Finance
CVX, AAPL, CLX, AMZN and more
Evercore ISI senior managing director Mark Mahaney joins ‘Varney & Co.’ to break down his top stock picks ahead of the new year.
The elevated inflation in recent years continued to wreak havoc on many Americans’ wallets in 2024, but the start of the new year provides a great opportunity to set new financial goals to get back on track.
“As we step into 2025, the country’s financial landscape calls for proactive resolutions to address rising concerns such as inflation and debt,” WalletHub analyst Chris Lupo told FOX Business. “Top financial resolutions for 2025 should be focused on smart budgeting, saving, and debt repayment.”
Many Americans set new financial goals at the start of the New Year (iStock / iStock)
Here are some of the top financial New Year’s resolutions for 2025, according to WalletHub:
1. Make a realistic budget and stick to it
“With Americans carrying nearly $1.3 trillion in credit card debt, setting realistic budgets is a must,” Lupo said.
CREDIT CARD DEBT SURGES TO ANOTHER RECORD HIGH, NEW YORK FED DATA SHOWS
2. Save more money
Lupo says saving is also key, as many households lack emergency funds. He suggests starting small with a goal of saving two months’ take-home pay and working your way up to a year’s worth.
“Don’t forget to maximize your earnings: 5%+ APYs on online savings accounts make switching banks worthwhile,” he noted, adding that high-yield Certificates of Deposit (CDs) are also worth considering.
Ramsey Solutions founder and CEO Dave Ramsey discusses how Americans can prepare financially for retirement on ‘The Bottom Line.’
3. Explore ways to refinance high interest rates
High-interest debt is costly, so Lupo says to consider tools like balance transfer cards or debt consolidation loans to cut costs.
4. Repay 25% of your credit card debt
The average American is currently carrying more than $10,000 in credit card debt, and the sooner it can be tackled, the better. WalletHub says it is important to get serious about it, but suggests it is probably best to start small by setting a goal of chipping away at a quarter of it over the course of the year.
COUPLE REVEALS HOW THEY GAINED THEIR OWN FINANCIAL INDEPENDENCE
5. Fight back against inflation
Look for ways to cut costs in everyday expenses, like shopping around for everything you buy, taking advantage of deals and coupons, turning the thermostat down, buying in bulk and cutting back until prices come down.
WalletHub suggests fighting back against high prices by shopping around and finding the best price on everyday items. (Paola Chapdelaine for The Washington Post via Getty Images / Getty Images)
WalletHub has another 10 suggestions for 2025 financial resolutions, including paying bills right after getting your paycheck, making sure you have enough insurance for a catastrophe, protecting your identity, brushing up on your financial literacy, and even looking for a better job.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
“Focus on financial literacy and healthy money habits, like paying bills immediately after payday,” Lupo said. “These steps will help make 2025 a financially healthier year.”
Top personal finance New Year’s resolutions for 2025
How to Maintain a Fixed Asset Register for your business
In the blogs: Just in time
New 2023 K-1 instructions stir the CAMT pot for partnerships and corporations
Are American progressives making themselves sad?
U.S. Beneficial Ownership Information Registry Now Accepting Reports
-
Economics5 days agoBOI Reporting and the impact of the recent Federal Injunction
-
Economics6 days agoRussian central bank surprises markets by holding key rate at 21%
-
Economics1 week agoUK inflation, November 2024
-
Leaders5 days agoJeff Bezos Is The Architect of Modern Ecommerce
-
Economics7 days agoThe Biden administration pursued a mistaken policy on LNG exports
-
Economics5 days agoAfter a chaotic scramble, Congress strikes a budget deal
-
Finance5 days agoIndia may have fastest growing e-commerce sector
-
Technology1 week agoArtificial Intelligence and Machine Learning: Transforming the Future