COLUMBUS, OHIO (WLIO) — January 1, 2025 — As the new year begins, a significant number of people are setting financial resolutions. A recent study reveals that 65 percent of individuals plan to make financial resolutions for 2025. Whether it’s saving for retirement, boosting credit scores, or managing debt, financial experts stress the importance of evaluating your current financial situation and planning accordingly.
Setting Financial Goals for the New Year
Financial specialists from the State of Ohio suggest that now is the perfect time to review your finances and set clear financial goals. One of the first steps, according to Robert Rutkowski, Deputy Superintendent at the Ohio Division of Financial Institutions, is to assess your income versus expenses. “The beginning of the year gives you a fresh opportunity to get on the right financial footing,” Rutkowski explains. “With data from last year, you can evaluate your spending patterns and establish healthier habits moving forward.”
Creating a Practical Budget
To take control of your financial future, creating a comprehensive budget is essential. Experts advise allocating your funds wisely to ensure financial security throughout the year. Rutkowski recommends the following budget breakdown:
5% of your income should go into a safe account for unexpected expenses, creating a buffer for emergencies.
50% of your income should cover essential living expenses, such as rent, utilities, and other basic needs.
15% should be directed towards your retirement savings, ensuring long-term financial stability.
By creating and sticking to a budget, you’ll have a clearer picture of where your money is going and can make adjustments to avoid unnecessary spending. Rutkowski also emphasizes the importance of tracking every dollar to stay on top of your financial goals.
Protecting Your Finances from Fraud
In addition to budgeting, safeguarding your financial information is crucial. Experts recommend regularly updating your passwords and staying vigilant for signs of fraud or identity theft. With the rise in online transactions, keeping your financial data secure is more important than ever.
As 2025 begins, taking the time to set practical financial goals and implementing these simple tips can help you make smarter decisions and set yourself on a path to greater financial security.
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