A New Year, A Wealthier Me

January 2025 | Rosine Bouobda, Financial Literacy Coaching Program Manager

As the new year unfolds, it offers a fresh opportunity to reflect on the past and set goals for the future.  When it comes to personal finance, of which I am an expert, it’s easy to get caught up in the day-to-day expenses and forget about long-term goals and security. This year, I’m determined to take control of my financial health, refine my money management habits, and build a stronger, secure future.

Here are my personal finance resolutions for the year ahead:

1. Build and Stick to a Realistic expense plan

An expense plan is the cornerstone of financial success. Last year, I realized that although I had a rough idea of my expenses, I wasn’t always consistent in tracking them. This year, I commit to creating a more detailed and realistic plan, one that not only accounts for my monthly living expenses but also allows for savings, fun activities, and unexpected costs.

I plan to use a special tracking spreadsheet that will make tracking easier and more automatic. By being consistent with my expense plan and reviewing it monthly, I’ll ensure that I’m living within my means and making progress toward my financial goals.

2. Strengthen My Emergency Fund

One of the most important financial safety nets is an emergency fund. Last year, I found myself dipping into savings more than I’d like during unexpected situations, like purchasing a new car, traveling home to help my mom and   medical bills. This year, my goal is to build a more substantial emergency fund—ideally enough to cover 3 to 6 months of living expenses. This will provide peace of mind because of the lingering uncertainty, in case of job loss, medical emergencies, or other unforeseen events, helping me avoid going into debt when the unexpected happens.

To make this happen, I will set up automatic transfers to my emergency savings fund each month, starting with a manageable amount and gradually increasing it. I will keep this money in a high yield saving account.

3. Pay Down Debt

While I’m proud of my progress in managing debt, I’m still carrying some balances—, credit cards,  personal loans and  other obligations. This year, I resolve to tackle this more aggressively. I will prioritize paying off high-interest debt first, such as credit cards, using the snowball or avalanche method to accelerate my progress.

I’ll also ensure that I make timely payments to avoid unnecessary interest and fees, and I plan to review my debt repayment strategy regularly to ensure it aligns with my financial goals.

4. Start Investing for the Future

Retirement may seem far off, but it’s never too early to start planning. In the coming year, I aim to take my investing journey more seriously. I will research investment options that align with my financial goals and risk tolerance and attend UMB retirement workshop in April. I’ll also aim to start contributing regularly to retirement accounts such as an IRA or 401(k) to take advantage of my employer match.

Beyond retirement savings, I’ll review savings strategies, talk to housing counseling about purchasing a home. I’ll also educate myself about insurance, risks, and strategies so that I can ensure that my family and my estate are well protected.

5. Improve My Credit Score

A good credit score can open doors to better loan terms, lower interest rates, and greater financial flexibility. This year, I resolve to take steps to improve my credit score. To do this, I will pay attention to my credit report, making sure that there are no errors, and I will aim to reduce my credit card balances while making payments on time. I will meet a financial coach to a tri-merge of my credit to make sure that no information is missing on my report.

Additionally, I’ll avoid opening unnecessary lines of credit, as frequent credit inquiries can negatively affect my score. By monitoring my credit regularly, I can track my progress and ensure I stay on track toward improving my financial standing.

6. Set Specific Financial Goals

A vague goal like “save more money” is often hard to measure and can easily fall by the wayside. This year, I will set specific, measurable financial goals, whether that’s saving a certain amount for a vacation, contributing a specific amount to my retirement account, or paying off a particular debt. These goals will give me a clear sense of direction and allow me to track my progress throughout the year.

I’ll break down larger goals into smaller, manageable steps, making sure that I’m consistently moving forward, and I’ll reassess my goals regularly to adjust if needed.

7. Focus on Financial Education

The more I learn about personal finance, the better equipped I’ll be to make smart decisions. As a financial counselor and coach, this year, I commit to continuing to improve my financial literacy). I will read books, listen to podcasts, and continue the work with my financial coach (even doctor have doctors ). By staying informed, I can make smarter decisions with my money and take more proactive steps toward achieving my financial goals.

My personal finance resolution for the new year is about building a more secure, healthy, and sustainable financial future. Whether it’s creating a budget, building an emergency fund, paying down debt, or learning more about investing, I’m focused on taking control of my money and making decisions that will benefit me both today and in the long run.

The key to financial success isn’t perfection—it’s consistency. By committing to small, steady improvements, I know I can make a big difference in my financial well-being over time.

At NEWSED we, Financial Coaches are diligently trained and committed to being accountability coaches for our clients and help them reach their goals and achieve economic mobility. If you would like to find out more about the tools that and forms that’ll be using email me: gro.d1738417888eswen1738417888@noit1738417888acude1738417888. Come join me!

Here’s to a year of smarter money management, more savings, and a more secure financial future. Happy New Year!