Let’s face it, 2024 had been a very challenging year for everyone regardless of income level. As we prepare for 2025, let’s start planning now in order to avoid some of the financial pitfalls encountered in 2024. For example, have you put off creating that emergency fund? Start planning now so that in January 2025, you’ll have a game plan in place. Other things to think about:
- Check your withholding allowances on your pay statement. Don’t give the government an interest free loan. Use the free calculators on bankrate.com to assist you.
- Plan to pay more than the minimum on your credit card. This will help you avoid excessive interest fees.
- Develop the monthly budget. Start early and do it every month. Soon it will become a habit.
- Start using the personal finance software. A great choice is mint.com. This free software allows you to track your finances and even provides a weekly summary.
- Learn and start investing. My personal favorite is sharebuilder.com. This investing site is very user friendly and also has a section on investor education.
These are just a few of suggestions on how to start the New Year on a financially sound basis. What are some of the other financial techniques that you will employ?
