COLUMBUS, OH (MARION COUNTY NOW)—As Ohioans finalize their New Year’s resolutions, often involving saving money, the Ohio Department of Commerce’s Division of Financial Institutions (DFI) is sharing tips to help individuals and families achieve financial stability and prosperity in 2025.
According to the 2025 Financial Resolutions Study from Fidelity Investments, approximately 65% of survey respondents are considering a financial resolution for the New Year.
DFI Deputy Superintendent Rob Rutkowski says this time of year is a natural opportunity to evaluate financial priorities and establish habits for a stronger financial future, which can help individuals prepare for unexpected events, reduce debt, and achieve long-term objectivesioncountynow.com
“Starting the year with clear financial goals is essential, especially after the holidays when budgets can feel stretched,” Rutkowski said. “The good news is there are simple and effective steps that anyone can take to improve their finances in the New Year.”
One of the most important steps individuals can take to get their financial house in order is to define achievable personal budgeting goals and follow through with actionable steps. By pursuing some or all of the following six goals, Ohioans can help improve their financial outlook in 2025.
Six Financial Goals to Consider in the New Year
- Save More for Retirement
Maximize the benefit of your employer’s 401(k) match to boost retirement savings. Financial professionals often recommend allocating 10 to 15% of your annual salary toward retirement accounts. For those turning 50 this year, explore opportunities to increase contribution limits to optimize your savings further. - Improve Your Credit Score
Better credit scores open doors to lower interest rates and improved financial opportunities. Tactics to raise your score include paying bills on time, reducing debt, and limiting new credit inquiries. Free tools available from the major credit bureaus, like Experian Boost, can help by adding timely payments for utilities or streaming services to your credit report. Also, remember to check your credit report for accuracy. You can access free weekly credit reports from the credit bureaus at annualcreditreport.com. - Establish an Emergency Fund
Aim to save three to six months’ worth of living expenses to help protect against financial surprises. Even starting small, such as saving $100 a month, can make a significant difference in the long run. - Manage Debt Effectively
Prioritize paying off high-interest loans and consider debt consolidation if necessary. Additionally, explore available student loan forgiveness programs to reduce long-term debt burdens. - Develop a Personal Budget
Budgeting doesn’t have to be restrictive. Instead, think of it as a tool to understand and manage your monthly expenses. Available apps can offer user-friendly ways to track spending and assign every dollar a purpose. - Prioritize Security
Protect your financial information by regularly changing your passwords, using unique credentials for each account, and enabling two-step verification. Stay vigilant against possible fraud and identity theft to safeguard your finances.