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Our 7 Favorite Financial Wellness Tips From 2024 From Top Experts
You're about to bid adieu to 2024. Exhale and get ready for 2025. It's a good time to reflect, and that should include your finances too. How did you do financially? Are you better or worse off than at the beginning of the year? What lessons did you learn?
Is everything a blur? No worries, we'll make it easy for you. Here is some of the wisdom we shared this past year that you'll want to keep top of mind in the new year:
Build your emergency fund
Who knows what 2025 will bring? Expect the unexpected. It's not a question of whether something will happen that will interrupt the path you're on but a matter of when. Be ready to handle any costs that come, be it job loss, medical expenses, or major home repairs. An emergency fund is a Plan B.
Most financial experts recommend having at least three to six months of expenses saved. How to make that happen? Cut unnecessary expenses. Use your industry knowledge after hours to bring in income. Drive Uber; deliver for DoorDash. Look for opportunities.
Get control of your grocery bill
You're still shaking your head over grocery store prices. Despite the fact that they're not likely to drop dramatically, vow to spend less next year.
For starters, don't shop when hungry. A growling stomach can lead to impulsive and unnecessary purchases.
Secondly, don't kid yourself into thinking you can wing it. Shop with a list and stick to it. Take five minutes to check your refrigerator and pantry before you leave home to ensure you don't buy what you already have.
Spend less during wedding season
While there's nothing like a wedding to put a smile on your face, it doesn't come cheap when you factor in shower and wedding gifts, outfits, hairdo, nails, transportation, and accommodations if you travel out of town.
In 2025, create a budget for wedding-related expenses before the wedding season starts. How much can you afford to spend? Allocate amounts for attire, transportation, accommodations, gifts, grooming, bachelor and bachelorette parties, and any other expenses for each wedding.
Don't feel pressured to buy the most expensive gifts on the registry. Instead of buying a new outfit for each event, invest in one or two versatile dressy pieces that you can accessorize differently or mix and match.
Curb that online shopping habit
Truth is, online shopping can be addictive. If you went wayward in 2024, strategize now for how you will change your behavior.
Remove temptation. Unsubscribe from retail newsletters. Delete the apps that are tempting you. Create new habits. Instead of shopping, read, meditate, go for a walk. Know your triggers. Maybe you shop when depressed. When the blues hit, put your phone or laptop down and do something else that gives you pleasure.
Improve your credit score
Three digits you should almost be obsessed with are your credit score. A credit score paints a picture for lenders, employers, landlords, insurers, and others about how reliable and responsible you are financially.
The ramifications are huge, especially if in 2025 you are shopping for a home or seeking a new job. To improve your score, pay your bills on time and use credit sparingly. Diversify your credit. Having a mix of loan types like installment credit—think student or auto loans and revolving credit, like credit cards, is good for your score. It shows lenders you can handle multiple payments at the same time
Take small savings steps
Don't dismiss the power of baby steps. Small money moves can add up to big savings.
Automate your savings. Have a specified amount taken from your paycheck and deposited directly into your savings account.
Start with $50 a month and painlessly save $600 a year.
Pay yourself first. When you get your paycheck, you're first in line to be paid before you dole out money to anyone else.
Choose a credit card carefully
Maybe in the new year you'll be on the hunt for a credit card. The numerous options can be dizzying.
Be strategic. Pick the right card for your financial situation, needs, and goals.
For example, if you travel frequently, a card offering travel rewards or lower foreign transaction fees would be ideal. Know the numbers.
Read the fine print. Be clear about whether there is an annual fee and how much it is. What is the interest rate? If you plan to regularly carry a balance on your credit card, the interest rate becomes a prime consideration.
The takeaway
While there are some things you want to say goodbye to in the new year, keep smart money strategies from 2024 that will boost your finances in 2025.
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What Breathwork Can Address
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How Plants Can Optimize Athletic Performance
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