20 Financial and Budgeting New Year’s Resolutions for 2025

The new year is a perfect time to hit the refresh button—not just for your health and habits, but for your finances too. Whether you want to save more money, pay off debt, or start investing, setting clear goals can help you take control of your finances. Here are 20 practical and achievable New Year’s resolutions to help you get your finances in shape this year.

 

SAVE AND BUDGET LIKE A PRO:

 

1. Create or Update Your Budget

No budget? The new year is a great opportunity to change that. Afterall, a clear budget is the backbone of good financial planning. Take the time to list all your household income sources and monthly expenses. Then, work with your family to find ways to cut back. If you already have a budget, update it to match what’s important to you right now.

PRO TIP: Use budgeting apps like a Home Budget Calculator to simplify the process.

2. Open the Best Bank Accounts

Not all savings accounts are created equal, so it’s important to choose the right one for each purpose. For short-term needs, a standard savings account or money market account may be your best bet. For long-term goals, consider options like an Individual Retirement Account (IRA), which offers tax-deferred growth. Using different bank accounts for different goals can also help keep your money organized and make it easier to track your progress.

3. Build an Emergency Fund

Life happens—car repairs, medical bills, or sudden job changes. Save at least 3 to 6 months’ worth of living expenses in a high-yield savings account, so you are ready for unexpected emergencies.  

PRO TIP: Need help building an emergency fund? Here’s our go-to guide that covers how to build an emergency fund. Also, use an Emergency Savings Calculator to help you make a game-plan.

4. Automate Your Savings

Take the decision-making out of saving. Set up automatic transfers from your checking account to your savings account each pay period. That way, saving becomes a non-negotiable habit—no excuses required. Plus, tools like Academy Bank’s Saving Cents program help you save easily by rounding up debit purchases and transferring the spare change into your savings account.

 

MANAGING CREDIT AND DEBT:

5. Check and Improve Your Credit Score

Your credit score is like your financial report card. Keep an eye on it! Start by checking your credit report for errors, which are surprisingly common and could harm your score. Then, pay down existing debts and keep credit utilization under 30% to boost your rating. And finally, be sure to make your payments on time! It’s the simplest and most effective way to raise your credit score.

6. Pay Off Credit Card Debt

High-interest debt is the enemy of saving. Prioritize wiping out those balances using either the Snowball Method (start with smaller debts) or the Avalanche Method (tackle high-interest debts first).

7. Avoid Taking on New Debt

Where possible, prioritize paying with cash or savings instead of accruing new debt. Ask yourself "Do I really need it, or can I save up for it instead?” If you must borrow, carefully weigh the lending terms and interest rates to minimize long-term financial strain.

 

SPENDING SMARTER:

8. Cancel Unnecessary Subscriptions

Streaming services. Gym memberships. That magazine you never read. A large chunk of monthly expenses often comes from services most of us hardly use!  In fact, the average household spends over $32 each month on unused subscriptions and memberships! Take stock of your recurring subscriptions and cancel the ones that aren’t adding value to your life—because that $20-a-month gym membership you never use isn’t helping anyone!

9. Set a Monthly Spending Limit

Try setting a spending limit each month—it’s a simple way to stay on top of your finances. You will build good habits and feel more in control of where your money goes. Plus, those extra savings can help fund bigger goals, like a new car or your kid’s college fund. Small steps like this can make a big difference!

10. Cut Back on Everyday Luxuries

Brewing coffee at home or meal-prepping lunch might not seem impactful, but these simple habits can save you hundreds, if not thousands, each year. You could put that extra cash towards your emergency fund, student loan payments, a family trip, or something else on your wish list instead! We recommend using a Lunch Savings Calculator to see just how much you could keep in your pocket

11. Shop with Intention

Impulse purchases, like those tempting finds at Target, can quickly derail your savings. Stick to a shopping list and follow a 24-hour rule before splurging on nonessential items. It’s an achievable way to stay on track and avoid unnecessary spending.

 

FINANCIAL CHECK-UPS:

12. Review Insurance Coverage

Take a look at your health, home, and life insurance to make sure you are covered the way you need to be. Big life events—like moving, starting a new job, or expanding your family—might mean it’s time to adjust your coverage. The right insurance can give you peace of mind and help protect you from unexpected events. Like to crunch numbers? Try our different insurance calculators to find the best solution for you.

13. Evaluate Your Tax Withholding

As the year starts, it’s a good idea to check your tax withholding. Life changes can affect how much tax gets taken out of your paycheck. Making adjustments in the beginning of the new year means you won't be overpaying or underpaying, so you can keep more of your hard-earned money. Plus, it helps you avoid any surprises when tax season arrives!

 

INVEST YOUR MONEY:

14. Start Investing

Investing is a great New Year’s resolution that can help you take charge of your financial future. There are many ways to invest, each offering different opportunities for growth. Start by setting a budget, choosing an investment platform or advisor, and exploring options that match your goals and comfort level.

PRO TIP: Always be wary of investment scams on seemingly legitimate apps. If anything sounds too good to be true…it’s a scam.

15. Diversify Your Investment Portfolio

Don’t put all your eggs in one basket. Spread your investments across different assets—such as certificates of deposit, stocks, bonds, and real estate—to reduce risk and increase long-term returns. Want to learn more about diversification? Check out our latest article: Basics of Investing: Diversification and Why It Matters.

 

FINANCIAL LITERACY:

16. Learn About Personal Finance

You know that saying “knowledge is power?” That’s actually true when it comes to money. To better understand personal finance, you could read books, attend workshops, or listen to finance podcasts. Plus, don’t forget to check out your bank’s free financial education page and money-related blogs.

17. Track Your Net Worth

Your net worth is like keeping score in a game—it tells you if you are winning or losing financially. To calculate it, just subtract your total debts from your assets. Or, for a quicker way, you can use a Net Worth Calculator.

18. Teach Kids About Money

Want to pass on good financial habits? Include your kids in conversations about budgeting, saving, and spending. Help them understand the value of money and how to make smart choices with it. Start them young—it pays off in the future!

 

LONG-TERM PLANNING:

19. Set Financial Goals

Dreaming of backpacking through Europe? Or retiring at 50? Write down your short, medium, and long-term financial goals. Having clarity on what you are working toward makes it easier to keep focused and stay on track.

PRO TIP: Use tools like Academy Bank’s Savings Goal Calculator to map out exactly how much you need to save for your goals.

20. Plan for Retirement

Increase your contributions to an IRA or 401(k) account, or create a retirement fund if you don’t already have one. The earlier you begin, the more your money can grow. Remember, planning for retirement is not a "later" problem—it’s something you can start today to avoid worrying about it down the road. To help you plan and calculate retirement savings goals, we suggest using one of our many retirement calculators.

 

BOTTOM LINE:

Financial Success in 2025 with Academy Bank

By setting clear financial goals and aligning your actions with them, you will be well on your way to a brighter, stress-free financial future in 2025. Whether it’s saving, investing, or spending more intentionally, small changes can lead to BIG results. And remember, you don’t have to do it alone!

If you are ready to take the next step, Academy Bank is here to help. We offer expert banking advice, easy-to-use financial calculators, competitive savings accounts, and programs like Saving Cents¹ to help you achieve your goals.

Let’s ring in the new year with a fresh financial start! Contact us today.