COLUMBUS, OHIO (WLIO) - According to a recent study, 65 percent of people will be making a financial resolution for 2025.
Whether you are looking to save for retirement, improve your credit score, or manage your debt, you need to sit down and see what your yearly expenses are versus your income.
Financial experts from the State of Ohio have some simple tips on helping people pursue some personal goals for the new year. Whether you are looking to save for retirement, improve your credit score, or manage your debt, you need to sit down and see what your yearly expenses are versus your income. They say the beginning of a new year is a great time to set financial goals.
“Here you have the chance to get on the right financial footing in the beginning of the year. You got all of the data, the financial data, what you have spent each month for the last year, and you can use that to establish healthier spending habits in the new year.,” says Robert Rutkowski, Deputy Superintendent, Ohio Division of Financial Institutions.
To get a better hold on your finances this year, you need to create a budget for your expenses, which includes setting some of your money aside in savings.
“You should put 5% of your money into a safe account for unexpected expenses. 50% of your money should go toward your big expenses that establish your way of life: your rent, your utilities. 15% should go into a retirement account. So, starting the budget process in the new year it gives you all your data from the last year, and maybe you can lock in some of these concepts, so you are tracking every dollar, if possible,” adds Rutkowski.
They also suggest that you regularly change your passwords to better protect your financial information and be on the lookout for fraud and potential identity theft.
