Healthy Financial Habits

Resolving to get financially fit is a great way to start 2025. Here are some ways to develop healthy money habits in the new year.

Track your Spending

Keeping track of the money you spend on big and small purchases can help you control your spending. Cut spending where you can. For example, how much do you spend on coffees and take out a week; in a year? Following a reasonable budget may also help you avoid overspending.

Limit Credit Card Use

If you don't pay off your credit card balances right away, interest can quickly add up and become a major problem. Consider leaving the cards at home when you go shopping and use cash or a debit card instead.

Prioritize

Everyone's top priority should be saving for retirement. Another savings goal should be building and maintaining an emergency fund. Having enough money accessible to pay expenses for six months or so can help you weather financial emergencies.

Pursue Your Goals

It is important to plan for longterm goals, such as a down payment on a house, college tuition for your kids, and retirement. Figure out how much you'll need to accumulate and how much you need to save on a regular basis.

Talk to your financial professional about making healthy financial moves now.