5 advisors offer important tips for managing your money in 2025
cnbc.comPersonal finances are top of mind for many households as they get set to ring in the new year.
About 38% of Americans ranked financial stability as their No. 1 focus area for 2025, according to a recent Allianz Life survey.
CNBC reached out to certified financial planners on its Financial Advisor Council to list their top resolutions for households as they look ahead to the coming year.
Here's the financial advice they offered.
Create and stick to your budget! Max out on retirement contributions and create one personal financial goal such as paying off credit cards or investing an additional $100 a month in an investment account.
It starts and ends with knowing where the money is going. I encourage people to track their spending for a period of time, maybe going back to three months' worth of credit card and Apple Pay payments. It's incredible what behaviors will change once people just know the truth.
I'm going to say estate planning. It's important for everyone to address — even for an 18-year-old heading off to college in Fall 2025. I had my daughter complete a health care and financial power of attorney before I sent her off to college.
If people feel overwhelmed with the estate planning process, I remind people that it's a process. Start with a financial and health care power of attorney.
You can then focus on beneficiary designations. Next, a will and trust, if the trust is appropriate for your situation. This process also helps individuals track down retirement plans from former employers. Estate planning is a wonderful opportunity to revisit life insurance as well.
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