Are you looking to kick off 2025 with a strong financial footing?  Lyle David Solomon, a seasoned attorney specializing in debt relief and financial matters at Oak View Law Group, has provided a comprehensive financial checklist to guide you.  In this guest post, Lyle breaks down essential steps to take control of your finances, from setting clear goals and reviewing your budget to optimizing savings and minimizing taxes. Whether you're planning for a major life event, tackling debt, or simply aiming for a more secure future, this checklist offers actionable advice and valuable insights to help you achieve your financial resolutions.

 

Financial Checklist for 2025 

The first month of the new year is a fresh beginning for everyone. It’s time to start everything afresh. It’s time to create a new financial checklist to stay financially healthy and wise. The financial checklist gives you a proper roadmap to achieve your goals and most importantly stay out of debt. 

Did you get time to create a financial checklist amidst the festivities? If not, here is a financial checklist that is specially curated for you.  

 

Set your financial goals. 

What are your financial goals for 2025? Make a list and pen them down on a notepad. 

Are you planning to retire this year? Are you planning to get hitched this year? Or are you expecting your first child this year? All these are major life transitions, and you need money for them all. 

Calculate how much you need in total.

 

• You can divide your goals into 3 categories - short-term, mid-term, and long-term. 

 

 

• Short-term financial goals: Settling credit card debt, building an emergency fund, vacation. 

 

 

• Mid-term financial goals: Baby planning, purchasing a home. 

 

 

• Long-term financial goals: Retirement planning, estate planning, major investments.

 

Review your budget and create a new one. 

Look at your last year’s budget. How much did you spend in various categories? Was it required? You have a fresh set of goals this year. You need a specific amount of money for that. Allocate money in various categories to fulfill your short-term, mid-term and long-term financial goals. You can use Google Spreadsheets or download a budgeting app to track your income and expenses. Review your budget every month and update it accordingly. Make sure you reduce your unnecessary expenses. 

 

Review your life, home and auto insurance policies. 

Check your insurance policies. Do you have enough coverage for your family? How much are you paying for your premium? Is it more than what others are paying? Shop around and switch to a provider who provides the same coverage at a competitive price.

 

Create a debt repayment plan. 

Check how much you owe on your credit cards. Calculate your monthly payments, interests, fines, late fees and penalties. Focus on the high-interest debt first and make sure you make extra payments on it. Keep on making minimum payments on other debts. This would help you get out of debt fast. 

You can also enroll in a debt consolidation program to reduce interest and pay off debt at your convenience. Otherwise, you can get a debt consolidation loan to replace your existing debt. Consult a financial advisor to know all the debt relief strategies and choose the best one. 

Lead a frugal life to avoid incurring fresh debt. Avoid impulsive purchases to avoid exhausting your credit limit. 

 

Create an emergency fund. 

Check how much you have saved in 2024. Is it enough to cover your unforeseen expenses? Is it enough to fulfill your financial obligations? Will it help you survive the next 6 months even without a job? If so, you are on the right track. But if you haven’t saved enough, it’s high time you contribute more towards your emergency fund. 

 

Explore ways to reduce your Taxes 

No matter how much you make, tax laws can drain your savings. Update yourself about the new tax laws and plan your finances accordingly. Check tax rates, brackets and deductions. Find out how you can maximize your tax deductions. Switch from Roth IRA to traditional IRA if required. Consult a CPA if you need help with financial planning. 

 

Review your retirement Planning 

How much did you contribute towards your retirement savings accounts? Did you make only a minimum contribution last year? If yes, reevaluate your financial resources and maximize your retirement contribution this year.

 

Check your investment portfolio: Review your investment portfolio to find out if they are aligned with your financial goals and risk tolerance. Consult a financial planner and readjust your asset allocation. 

 

Optimize Your Savings

 

• Automate Savings: Set up automatic transfers to your savings or investment accounts. This would help you save a significant amount automatically every month. 

 

 

• Retirement Accounts: Contribute to employer-sponsored plans like 401(k)s or individual retirement accounts (IRAs).

 

 

• Tax-Advantaged Accounts: Maximize contributions to accounts such as Health Savings Accounts (HSAs) or Education Savings Accounts (ESAs).

 

Final note 

Make a fresh determination this year. Make a pledge to make wise financial moves. Don’t spend money recklessly. Avoid eating out or shopping due to peer pressure. Focus on saving money and meeting your financial goals. Review your financial checklist once every six months. Check your progress. Review your financial goals, income and expenses accordingly. Browse through financial websites to what’s going on and make informed decisions.

 

About the Author:

Lyle David Solomon is a licensed attorney in California. He has been affiliated with the law firms in California, Nevada, and Arizona since 1991. As the principal attorney of Oak View Law Group, he gives advice and writes articles to help people solve their debt problems.