LONGMEADOW, Mass. (WWLP) – For many, December means spending extra on presents, food, and travel to get you through the end of the year.
However, as 2025 begins, many may have financial resolutions for the new year, whether that means taking stock, tackling debt, or curbing spending habits. People are beginning 2025 hoping to stick to a stricter budget, and not over consume.
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“You know, if it’s things that are clothing and stuff like that, it’s okay for us to want to buy things,” said Western Massachusetts resident Vanessa Chiarella, “But we don’t need those things to fulfill us.”
If you’re planning on making financial resolutions into the new year, experts advise evaluating your finances from 2024 before planning ahead for 2025. When you have a good grasp of your previous habits, use them to make an improvement plan within your reach.
Chiarella told 22News in the era of social media, it’s hard to avoid being “influenced” to buy things she doesn’t need, but wants to change that for herself.
“TikTok is so influential I feel like and so I feel like I want to do my best to not go on the Tiktok shop,” she said. “I just want to save my money the best way that I can and not impulse buy.”
For financial resolutions, Morgan Stanley recommends:
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Checking on your emergency fund
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Trying to consolidate debt
Reassessing your spending plan is critical now, as still-high inflation means you’re likely spending more on everyday items like groceries or gas.
If you’re expecting a raise or year-end bonus, applying the extra income to any balances with high interest rates could help reduce your balance quicker.
And of course, check whether you’re still on track to complete your goals. If recent changes in the market have thrown you off course, you may want to work with a financial advisor to get you back on the right path.
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