LIMA, Ohio (WLIO) — The new year is a great time to take a look at your finances — but as many people know, resolutions can be tough to stick to.
Year after year, Americans tend to make the same financial resolutions. According to a recent Fidelity survey, 43% of Americans say their top financial goal for 2025 is saving more money. 37% want to pay down debt, and nearly a third plan to cut back on spending. For many, the new year feels like a fresh start.
“First of all, I would start with a budget. See what you have going out, so you can kind of judge what you want to put back for an emergency. Use a high-interest savings account,” said Adam Crowe, a financial services officer with Superior Credit Union.
Crowe said high-interest savings accounts can help money grow faster, especially compared to traditional savings accounts that earn very little.
“With our Money Max savings account, with a minimum of $2,500, it starts at 2% APY, so that’s way better than just a traditional savings account,” Crowe said.
Paying down debt is another top priority for many Americans this year. Crowe recommends starting with your credit score and reviewing the interest rates on any existing loans.
“Review your interest rate that you have on any auto loans or home equity loans. Interest rates have actually gone down with the Fed in the last 16 months by about one and a half percent,” he said.
When it comes to spending less, Crowe said small monthly expenses can quietly add up.
“Look at the things that you pay for monthly — Netflix, Paramount Plus, any of those streaming services. Sometimes those can be cut back,” he said.
For people without a specific financial goal, building an emergency fund is a strong place to start. It can help avoid taking out loans when unexpected expenses come up. For long-term goals, such as buying a home, Crowe pointed to programs designed to help savings grow over time.
“The state of Ohio has come out with a wonderful Ohio Homebuyer Plus program. The interest rate is currently at 6%, so you’re going to make a lot of money on the money that you have put away,” he said.
Experts say the key to sticking with financial resolutions is staying specific, tracking progress and keeping goals realistic.
