As we prepare to usher in the new year, financial stability is a key concern for numerous families. Indeed, a recent Allianz Life survey reveals that about 38% of Americans are prioritizing financial stability as their main focus for 2025.
In response to such trends, CNBC engaged a council of certified financial consultants to compile their top financial resolutions for families as we approach the new year. We will now share the financial wisdom they offered.
Kamila Elliott, the Co-founder and CEO of Collective Wealth Partners, advises families to be strict with their budget. She further suggests maximizing retirement contributions and setting a personal financial goal such as eliminating credit card debt or adding an extra $100 to your monthly investment account.
Barry Glassman, the Founder and president of Glassman Wealth Services, emphasizes the importance of tracking your spending habits. He recommends reviewing your credit card and Apple Pay transactions for the past three months. According to him, understanding where your money goes can lead to significant behavioral changes.
Marguerita Cheng, the CEO of Blue Ocean Global Wealth, advocates for estate planning, even for an 18-year-old heading to college. If the process seems daunting, she suggests starting with a financial and health care power of attorney, then focusing on beneficiary designations, and finally considering a will or trust, if suitable.
Lee Baker, founder, owner, and president of Claris Financial Advisors, advises families to review all their insurance coverages, particularly auto and home insurance. He also suggests reviewing tax strategies, retirement planning, and cash flow.
Cathy Curtis, founder and CEO of Curtis Financial Planning, believes in the power of automated savings. She recommends setting up automatic transfers from a checking account to a savings or investment account. She also advises managing overspending by identifying spending weaknesses and setting a new budget that is 20-30% lower than the previous year’s expenditure.
Lastly, Curtis encourages individuals to stay invested regardless of the headline news. Despite the anticipated turbulence in the stock market in 2025, she advises long-term investors to continue investing and stay invested, as history has shown that the market tends to increase over longer periods.
In conclusion, financial stability requires strategic planning and discipline. By following these expert tips, you can achieve financial success in the coming year and beyond.
