NEW YORK — As 2024 comes to a close, you may be thinking about your financial goals for the new year.

Whether you want to move out of your parents’ house, pay off student loans, or build savings, setting financial resolutions can help keep you motivated, says Courtney Alev, consumer advocate at Credit Karma.

“A new year doesn’t erase past financial challenges,” Alev says. “But it’s a great time to reset your mindset and take control of your finances.”

If you plan to set financial goals for 2025, experts suggest starting by reviewing your current financial situation. From there, set specific and realistic goals that fit your lifestyle.

Tips from financial experts:

Rethink Your Relationship with Money

Take a moment to reflect on how you manage money—what’s working, what’s not, and what could be better.

“Make this the year you change how you think about money,” says Ashley Lapato, a personal finance educator at YNAB, a budgeting app.

If you feel stressed or ashamed about money, or if you think you’re just “bad at managing finances,” it may be time for a mindset shift. Lapato suggests looking at your financial goals as a way to build the life you want. Ask yourself, “What do I want my 30s or 40s to look like?” and use money as a tool to get there.

Liz Young Thomas, head of SoFi Investment Strategy, adds that forgiving yourself for past money mistakes can help you stay motivated in the new year.

Know Your Purpose

When setting financial goals, it helps to understand why they matter to you, says Matt Watson, CEO of Origin, a financial tracking app.

“If you connect a financial goal to something bigger in your life, you’re more likely to stick with it,” Watson says.

For example, whether you’re saving for a home, paying off credit card debt, or planning a summer trip, having a clear reason can help you stay on track. Watson also recommends using a tool like an app or spreadsheet to keep tabs on your finances.

Create and Stick to a Budget

“After three years of inflation, your pay may still be catching up to rising expenses,” says Greg McBride, chief financial analyst at Bankrate. “Setting a budget for 2025 can help you manage your spending.”

As the year goes on, you may need to adjust your budget if certain costs increase. That could mean cutting back in other areas.

“Make sure your spending aligns with your income. If you spend less than planned in a given month, put the extra money into savings—ideally in a high-yield savings account,” McBride advises.

Pay Off Debt

“Interest rates probably won’t drop quickly, so paying off debt—especially high-interest credit card debt—should be a priority,” McBride says.

Start by reviewing how much debt you have compared to last year. If you’ve made progress, keep going. If your debt has increased, it’s time to create a plan. One option is to look into 0% balance transfer offers.

Lower Your Credit Card Interest Rate

“You have more control over your credit card interest rate than you might think,” says Matt Schulz, chief credit analyst at LendingTree. “Using that power is one of the smartest financial moves you can make in 2025.”

A 0% balance transfer credit card can help reduce high interest charges. A low-interest personal loan is another option.

In some cases, simply calling your credit card company and asking for a lower interest rate can work. LendingTree found that most people who did this in 2024 were successful, with an average rate reduction of over six percentage points.

Set Realistic Goals

When planning your financial resolutions, think about what you can actually maintain long-term, Alev says.

“Managing money is a marathon, not a sprint,” she explains.

Instead of setting a goal to save thousands of dollars right away, start small—like saving $20 from each paycheck.

Even with achievable goals, setbacks will happen. Unexpected medical bills or major life events can throw things off. When that happens, don’t be discouraged—just focus on getting back on track.

Stay on Top of Your Finances

“You can’t manage what you don’t track,” says Rikard Bandebo, chief economist at VantageScore. “A good resolution for 2025 is to check your credit score every month.”

Also, if you have student loans, make sure to make payments on time. Starting in January, loan servicers will report late payments, which could lower your credit score.

Automate Your Savings

Small, automatic changes can help you save more over time, McBride says.

For example, you could:

• Increase your contributions to your 401(k) plan at work
• Set up direct deposits from your paycheck into a savings account
• Schedule automatic transfers to an IRA or a 529 college savings plan

Be Cautious of Scams

Financial goals aren’t just about saving and spending—they also include protecting your money from fraud.

“The best way to avoid scams is to slow down,” says Johan Gerber, executive vice president of security solutions at Mastercard.

Scammers use urgency to pressure people into making quick decisions. If something feels suspicious, take a step back and talk to someone you trust before taking action.

Focus on Financial Well-Being

Your financial goals don’t always have to be about numbers—they can also focus on your overall well-being.

“More than ever, financial wellness should be a resolution,” says Alejandra Rojas, founder of The Money Mindset Hub, a mentoring platform for women entrepreneurs. “Your relationship with money impacts your mental health.”

To improve your financial well-being, consider setting goals related to your mindset. You could work on overcoming financial stress, or make a point to talk more openly about money with loved ones, Rojas suggests.

By taking small, consistent steps, you can build better financial habits and make meaningful progress toward your goals in 2025.