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

When it comes to financial decisions, payment of 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 believe should be the top financial priorities for 2025.

Here are some tips that cover everything from budgeting to estate planning from member experts FA Council CNBC.

“Start slow and easy with any new financial goals,” said Lee Baker, Certified Financial Planner and Founder, Owner and President Claris Financial Advisors in Atlanta. “It is better to win behind your back than to try to build Rome in a day and be disappointed.”

The new year is a great time to review where your money is going.

“Some time spent understanding your actual expenses and then deciding whether they align with your goals and values ​​is time very well spent,” said CFP Jude Boudreau, partner and senior financial planner. Planning Center in New Orleans.

Ask yourself if your spending aligns with your goals and values ​​and if it’s worth continuing, he suggested. If you sit down and look at the numbers, it can help determine where you might want to make changes.

Being up-to-date on your spending can help ensure you’re getting the most bang for your buck, advisers say.

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

While credit card debt is at record levels and consumers are still struggling with higher costs, now is a great time to get your spending in order.

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 Financial OXYGenan Atlanta-based financial advisory and wealth 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. Several subscriptions to streaming services can now add up to more than your cable TV bill. Families can save by reducing the number of subscriptions or having multiple family members on the same account, he said.

Also be sure to pay attention to grocery bills and the tendency to add on impulse purchases that can add up, Jenkin said.

When the market inevitably has ups and downs, it’s tempting to react.

But research shows that the market’s worst days often come closely watched to better days. If you sell when the market is down, you’ll miss out on the upside.

By creating a personal investment policy statement, you can avoid reacting to what’s happening 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 retirement horizon might choose to put 80% of his portfolio in stocks and the remaining 20% ​​in fixed income instruments. If the market falls or soars, they can choose to rebalance to an 80% capital allocation rather than succumbing to the temptation to react to recent moves, McClanahan said.

The start of a new year usually provides an opportunity to meet with your manager or boss to discuss your accomplishments and value to your team and company, said Kathy Curtis, CFP and founder and CEO Curtis Financial Planning, 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 request, with a clear and concise explanation of why, Curtis said.

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

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

For those with young children or who own real estate, it’s especially important to make sure you complete your estate plan, Barajas said.

Notably, estate planning doesn’t have to be expensive, he said. For people with modest financial circumstances, there are good online estate planning resources that can help prepare wills, trusts, powers of attorney, and trustee nominations at minimal cost.

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

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

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More than half of Americans – 56% – say their parents never discussed money with them, reports a a recent Fidelity survey.

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 Managing Director Real wealthrecommends planning at least two intergenerational family meetings per year to discuss intergenerational wealth.

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

A successful marriage is often a predictor of personal happiness, said Tim Maurer, CFP and principal counsel for the company SignatureFDwith offices in Atlanta and Charlotte, North Carolina.

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

Start by having an open conversation about money, where both spouses answer the questions “What’s working?” and “What could work 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 that’s kept sacred for dates, and aim to schedule that time together each week, Maurer said.

Whether it’s getting your tax return in by April 15th or making required minimum distributions by December 31st, this will help you get started well before the deadline.

“Think about all the things that will come up during the year and plan for it early,” said Baker of Claris Financial Advisors in Atlanta.

“Avoid waiting until the last minute,” Baker said. “You and your advisers will win.”

For people who are retired or close to retirement and have the means, it may make sense to give money to loved ones now rather than wait, said Boudreau of the Planning Center in New Orleans.

It provides an opportunity to identify family values ​​and direct money toward that goal, Boudreau said. For example, it can be financial assistance to adult children who are now raising grandchildren, he said.

In 2025, the annual gift tax exclusion will increase to $19,000 per recipient. However, individuals can still make gifts above that amount by filing a gift tax return with the IRS and counting it toward the lifetime gift tax exemption, which will be $13.99 million in 2025, Boudreau said.

Notably, direct funding for education is not subject to the gift tax, he said.