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When it comes to financial resolutions, pay the debt is at the top of many 2025 to-do lists.
But financial advisors who work with clients every day have their own wish lists for what they think should be the top financial priorities for 2025.
Here are some tips covering everything from budgeting to estate planning, provided by experts who are members of the CNBC FA Council.
“Start slow and manageable with any new financial goal,” said Lee Baker, certified financial planner and founder, owner and president of Claris Financial Advisors in Atlanta. “It’s better to get a few victories under your belt than to try to build Rome in a day and end up frustrated.”
Make sure your budget aligns with your goals
A new year is a good time to review where your money is going.
“Spending a little time understanding your actual expenses and then deciding whether they align with your goals and values is time well spent,” said CFP Jude Boudreaux, partner and senior financial planner at The planning center in New Orleans.
Ask yourself if your spending aligns with your goals and values and if they should continue, he suggested. Once you sit down and look at the numbers, it can help identify where you may want to make changes.
Raising awareness about your spending can help ensure you’re making the most of the money you receive, advisors say.
“Conscious spending that reflects personal values can lead to greater satisfaction and stronger relationships,” said Rianka Dorsainvil, CFP and founder and senior wealth advisor at YGC Wealth.
Evaluate where you can cut spending
While credit card debt has reached record levels and consumers still face higher prices, it’s a good time to optimize your spending.
The new year is also a good time to review your credit and debit card statements for the year, said Ted Jenkin, CFP and founder and CEO of financial oXYGenan Atlanta-based financial advisory and wealth management firm.
Look for subscriptions, apps and memberships you don’t use and cancel them, he said.
Also be sure to look at how much you’re paying for streaming services and where you could cut back, Jenkin said. Multiple subscriptions to streaming services can now add up to more than one cable bill. Families can save by reducing the number of subscriptions or having multiple family members on one account, he said.
Also be sure to take a look at grocery bills and the tendency to add spontaneous purchases that can add up, Jenkin said.
Create a personal investment policy statement
When the market inevitably goes up and down, the temptation is to react.
But research shows that the market’s worst days are usually followed closely for the best days. If you sell during a market downturn, you will miss out on the upside.
By creating a personal investment policy statement, you can avoid reacting to what’s happening in the market and instead focus on your goals, said CFP Carolyn McClanahan, founder of Life Planning Partners in Jacksonville, Florida.
For example, an investor with a long time horizon before retirement may choose to allocate 80% of their portfolio to equities and the remaining 20% to fixed income. When the market falls or soars, they may choose to rebalance that 80% capital allocation rather than give in to the temptation to react to the latest moves, McClanahan said.
Try to negotiate a higher salary.
The start of a new year typically provides an opportunity to meet with your supervisor or boss to discuss your accomplishments and value to your team and your company, said Cathy Curtis, CFP and founder and CEO of curtis financial planning, a fee-based financial planning and investment advisory firm.
Before that meeting, research your market value and determine what salary or other compensation you want to request with a clear and concise explanation of why, Curtis said.
Also be sure to evaluate whether your work may be better rewarded elsewhere, he said.
Make sure your estate plan is up to date
One area of financial planning that people tend to avoid is estate planning, according to Louis Barajas, CFP, enrolled agent and CEO of International private wealth advisors in Irvine, California.
For anyone who has young children or owns property, it’s particularly important to make sure you complete your estate plan, Barajas said.
In particular, estate planning does not necessarily have to be expensive, he said. For people who have financial situations that are not complicated, there are good online estate planning resources that help prepare wills, trusts, powers of attorney, and guardian nominations for minimal costs.
Proper estate planning can help ensure that your wishes about where your money goes are carried out when you die. Importantly, that should also include your digital assets, said CFP Preston Cherry, founder and president of Concurrent financial planning in Green Bay, Wisconsin.
“These areas require annual reviews to help account for life and money milestones and adjustments to your value system,” Cherry said.
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Set a time to meet with family and talk about money.
More than half of Americans (56%) say their parents never talked about money with them, according to a study. recent loyalty survey.
To start a family conversation about money, it’s helpful to set a formal time to discuss the topic.
Lazetta Rainey Braxton, CFP and Founder and CEO of The Royal Wealth Cliquerecommends scheduling at least two multigenerational family meetings a year to discuss intergenerational wealth.
Possible topics that could be discussed include financial resolutions, long-term care needs for older generations, and the status of estate planning documents.
If you’re married, make your spouse a priority
A successful marriage is often a predictor of personal happiness, said Tim Maurer, CFP and consulting director at SignatureFDwith offices in Atlanta and Charlotte, North Carolina.
If you have a spouse, investing more time and money in your marriage will pay off, he said.
Start with open conversations about money, where both spouses answer the questions “What’s working?” and “What could work better?” Maurer said.
It also helps to have weekly standing meetings to discuss schedules and budgets, where any adjustments that need to be made can be identified, he said.
Be sure to create a new budget category that is kept sacred for date nights and strive to schedule that time together weekly, Maurer said.
Identify key financial deadlines and start early
Whether it’s filing your taxes by April 15 or taking a required minimum distribution by December 31, it helps to get started well before the deadline.
“Think about all the things that come up throughout the year and plan ahead,” said Baker, of Claris Financial Advisors in Atlanta.
“Avoid waiting until the last minute,” Baker said. “You and your advisors will benefit.”
Consider giving money now
For people who are retired or close to retirement and have the means, it may make sense to give money to loved ones now instead of waiting, said Boudreaux of the Planning Center in New Orleans.
It provides an opportunity to identify family values and direct money accordingly, Boudreaux said. For example, that could include financial help for adult children who are now raising grandchildren, she said.
In 2025, the annual gift tax exclusion will increase to $19,000 per recipient. However, people can still make gifts above that amount by filing a gift tax return with the IRS and counting it against their lifetime gift tax exemption, which will be $13.99 million in 2025, Boudreaux said.
Notably, direct funding for education is not subject to gift tax limitations, he said.
