2024 is quickly coming to a close putting finances at the forefront. With holiday planning underway, many find themselves hoping for smooth sailing. According to a survey by Prosper Insights & Analytics, consumer spending is expected to reach a record of $902 per person on average for the holiday experience. We have gathered a few tips to help you through the holidays, get organized, and prepare to make 2025 a positive financial year for you and your family.
1. Secure the Holidays
The holidays can be an overwhelming time financially. The dinners, gifts, holiday activities can all add up. This year, consider setting a realistic budget to help guide and support your holiday decisions. Having target budget goals can help make your holiday shopping decisions a bit easier knowing you will be comfortable with the amount spent. Here is a quick resource for creating a budget that’s useful: How to Create a Monthly Budget That Works.
Another way to win this holiday season is by using cash-back sites, like Rakuten or Ibotta, to save on your favorite online gifts. Getting cash back for items you were already going to purchase is a win-win. Lastly, take advantage of deals during peak shopping times like Cyber Week. Don’t miss big discounts only found during these seasonal periods.
2. Get Organized
Once the holidays are secured, getting organized is a great step toward a financially successful 2025. Reassess your financial landscape and check in on your emergency savings, retirement or working monthly budget to identify new financial goals. Ask yourself, “What could work better next year?”
Use this time to set up new processes or structures to reach financial goals. From using new financial apps to setting up automated withdrawals, there are many options available. Make it a priority this year to improve one area of your financial life.
3. Prep for Uncertainty
Another way to prep your finances for next year is to safeguard against uncertainty. When the economy is having troubles, so can our pocketbooks. From increased grocery prices to company reorganizations, it is smart to have a plan. Some suggest saving 3-6 months of expenses as a baseline to protect you from twists and turns.
Preparing for uncertainty could also mean updating your resume, taking a new skills webinar, exploring high-yield savings options or even considering a side hustle. All of these tactics could help create some financial security in uncertain times.
4. Focus on Financial Wellness
The next element we would like to consider is financial wellness. While focusing on financial tactics can be effective, sometimes focusing on how you feel about your financial journey can be beneficial as well. Financial wellness encompasses many different elements including financial literacy, financial confidence and financial peace.
Achieving progress in each of these areas is a personal journey that can have lasting benefits. Start by grabbing a journal and jotting down some wellness goals reflecting on how you’d like to feel financially. Then, begin to take steps toward that goal to set yourself up for a financially fulfilling 2025.
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