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When it comes to financial decisions, Pay off debts At the top of many to-do lists for 2025.
But financial advisors who work with clients every day have their own wish lists for what they think should be the top financial priorities for 2025.
Here are some tips covering everything from budgeting to estate planning from our member experts CNBC FA Board.
“Start slow and manageable with any new financial goals,” Lee Becker, a certified financial planner and founder, owner, and president, told me. Claris Financial Consulting In Atlanta. “It's better to have a few victories under your belt than to try to build Rome in one day and then end up frustrated.”
Make sure your budget matches your goals
The new year is a great time to reconsider where your money is going.
“Spending a little time understanding your actual spending and then determining whether it aligns with your goals and values is time well spent,” said CFP Jude Boudreaux, partner and senior financial planner at CFP Firm. Planning Centre In New Orleans.
He suggested asking yourself whether your spending aligns with your goals and values and whether it should continue. Once you sit down and look at the numbers, it can help you decide where you might want to make changes.
Advisors say that being more aware of your spending can help ensure you get the most out of the money you get.
“Conscious spending that reflects personal values can lead to greater satisfaction and stronger relationships,” said Rianca Dorsainville, founder and senior wealth advisor at The New York Times. YGC Wealth.
Evaluate where you can cut back on spending
While credit card debt has risen to record levels and consumers continue to face high rates, it's a great time to simplify your spending.
The new year is also a good time to review your credit and debit card statements for the year, said Ted Jenkin, CFP and founder and CEO of CFP. Oxygen Financea financial advisory and wealth management firm based in Atlanta.
“Find the subscriptions, apps and memberships you don’t use and cancel them,” he said.
Also be sure to look at how much you're paying for streaming services, and where you might be able to cut back, Jenkin said. Multiple streaming service subscriptions can now add up to more than your cable bill. He said that families may save by reducing the number of subscriptions or by having several family members on one account.
Also be sure to take a look at your grocery bills and tend to add spontaneous purchases that can add up, Jenkin said.
Create a personal investment policy statement
When the market inevitably goes up and down, the temptation is to react.
But research shows that the market's worst days are often just that It was followed closely With better days. If you sell while the market is down, you will miss the uptrend.
By creating a personal investment policy statement, you can avoid reacting to what's happening in the market and instead stay focused on your goals, said Carolyn McClanahan, founder of CFP. Life Planning Partners (Jacksonville, Florida).
For example, an investor with a long time horizon before retirement may choose to allocate 80% of his investment portfolio to stocks and the remaining 20% to fixed income. When the market goes down or up, they can choose to rebalance back to their 80% stock allocation rather than give in to the temptation to react to recent moves, McClanahan said.
Try to negotiate a higher salary
The start of a new year usually provides an opportunity to meet with your supervisor or boss to discuss your accomplishments and your value to your team and company, said Cathy Curtis, a CFP and founder and CEO of Cathy Curtis. Curtis financial planning, A fee-only financial and investment planning consulting company.
Before this meeting, find your market value and determine what salary or other compensation you want to ask for with a clear, concise presentation about why, Curtis said.
She also said be sure to evaluate whether your work might be more rewarded elsewhere.
Make sure your estate plan is up to date
One area of financial planning that people tend to avoid is estate planning, according to Luis Barajas, CFP, registered agent and CEO of International Private Wealth Advisors In Irvine, California.
For anyone with young children or who owns property, it's especially important to make sure their estate plan is completed, Barajas said.
He said it's worth noting that estate planning doesn't have to be expensive. For people with uncomplicated financial situations, there are good online estate planning resources that help prepare wills, trusts, powers of attorney, and trustee nominations at minimal costs.
Proper estate planning can help ensure that your wishes are respected in where you want your money to go upon your death. “Most importantly, this should also include your digital assets,” said CFP Preston Cherry, founder and president of CFP. Concurrent financial planning (Green Bay, Wisconsin).
“These areas require annual reviews to help account for life and money milestones and adjustments in your value system,” Cherry said.
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Set a time to meet with family to discuss finances
More than half of Americans — 56% — say their parents never discussed finances with them, according to A Final Fidelity Survey.
To start a family financial conversation, it's helpful to set up a formal time to discuss the topic.
Lazita Rennie Braxton, CFP and Founder and Managing Director Real wealth grouprecommends scheduling at least two multigenerational family meetings per year to discuss intergenerational wealth.
Possible topics to discuss include financial decisions, long-term care needs of older generations, and the status of estate planning documents.
If you are married, make your spouse a priority
A successful marriage is often an indicator of personal happiness, says Tim Maurer, CFP specialist and principal consulting officer at CFP. 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.
Start with open financial conversations, where both spouses answer the questions “What do we do?” and “What could work better?” Maurer said.
It's also helpful to have standing weekly meetings to discuss calendars and budgets, where you can identify any adjustments that need to be made, he added.
Make sure you create a new budget category that stays sacred for date nights, and work hard to schedule that time together weekly, Maurer said.
Identify key financial dates – and start early
Whether it's getting your tax return before April 15 or your required minimum distribution before December 31, it pays to start well before the deadline.
“Think about all the things that will come up throughout the year and plan for them early,” said Baker of Claris Financial Advisors in Atlanta.
“Avoid waiting until the last minute,” Baker said. “You and your advisors will benefit.”
Consider gifting money now
For people who are retired or near retirement and have the means, it may make sense to donate money to loved ones now instead of waiting, said Boudreau of the New Orleans Planning Center.
It provides an opportunity to learn about family values and direct funds in line with that purpose, Boudreau said. For example, this could include providing financial assistance to adult children who are now raising grandchildren, he said.
In 2025, the annual gift tax exclusion will be $19,000 per recipient. However, individuals can still make gifts above that amount by filing a gift tax return with the IRS and counting it against the lifetime gift tax exemption, which would be $13.99 million in 2025, Boudreau said.
In particular, direct funding for education is not subject to gift tax restrictions, he said.
