Set Financial Goals for the New Year
The start of a new year inspires many to set important goals, with finances often taking center stage. In fact, over 60% of Americans set a New Year’s resolution related to their finances, making it the most popular type of resolution behind those related to health and wellness.
If you’re one of the Americans looking to improve your financial fitness this year, the personal bankers at Citizens Bank are here to help you set and reach your financial goals in 2025 and beyond. Below, we explore some popular financial goals our members set for themselves and how to reach them.
Financial Goals to Set for Yourself in 2025
While you may know that you want to improve your financial situation this year, you may not know how. Below, our personal bankers share some ideas for financial goals you can set for yourself in the new year and how you can best reach them.
1. Make a Budget
A budget can help you keep track of your income and everyday expenses, such as housing, food, and transportation costs. The new year is a great time to create a budget. It can help you start the year off right by informing you of where you can reduce your spending and providing other insights about your financial situation. You can use a combination of spreadsheets and online banking tools to help you create your budget, as these provide you with the information you need to do so.
2. Build Your Savings
Saving money is another goal many people set for themselves in the new year. Whether you want to save for retirement or a major purchase, there are many options available to help you do that. Opening a savings account can be a great place to start. However, if you want to grow your savings, consider using investment tools like certificates of deposit (CDs) or individual retirement accounts (IRAs).
3. Financial Literacy Education
Whether you’re teaching your children about financial literacy or want to become more knowledgeable about money yourself, the new year is a great time to start learning. Taking a financial literacy class is one way to do this, but there are also many free resources available online, including those from Citizens Bank.
From there, you can put your newfound knowledge into practice and share it with your children. Being financially literate is a skill that will benefit you well beyond the new year. You will be empowered to make more informed decisions about your finances, which will help you achieve other goals you may have.
4. Give More to Charity
Many people wish to give back to their community during the new year. When making a budget, make sure to plan for charitable giving, regardless of whether you’re giving a one-time donation or a recurring gift.
You can also choose to work with banks and other businesses that partner with local nonprofits, like Citizens Bank. We support efforts related to racial equality and economic development in the communities we serve.
5. Prepare for a Major Purchase
Perhaps you’ve decided that 2025 is the year that you’re going to buy a house or a new car. The beginning of the year is a great time to start preparing for these purchases. Research auto loan or mortgage options to help you determine how large of a payment you can afford each month.
Also, look at your budget to see if you can afford to make the purchase this year or if you could put it off until later to save up for it. Pursuing shorter-term savings growth options, like CDs or Citizens Bank’s holiday club, can help you save for these purchases in as little as three to six months.
Set Financial Goals in Tennessee With Citizens Bank
Setting financial goals for the new year goes beyond just saving money. Citizens Bank can help you set and reach financial goals in 2025 and beyond. To get started today, contact us online, call (615) 327-9787, or visit us in Nashville or Memphis. Our personal bankers would be happy to help you reach your financial goals this year.
Reach Your Financial Goals in Tennessee With Citizens Bank
You have many financial goals that you want to reach in 2025, but you may not know how to do that while staying within your budget. Citizens Bank can help you create a plan to reach your financial goals, including major purchases like homes or vacations. We offer savings and lending options for every need and budget.
To learn more, contact us online, call us at (615) 327-9787, or visit one of our branches in Nashville or Memphis today. We can help you explore your options for reaching your financial goals and keeping your New Year’s resolutions. It’s part of our commitment to supporting our members in pursuing their goals.