6 New Year Resolutions to Make for a Financially Bright 2025

By Dawn Kellogg

We make them every year – those resolutions that we may (or may not) keep. For me, losing weight, reading more books, and not being glued to my cell phone top the list. But how many of us take the new year to make some financial resolutions? Here are 6 easy (and achievable) resolutions that will help get you on the path to a financially successful 2025.

Build an emergency fund

Life happens and unexpected expenses can come at any time. An emergency fund can give you a critical safety net. Most experts will say that a good emergency fund will have 3-6 months’ worth of expenses, but if you are just starting out, focus on building a more modest cushion. Small, consistent contributions will grow over time. The Summit’s RoundUp Savings account* is an effortless way to save while you spend. Every time you use your Summit Visa® Debit Card, the amount is rounded up to the nearest dollar from your checking account and the spare change is deposited into your RoundUp Savings account.

Create or update your budget

One of the most effective tools in your financial toolbelt is a realistic budget. If you don’t have one (and research says that only 36% of Americans do), create one by listing your monthly expenses and then track spending. Having it down on paper will create a visual roadmap to achieving your financial goals. If you already have a budget, revisit it to see where you can make improvements that reflect your current goals. Budgets are working documents. They change periodically as our financial needs and goals alter.

Improve Your Financial Literacy

One of the best investments you can make in yourself is improving your financial knowledge. Less than 50% of Americans are considered financially literate. In addition to this blog page, which covers some valuable topics, The Summit offers free webinars in everything from planning for retirement, to investing and navigating Medicare. Our educational partner, GreenPath Financial Wellness, also offers a range of webinars to which our members have access. You can also check out your local recreation center. Many have financial workshops and seminars that you can take advantage of for free or a small fee.

Check Your Credit Report

Make it an annual task to check your credit report. It’s an indicator of your credit health, but will also show you things like credit accounts, payment history, and reported balances. If you notice that your credit score changed, the report will show you why. Checking your report regularly can also help you see any potentially fraudulent activity. You should always check your credit report before you make a major purchase. You can get your credit report free from annualcreditreport.com or Experian.

Do an annual audit of your subscription fees

We all do it. We sign up for a subscription for a streaming service, car wash, gym membership, etc., and then forget what we signed up for. Those fees add up! Take the new year to do an audit of every item on the list: Are you using the service? Is it something that you really need, or just occasionally visit? You will be surprised at how much you can save each month by getting rid of the unnecessary subscriptions.

Work Toward Paying off Credit Card Debt

Credit cards are great tools, but carrying debt on them can place a huge strain on your budget and your ultimate financial goals. Pay the statement balance in full every month if you can. If you can’t, pay more than the minimum required payment. Consider transferring balances from higher interest rate cards to a lower rate card.

*The Summit Federal Credit Union is federally insured by the National Credit Union Administration. Membership eligibility required. Please refer to the RoundUp Savings account Terms and Conditions at summitfcu.org/roundup-terms.