Five financial New Year’s resolutions you should have

It’s that time of year again!

Lots of shopping, holiday parties, traveling, and of course eating. While this time of year is (in theory) supposed to be fun and all holly-jolly, it actually causes a lot of stress in people’s financial lives. Many people (including myself) find themselves spending too much money on gifts or on themselves. Holiday sales and social media are usually not the kindest to our minds and wallets during this time of year. The lure of a “good” sale can cause people to go a little crazy (as I’m sure you know if you’ve ever been to Walmart at 12 a.m. on Thanksgiving night). 

While influencers, friends, and ads on social media are often a good resource to use for gift ideas, it is very easy to get in the mindset that more is better. More gifts. More expensive. More everything. The pressure to buy more stuff is amplified this time of year. And it’s hard to look away or not fall for the materialistic traps.

With all of this being said, a fresh mental and financial refresh is what a lot of people need (you and me included)! 2025 would be a perfect time to start. With a clean slate and clear head, setting financial goals for the upcoming year could benefit you in more ways than you know.

Here’s 5 financial New Year’s resolutions that you can add to your list of goals for the upcoming year:

1. Create a budget: Yes, it’s daunting. But once you create a budget, your eyes will be opened to where your money is going and what adjustments need to be made. If you’re looking for something simple, Excel for Microsoft Office has tons of easy-to-follow budget templates that are customizable and made for every lifestyle (college student, business owner, family). There are also tons of apps that you can download to help you budget! Some greats ones are Mint, for monitoring daily activity, YNAB, for achieving financial goals, and Personal Capital, for investors.
2. Cancel those subscriptions you don’t need: Do you really need Apple Music AND Spotify? What about Netflix, HBOMax, and Hulu? Often we end up with monthly subscriptions that we don’t regularly use and usually forget about. That wasted money may not seem like a lot, but over time it can add up to a lot! The money could be used for something else! Take one day to review a month’s worth of payments on your debit and credit cards. Figure out what subscriptions you’re paying for and see which you can eliminate.
3. Prioritize saving every month: In 2025, prioritize saving every month, regardless of the amount. This could be for your emergency savings, a big expense that you know you have coming up, or for anything else! Saving now will be much easier (while your expenses are lower than what they will be in the future) and creates healthy habits. Plus, your future self will thank you! If you are struggling to save, try a website like Acorn.com. When you link you bank account to Acorn.com, the spare change from each purchase, for example, the extra $0.35 after you bought a $3.65 coffee, will be automatically set aside into a savings account. You’ll be surprised how fast that spare change can add up!
4. Start investing: Start letting your money MAKE money! Investing is a great way (especially as a college student) to start planning for your future. You don’t have to do it all by yourself though. Research articles online about different platforms, stocks, and mutual funds. Talk to your parents or friends who already invest about what they did to get started and what they recommend. Or schedule a meeting with a CPFM coach who could also help you get started! Like I said before, your future self will thank you very much (especially if those investments allow you to retire early!)
5. Evaluate your eating-out spending: The number one most common thing students tell me they want to change about their financial life is spending less on food at restaurants. Eating out 3-4 times per week can get pricey! Especially if you live in a city where that food is expensive (cough cough Charleston)! Consider cutting down the amount you eat out or the amount you spend eating out in half. How much could you save per week? Per month? Per year? Also consider using delivery apps like DoorDash or UberEats ONLY when you absolutely have to. Delivery apps like those can sometimes double the price of a meal. Yes, we have to eat, but let’s be smart about it! Take advantage of the dining hall or your own kitchen as much as you can and treat yourself to a meal out when it makes sense to.

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