowest prices. (Paola Chapdelaine for The Washington Post via Getty Images/Getty Images)
WalletHub has 2025 financial solutions to help you pay your bills as soon as you get a paycheck, ensure you have enough insurance in case of a catastrophe, protect your identity, develop your financial literacy, and do better. Here are 10 more suggestions, including finding a job.
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“Focus on financial literacy and healthy money habits, such as paying your bills right after payday,” Lupo says. “These measures will help make 2025 a financially healthier year.”
