2025 Financial To-Do List

In a few short hours, we will be ringing in the New Year! As you prepare to close the book in 2024 and look ahead to a fresh start in 2025, you undoubtedly have lots of goals and plans. Including your finances in your plans for the new year is important. Doing so can help you start on the right foot and set yourself up for financial success. But sometimes, it can be tricky to know exactly what you need to do. Here’s a 2025 financial to-do list with five tasks to help you start the New Year off right!

1. Check in on Your Goals

The new year can be exciting, a time for fresh starts and new goals. As you prepare for 2025, it’s important to first review your goal progress for 2024. If you set specific financial goals, check in on them. How did you do? 

Did you reach your goal? Awesome! Give yourself a pat on the back and set a new goal for 2025. If you didn’t reach your goal, ask yourself if it’s still important to you. We tend to work to complete goals that line up with our values. So, if the goal isn’t important anymore, set a new one. If you still want to work on it, look at your budget and work to set a SMART goal you can reach! 

For more on SMART goals and reviewing your goals in the new year, check out this article: Forget Resolutions, It’s Time for a Financial New Year’s Revolution.

2. Create Your Tax Plan

Creating your tax filing plan early can save you time, stress, and money when tax season arrives. Start by gathering any income statements, receipts for deductions, and investment documents you may need. Having everything in one place will make filing much easier. 

Next, think about what filing option will work best for you: a tax professional, tax software, or, for simpler returns, the IRS’s new Direct File option (check your eligibility at directfile.irs.gov). Direct File is a free, straightforward way to file directly with the IRS, which can save you money and help ensure you get your refund as soon as possible. 

Review any tax credits and deductions you may qualify for and mark deadlines on your calendar to stay on track. With a thoughtful plan in place, you’ll be able to approach tax season calmly and with confidence.

3. Audit Your Budget

As you get ready for the new year, it’s vital to audit your budget. A budget audit can help you stay on track and help you find money to put towards your financial goals. First, review your income. It’s helpful to review your income to be sure you haven’t missed a raise or a cost of living increase in your budget. Don’t forget to include all sources of income. 

Next, look at your expenses. Are you staying on track with your spending? Or are there areas where you’ve been overspending? If you find areas of overspending, you can look for ways to cut back or eliminate the excess. Ensure you’re covering all your needs first; then you can shift to covering your wants. Auditing your budget can also be an excellent time to find money to put towards your financial goals. 

Once you feel your budget is ready for 2025, find a tracking system you’ll use. Set up a regular money date with yourself to review your spending and look ahead to see what expenses are coming up.

4. Review Recurring Expenses

After auditing your budget, the next item on your 2025 Financial To-Do List is reviewing recurring expenses. It’s important to review your recurring expenses at least once a year. We all sign up for a free trial or subscription with the intention of canceling and then forget to do so. Reviewing your recurring expenses can be a great way to plug these holes in your budget. 

It can also be good to review recurring expenses like your insurance rates and phone plans to make sure you’re paying for the coverage you need at the best rate possible. Other expenses to review include cable or streaming services, subscriptions, memberships, and anything else you pay for consistently. 

If you want a way to manage these expenses, you can check out services like our SaverPerk Hiatus. Join 2 million people using Hiatus to manage subscriptions, track their spending, and lower their bills.

5. Make a Plan to Tackle Holiday Debt

Another great thing to put on your 2025 Financial To-Do List is making a plan to tackle holiday debt. If you find yourself in debt after holiday spending, creating a plan can give you a clear direction for the new year. 

To tackle your debt, you’ll need to make a list of the debts you have, find money in your budget to put towards them, pick out a repayment strategy, and then track your progress. 

For a complete guide on tackling your holiday debt, check out the article Overcoming Holiday Debt – Tips to Get Back on Track and Regain Financial Stability. 

Bonus To-Do: Schedule Your Post-Election Financial Check-In

2024 was an election year here in the U.S. So, it’s important to schedule a post-election financial check-in on your calendar after the presidential inauguration on January 20, 2025. 

You’ll want to review your financial plan and make changes to ensure you’re keeping up with policy changes. Changes to tax rates, student loan forgiveness, and business regulations may impact your investments and finances. 

Make a plan for how you’ll deal with these policy changes, including a plan for your long-term investments so you know you can ride out any short-term market fluctuations. This forward-thinking approach will help you down the line.