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But there are certain financial moves that can prove detrimental as you start the new year.
Heres what they said.
Also see11 ways to actually stick to your money resolutions in 2025.
If youve got a portfolio, dont ignore it.
Instead, take some time to reevaluate and rebalance it.
While youre at it, Falcon also suggested taking a look at your 401(k) plan.
Just because you set one up years ago at your employer doesnt mean you should forget about it.
I would be [hesitant] to take on any additional debt, Falcon said.
Interest rates, broadly speaking, are much higher than they were a few years ago …
According toExperian, the average U.S. consumer owed $104,215 in total debt in 2023.
This includes things like mortgage loans, student loans, auto loans, credit cards and personal loans.
There are exceptions to this, however.
The takeaway here is to avoid going into a transaction uninformed.
Without an actual honest budget, it will be nearly impossible to hit your financial goals.
Also, includeshort-term and long-term savingsas budget items.
A baseline budget will allow you to measure your performance.
Once youve got a budget, Brabham suggested plugging in your goals for the year.
That way, you’re able to see if your income matches your spending and other needs.
This can help you meet your financial goals in the year to come.
Put at least some of your money on autopilot, Brabham said.
Hopefully, if you dont see it, you wont spend it.
Set up your budget early to have a wonderful and productive 2025!
If you have some money in savings, check to check that youre getting decent yields.
Double check the interest you are receiving on your checking/savings accounts, Falcon said.
There are many options out there to consider.
confirm thatwhatever financial intuitionyou bank with has FDIC coverage and that you stay below the limits.
If you dont have one, nows the time to make one either by yourself or with a professional.
This is the year!
Seek out a wealth advisor and build yourself a financial plan, Falcon said.
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