Here’s what should be on your 2025 financial to-do list, say advisers

When it comes to financial decisions, pay off the debt is at the top of many 2025 to-do lists.

But financial advisors who work with clients every day have their own wish lists for what they think should be the top financial priorities for 2025.

Here’s some advice covering everything from budgeting to estate planning from member experts CNBC FA Council.

“Start slow and master any new financial goals easily,” said Lee Baker, Certified Financial Planner and Founder, Owner and President Claris Financial Advisors in Atlanta. “It’s better to have some victories behind you than to try to build Rome in a day only to end up frustrated.”

“A little time spent understanding your actual spending and then deciding whether it aligns with your goals and values ​​is time very well spent,” said CFP Jude Boudreaux, partner and senior financial planner at Planning Center in New Orleans.

Ask yourself if your spending is in line with your goals and values ​​and if you should continue to do so, he suggested. Once you sit down and look at the numbers, it can help you determine where you might want to make changes.

Being aware of your spending can help you make the most of the money you take in, advisers say.

“Mindful spending that reflects personal values ​​can lead to greater satisfaction and stronger relationships,” said Rianka Dorsainvil, CFP and founder and senior wealth advisor YGC wealth.

The new year is also a good time to review your credit and debit card statements for the year, said Ted Jenkin, CFP and founder and CEO OXYGen Financialan Atlanta-based financial advisory and asset management firm.

Look for subscriptions, apps and memberships you don’t use and cancel them, he said.

Also be sure to look at how much you’re paying for streaming services and where you could cut back, Jenkin said. Multiple subscriptions to streaming services can now add up to more than your cable bill. Families can save by reducing the number of subscriptions or having multiple family members on one account, he said.

Also be sure to look at grocery bills and the tendency to add impulse purchases that can add up, Jenkin said.

But research shows that the market’s worst days are frequent followed closely until the best days. If you sell during a down market, you will miss out on profits.

By creating a personal investment policy statement, you can avoid reacting to what happens in the market and instead stay focused on your goals, said CFP Carolyn McClanahan, founder Life Planning Partners in Jacksonville, Florida.

For example, an investor with a long time horizon before retirement may decide to allocate 80% of his portfolio to stocks and the remaining 20% ​​to fixed income. When the market falls or rises, they can choose to rebalance to that 80% equity allocation rather than give in to the temptation to react to the latest moves, McClanahan said.

The start of a new year usually provides an opportunity to meet with your supervisor or boss to discuss your accomplishments and values ​​for your team and company, said Cathy Curtis, CFP and founder and CEO Curtis Financial Planning, a fee-based financial planning and investment advisory firm.

Before that meeting, research your market value and determine what salary or other compensation you want to seek with a clear, concise explanation of why, Curtis said.

Also be sure to evaluate whether your work could be more rewarded elsewhere, she said.

One area of ​​financial planning that people tend to avoid is estate planning, according to Louis Barajas, CFP, enrolled agent and CEO International Private Wealth Advisors in Irvine, California.

For anyone who has young children or owns real estate, it’s especially important to make sure you complete your estate plan, Barajas said.

Namely, estate planning does not necessarily have to be expensive, he said. For people who don’t have uncomplicated financial situations, there are good online estate planning resources that help prepare wills, trusts, powers of attorney and guardianship appointments at minimal cost.

Proper estate planning can help ensure that your wishes about where you want your money to go are respected when you die. Importantly, this should also include your digital assets, said CFP Preston Cherry, founder and president Competitive financial planning in Green Bay, Wisconsin.

“These areas require annual reviews to account for life and money milestones and adjustments in your value system,” Cherry said.

More from Personal Finance:
How much can it cost to live as a family ‘Home Alone’ today?
After the holidays comes the biggest return season of the year
How much Mariah Carey earns from ‘All I Want for Christmas is You’

More than half of Americans – 56% – say their parents never talked to them about money, according to a recent Fidelity research.

To start a family conversation about money, it helps to set a formal time to discuss the topic.

Lazetta Rainey Braxton, CFP and Founder and Director The true wealth of the Coterierecommends scheduling at least two multigenerational family meetings per year to discuss intergenerational wealth.

Possible topics to discuss include financial solutions, long-term care needs for older generations and the status of estate planning documents.

A successful marriage is often an indicator of personal happiness, said Tim Maurer, CFP and general counsel at SignatureFDwith offices in Atlanta and Charlotte, North Carolina.

If you have a spouse, it will pay off to invest more time and money in your marriage, he said.

Start with open conversations about money, where both spouses answer the questions “What’s working?” and “What could be better?” Maurer said.

It also helps to have weekly standing meetings to discuss calendars and budgets, where you can identify any adjustments that need to be made, he said.

Be sure to create a new budget category held sacred for date nights, and try to schedule that time together weekly, Maurer said.