Some great ideas to consider

Now's the perfect time to review your financial health and set yourself up for success in 2025. The following checklist can help you organize your goals, identify areas for improvement, and make informed decisions about your money.

• Calculate your net worth. Add up all your assets (savings, investments, property and other valuables). Then subtract your liabilities (what you owe others) from these assets to calculate your net worth. Then compare this figure to last year's net worth. This measurement can provide valuable insights into your financial progress. If your net worth has decreased, identify the contributing factors and create a plan to address them.

• SMART your goals. Establish your financial goals and then define them using the SMART process: specific, measurable, achievable, relevant, and time-bound. Whether your goal is saving for a home, planning a vacation, or paying off debt, break your goals into actionable steps with clear deadlines.

• Identify hidden spending traps. Review your spending habits. Compare your total income with your expenses to identify areas where you overspent. Look for patterns and consider categories where you can reduce costs in 2025. For example, small adjustments like dining out less frequently or finding more affordable subscription options can add up over time.

• Build up or top off your emergency fund. An adequately funded emergency account is crucial for your financial health. Assess your current emergency fund balance, aiming to save three to six months worth of expenses.

• Give your insurance policies a check-up. Review your existing policies, including health, life, home, auto, and disability insurance. Consider whether your coverage meets your current needs and then adjust limits or add coverage for any new circumstances. Common examples include starting a family or purchasing a home.

• Set up quarterly money check-ins. Schedule regular financial reviews throughout the year to evaluate your progress toward your goals and to address unexpected hurdles you encounter. These check-ins provide an opportunity to adjust your budget, update your goals, and celebrate milestones, such as paying off a credit card or reaching a savings target.

• Invest in your education. Invest in your financial knowledge. Read books, attend workshops, or follow reputable financial experts to stay informed about money management best practices. Knowledge is a powerful tool for achieving financial independence.

• Look for tax-saving opportunities. There are a number of ways to lower your taxable income and qualify for tax deductions and tax credits for any and all taxpayers!

By taking these steps, you'll be well on your way to making 2025 a year of financial success. Remember, small, consistent actions can lead to significant progress over time.