By JEAN CHALIFOUX KIELY, Director of Consumer Banking at Sunrise Banks
Welcome to 2025! We are now about one month into the new year, which means you may now be at a crossroads when it comes to any resolutions you have made.
Resolutions centered around money and saving tend to rank high in popularity at the start of the year. Even if you have not laid out a plan yet to be wiser with your money, there is no reason to give up one month in. You can commit to changing your money habits at any time and at any level, and hopefully, you will see the benefits, both short-term and long-term, pay off.
Our team members at Sunrise Banks work with people who want to improve their financial habits all the time. With the right tools and strategies, you can create smart and easy ways to build your savings.
Here are five ways you can start to act now:
Track Your Spending and Set Clear Limits
Start by tracking every expense, no matter how small, for one month. Use an app or spreadsheet to categorize your expenses such as groceries, entertainment, bills, etc. At the end of the month, look for places where you can cut back. For the new year, set specific limits for each category, and work hard to stick to those limits. This helps in identifying unnecessary costs and redirects money to savings.
Automate Savings Contributions
Set up an automatic transfer from your checking account to a savings account as soon as your paycheck is deposited. Treat it like a bill you must pay. Start with a small amount and gradually increase it. This ensures that you are consistently saving, without the temptation to spend the money elsewhere.
Create an Emergency Fund
Commit to building or boosting an emergency fund by setting aside a fixed amount each month. Aim for at least three to six months’ worth of living expenses. Start by focusing on saving small amounts, and once the fund is established, shift attention to other financial goals like retirement or investments.
Review Subscriptions and Memberships
Go through your subscriptions (streaming services, gym memberships, etc.) and cancel any that you no longer use or need. If you are not ready to cut them entirely, consider downgrading to cheaper plans. This can free up funds for more important financial goals or savings.
Set Up a Debt Repayment Plan
If you have outstanding debts, resolve to create a clear plan for paying them down. Use the debt snowball method (paying off the smallest balance first) or the avalanche method (tackling high-interest debts first). Set a target for when you would like to be debt-free and break down the necessary monthly payments to reach that goal, then stick to it.
By following through on these resolutions, you will have a more organized approach to saving money and managing your finances.
Visit sunrisebanks.com/financial-wellness-tools to see all tools available to help you reach your money goals.
Jean Chalifoux Kiely is the Director of Consumer Banking at Sunrise Banks. Member FDIC.
