Advisors Share Key Tips for Managing Money in 2025

Five financial advisors provide valuable insights on managing money in 2025. Their tips cover strategies for budgeting, saving, investing, and preparing for potential economic shifts. Learn how to make informed decisions, optimize your finances, and plan for a secure future with expert advice tailored to help you navigate the financial landscape of the upcoming year.

Many households are prioritizing their personal finances as they prepare for the new year.

A recent Allianz Life survey revealed that 38% of Americans consider financial stability their top goal for 2025. CNBC contacted certified financial planners on its Financial Advisor Council to gather their top resolutions for households in the upcoming year.

Here’s the financial advice they provided.

Kamila Elliott, Co-founder and CEO of Collective Wealth Partners
Stick to your budget! Max out retirement contributions and set a personal financial goal, such as paying off credit card debt or investing an extra $100 per month.

Barry Glassman, Founder and President of Glassman Wealth Services
Understanding where your money goes is key. I recommend tracking your spending for a few months, even reviewing credit card and Apple Pay transactions. Knowing your spending habits can lead to meaningful changes.

Marguerita Cheng, CEO of Blue Ocean Global Wealth
Estate planning is essential, even for young adults, like an 18-year-old heading to college. I had my daughter complete a healthcare and financial power of attorney before she left for school.

If the estate planning process feels overwhelming, start with the basics, like power of attorney. Then, focus on beneficiary designations, followed by a will and trust, if applicable. It’s also a great time to revisit life insurance and review retirement plans from former employers.

Lee Baker, Founder, Owner, and President of Claris Financial Advisors

1. Review your insurance coverage: Auto and home insurance costs have risen, but don’t forget disability and life insurance. If you can’t work, replacing your car or home isn’t the issue.
2. Reevaluate your tax strategies and retirement planning: Consider required minimum distributions and Qualified Charitable Distributions, as well as tax loss harvesting to enhance portfolio performance.
3. Assess your cash flow: After overspending during the holidays, plan to address any financial setbacks and avoid repeating them next year. Review interest rates, as recent Federal Reserve cuts may affect your situation.

Cathy Curtis, Founder and CEO of Curtis Financial Planning

1. Automate savings: Set up automatic contributions to retirement or investment accounts, and ensure the process is easy and seamless.
2. Control overspending: Identify spending weaknesses and set a lower spending target for 2025, then track progress throughout the year.
3. Stay invested despite market fluctuations: With the potential for market turbulence in 2025, long-term investors should maintain their investments and continue investing, as history shows markets will grow over time.

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Source: cnbc‍