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When it comes to financial resolutions, pay off debt is at the top of many 2025 to-do lists.
But financial advisors who work with clients every day have their own wish lists of what they consider to be the most important financial priorities for 2025.
Here are some tips from association member experts covering everything from budgeting to estate planning. CNBC Football Association Board of Directors.
“Any new financial goal needs to be slow and manageable,” says Lee Baker, CFP, founder, owner and president. Claris Financial Advisors In Atlanta. “You’re better off getting some wins than trying to build Roma in one day and being frustrated at the end.”
Make sure your budget matches your goals
The new year is a good time to take a fresh look at where your money is being spent.
“It’s well worth taking a moment to understand your actual spending and then decide whether it aligns with your goals and values,” says Jude Boudreaux, CFP, a partner and senior financial planner. planning center In New Orleans.
Ask yourself whether your spending is consistent with your goals and values, and whether it should continue, he advises. Once you sit down and look at the numbers, it can help you identify areas where you might want to make changes.
Advisers say being more aware of your spending can help ensure you’re getting the most out of the money you make.
“Careful spending that reflects one’s personal values can lead to greater satisfaction and stronger relationships,” said Rianka Dorsainvil, CFP, founder and senior wealth advisor. YGC Fortune.
Assess where spending can be cut
While credit card debt has climbed to record highs and consumers are still dealing with higher prices, now is a great time to streamline their spending.
Ted Jenkin, CFP, founder and CEO, says the new year is also a good time to review this year’s credit and debit card statements. Oxygen Financeis a financial advisory and wealth management firm based in Atlanta.
Look for subscriptions, apps and memberships you don’t use and cancel them, he says.
Also make sure to look at how much you’re paying for streaming services and where you can cut costs, Jenkin says. Now, multiple streaming service subscriptions can add up to more than your cable TV bill. Families can save money by reducing the number of subscriptions or having multiple family members on one account, he said.
Jenkin says be sure to also look at your grocery bill and any trends toward increased spontaneous purchases, which may be on the rise.
Create a personal investment policy statement
When markets inevitably move, people want to react.
But research shows that the market’s worst days tend to be Pay close attention On the best of days. If you sell during a market decline, you miss out on the upside.
By creating a personal investment policy statement, you can avoid reacting to what’s happening in the market and instead focus on your goals, says founder Carolyn McClanahan, CFP. life planning partner In Jacksonville, Florida.
For example, an investor investing for the long term before retirement might choose to allocate 80% of his or her portfolio to stocks and the remaining 20% to fixed income. McClanahan said when the market dips or surges, they can choose to rebalance to an 80% equity allocation rather than succumbing to the temptation to react to the latest move.
Try to negotiate a higher salary
The start of a new year often provides an opportunity to meet with your supervisor or boss to discuss your accomplishments and value to the team and company, says Cathy Curtis, CFP, founder and CEO. Curtis Financial Planning, A fee-only financial planning and investment advisory firm.
Before that meeting, research your market value and determine the salary or other compensation you want to ask for, and clearly and concisely explain why, Curtis says.
Also be sure to evaluate whether your work could be more rewarding elsewhere, she says.
Make sure your estate plan is up to date
One area of financial planning that people tend to shy away from is estate planning, said Louis Barajas, CFP, Enrolled Agent and Executive Director. International Private Wealth Advisor In Irvine, California.
Barajas said it’s especially important for anyone who has children or owns property to make sure an estate plan is completed.
It’s important to note, he said, that estate planning doesn’t have to be expensive. For those with less complex financial situations, there are excellent online estate planning resources that can help you prepare a will, trust, power of attorney and guardianship nomination at minimal cost.
Proper estate planning can help ensure that your wishes for where your money goes when you pass away are fulfilled. Importantly, this should also include your digital assets, says Preston Cherry, CFP. Synchronized financial planning In Green Bay, Wisconsin.
“These areas need to be reviewed annually to help account for life and money milestones and adjustments to your value system,” Cherry says.
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Schedule a time to meet with family members to discuss money issues
According to a survey, more than half of Americans (56%) say their parents never discussed money matters with them. Recent Fidelity Survey.
To keep the family money conversation going, it helps to set a formal time to discuss the topic.
Lazetta Rainey Braxton, CFP, Founder and Managing Principal real wealth circlerecommends scheduling at least two multigenerational family meetings per year to discuss intergenerational wealth.
Topics that can be discussed include financial resolutions, the long-term care needs of older generations and the status of estate planning documents.
If married, give priority to your spouse
Tim Maurer, CFP and Chief Counseling Officer, says a successful marriage often predicts personal happiness. 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.
Begin with open money conversations, where couples answer the question, “What works?” and “What could work better?” Maurer said.
He says it’s also helpful to hold weekly standing meetings to discuss the schedule and budget so you can identify any adjustments that need to be made.
Be sure to create a new budget category for date night, Maurer says, and make an effort to schedule time together once a week.
Identify key financial deadlines and start early
Whether it’s filing your tax return by April 15 or taking required minimum distributions by December 31, it helps to get an early start on the deadline.
“Think about everything that’s going to happen during the year and plan early,” said Baker of Claris Financial Advisors in Atlanta.
“Avoid waiting until the last minute,” Baker said. “Both you and your advisor will benefit.”
Consider giving money now
For those who are retired or close to retirement and have the means, it makes more sense to give money to loved ones now than to wait, said Boudreau of the New Orleans Planning Center.
Boudreau said it provides an opportunity to identify a family’s values and direct funds toward that purpose. This could include, for example, financial assistance for adult children who are raising grandchildren, he said.
Through 2025, the annual gift tax exemption will be up to $19,000 per recipient. However, Boudreau said individuals can still make gifts above that amount by filing a gift tax return with the IRS and counting it toward the lifetime gift tax exemption, which will reach $13.99 million in 2025.
It’s important to note, he said, that direct funding for education is not subject to the gift tax.
