New Financial Goals: Set Yourself Up for Success in 2025

With the new year approaching, it’s time to check your finances.

Did you accomplish your financial goals this year?
What goals do you have for the new year?

By preparing now, you can enter the new year with a financial plan to set your future. Don’t wait until 2025 to think about these tricks – start early!

Project Your 2025 Budget

Having a budget help prioritize spending, track progress, and take control of your finances. If you have a budget, review how well you stayed on track this year. Your budget may change in the new year depending on your short or long-term financial goals, income or expenses, or surprise payments.

If you don’t have a budget, create one to better understand where your money goes and to help you reach your financial goals. Start with the 50/30/20 plan to divide your expenses into three categories:

Needs
Wants
Savings

Other tactics include paying yourself first and the zero-based budget. Figure out where you are financially and choose a plan that works with your goals.

Boost Your Savings With an Emergency Fund

Any unexpected situations can put a dent in your budget. If you put money into an emergency fund, you’ll have a cushion for any tough financial times such as medical emergencies, car repairs, and unemployment. Depending on your financial situation, one of the budgeting tactics or other savings strategies may help you get started.

Manage Your Debt

Paying off debt can be stressful, but prioritizing your debt payments is possible. You strategy will vary depending on how much you owe compared to your income. You can try a do-it-yourself method or debt consolidation, for instance.

If you’re thinking about debt consolidation as an option, Adirondack Bank offers personal and home equity loans to help pay off debt. Check with any branch or our website for complete details.

Review Your Automatic Payments

It’s easy to sign up for automatic payments. You set and forget it. Though the service is convenient, you risk losing track of monthly payments. Price increases, overdraft charges or a credit card bill you can’t afford to pay are some of the risks. Reviewing these services often can show how you’re spending. Ask yourself:

Are you using an auto-payment service?
Do you need it, or can you live without it?
Are you experiencing any price increases?
Is it worth paying for the higher price?

Analyze your monthly bank statements to check the correct amounts and for price increases. Then, decide whether the service is worth using. You can cancel, saving you money. Any canceled services you want back can always be started again.

To keep track of those auto-payments you use, set an alert on your phone for renewal dates or monthly payments. Always check your bank or credit card statements.

Review Updates in Credit Card Terms and Disclosures

This official agreement documents the rules and guidelines between the issuer and the cardholder. Common terms and conditions include the card’s annual percentage rate, interest rates, fees, payment due date, and reward structure.

Stay on top of any changes to terms the credit card companies may make. They will give you a 45-day notice for major changes and the right to opt out of the changed terms. However, if you opt out, they may close your account and increase your monthly payment depending on the card company’s policies. It may also negatively affect your credit score.

If the credit card issuer makes minor updates, you may not get a 45-day notice for benefits such as points or cash rewards. Check with your credit card issuer for complete details on terms and conditions updates.

New Year, New Financial Goals

If you want to start fresh with your financial goals, start with Adirondack Bank’s checking or savings accounts. Check out our variety of accounts to match your unique lifestyle and stage of life. For instance, you may think about starting your children on their first savings account or saving up for holiday shopping with our Holiday Club.

When you’re ready, some of our checking and savings accounts can be opened with our online application anywhere and anytime. Visit any branch or our website for complete details about our checking and savings accounts and apply online.

Check out our Financial Learning Center with various modules about creating a budget, debt management, healthy financial habits, and more. You’ll be more prepared to tackle your 2025 financial goals!

The information in this article was obtained from various sources not associated with Adirondack Bank. While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. Adirondack Bank is not responsible for, and does not endorse or approve, either implicitly or explicitly, the information provided or the content of any third-party sites that might be hyperlinked from this page. The information is not intended to replace manuals, instructions or information provided by a manufacturer or the advice of a qualified professional, or to affect coverage under any applicable insurance policy. These suggestions are not a complete list of every loss control measure. Adirondack Bank makes no guarantees of results from use of this information.