Welcome to 2025! As we embrace the new year, it is a perfect time to reevaluate your financial strategies. Whether the economic climate has been turbulent or stable, the turn of the year offers a fresh start to reassess your financial goals and habits. Financial New Year’s resolutions are more than just a tradition; they are a proactive step towards financial empowerment.

Here are 10 easy financial resolutions that you can make (and achieve!):

Look at Last Year’s Financial Mistakes and Victories - You can’t plan for the future if you don’t look at your past. Go through your bank and credit card statements and see where you’re currently sitting. What financial mistakes did you make last year? What did you succeed in?

List Your Financial Goals - Once you have taken a look at your past financial mistakes and victories, make a list of your financial goals for this New Year. They can be overarching, big goals or smaller, specific goals. Whatever you wish to achieve, jot them down somewhere you can see them every day.

Start a Budget - Now that you know what financial goals you want to achieve this year, create a budget to make them happen. How much money do you bring in each month and how much of that goes to household expenses, childcare, commuting, entertainment, clothes, paying off debt, etc.? Take a good, hard look at your money and then make an action plan to stay ahead of the game.

Change Your Spending Habits - Once you know how much of your money will be going to each category, think about how you spend your money on any given day. Do you buy coffee each morning? Go out for lunch once a week? Pay for services you never use? Assess your spending habits and then commit to changing at least one of these habits to save you money.

Automate Your Online Banking - Technology has given us the power to save money more easily and efficiently. By automating your online banking to withdraw money from your chequing account to go into your savings, TFSA or RRSP accounts, you’ll never have the excuse of forgetting or not planning for it. This is also a great way to start an emergency fund.

Pay Fast, Buy Slow - To make sure you stay on track with your finances, live with this simple rule: pay fast and buy slow. Pay your bills as soon as they come in to avoid late fees and help you understand exactly how much money you have leftover. And adopt a slower spending approach to help minimize impulse purchases and increase rational thinking. This can be done by implementing a “pause” period between when you first consider purchasing something and when you actually purchase it.

Pay Off Your Credit Card Balance in Full - If you can’t pay off your balance in full, at least aim to pay off more than the minimum payment. Ensure you have the money in your bank account before making purchases on your credit card. This will help you break the never-ending cycle of working to pay off your credit card while you add more purchases onto it.

Talk Finances with Others - To make sure you stay on track this year, get the support of your family and friends. Tell them your financial goals and how they can help you achieve them―whether that’s going out for dinner less and adopting a cheaper hang out routine, or simply being a “check-in” person for you to update them on your progress.

Consolidate Your Debt - If you haven’t already, make an appointment with one of our experienced Mortgage Brokers to look at your debt consolidation options. Carrying multiple balances (and all with varying interest rates) can be intimidating and all-consuming. Make it your mission this year to end the constant stress of debt.

Look after your mental health - January is widely regarded as one of the most depressing months, so it’s more important than ever to make sure you have a plan for your mental health!

Source: Money Mentors