Five Financial Resolutions for 2025 

When we make New Year’s resolutions, we typically don’t think to include financial resolutions. Well, why not change that in 2025? Here are just a few resolutions that are simple to implement but can make a big difference in your financial wellness. 

1. Create a budget – and stick to it 

Yes, this is probably going to be the most painful one on the list, but it doesn’t have to be. Whether you do better with an app, a spreadsheet, or good old pen and paper, there’s a budgeting method out there for everyone.  

Once you’ve determined how to track your spending, your budget can be created in four steps: 

• List and add up your income, which is all the money coming into the household. 

• List and add up your expenses, including rent/mortgage, car expenses, food, money you’re putting aside for savings, etc. Make sure to include the little things as well, such as snack purchases and entertainment. 

• Look for areas where you can reduce spending.  

• One easy way to decrease your monthly spending? Consider cutting out unused subscriptions! If you’re a Service CU member, you can do so by using Subscription Manager* in online banking or your mobile app. This handy tool will show you all your regular bills, so you can easily find, cancel and save on subscriptions. 

• Finalize your budget. 

• Your budget should include “needs” (absolute essentials such as housing costs and groceries), debt repayment, savings and “wants” (travel, entertainment, going out to eat, etc.) A simple rule to stick to is the 50:30:20 method, which use 50% of your income for expenses, 30% to fulfill your wants and 20% for savings and debt.   

2. Increase your financial knowledge 

The best way to get smarter about your spending is to actually get smarter! Take advantage of Service Credit Union’s extensive financial wellness classes, which cover topics from how to talk about money with family to first-time homebuying, building credit and more. 

Check out our upcoming financial wellness classes. 

If finances are a source of anxiety, you may also want to consider keeping a financial journal. Here, you can write down any concerns you may have about your finances, as well as goals and aspirations. Writing things down can help you feel in control of your financial situation, rather than carrying that worry with you. You can also start to get a better understanding of your financial habits and find ways to improve. 

3. Build your emergency savings fund 

An emergency fund is like a financial safety net designed to cover unforeseen events and expenses, such as unplanned vehicle or home repairs, unexpected medical bills or a sudden loss of income. The ideal amount to set aside in an emergency fund depends on your individual situation, but as a general rule, it’s recommended to try and save enough to cover at least 3-6 months’ worth of expenses.   

Whether you have $10 a month to put aside or $1,000, determine what’s reasonable for you and commit to setting aside a fixed dollar amount each month. The easiest way to do so is by automating transfers to a savings account using online banking. 

4. Keep track of your credit score 

Whether you are applying for your first credit card or getting ready to buy a home, your credit score could determine whether you get approved for certain loans and may even affect your loan rate. 

Learn what makes up your credit score, including: 

• Payment history 

• Amount you owe 

• Credit history 

• New credit 

• Types of credit 

Many financial institutions, including Service Credit Union, allow you to view your credit score in online banking. You should also review your credit report annually. This report will show you information about your past and current credit history, which in turn calculates your credit score. Visit annualcreditreport.com, where you’re entitled to a free copy from each of the three credit bureaus annually. You can request all three of them at once or stagger them throughout the year. 

5. Start saving for retirement  

In addition to saving for the everyday and the unexpected, are you saving for the future? If you work for an organization that offers a 401K, it is a good idea to try to contribute as much as you can while staying on budget. If they offer matching, to go as high as the potential match, if possible. 

No matter your financial resolution, Service Credit Union is here to help! 

Federally Insured by NCUA.