{"id":2935,"date":"2025-01-21T20:48:58","date_gmt":"2025-01-21T20:48:58","guid":{"rendered":"https:\/\/ukfinancepulse.com\/?p=2935"},"modified":"2025-01-21T20:48:59","modified_gmt":"2025-01-21T20:48:59","slug":"now-is-the-perfect-time-for-a-financial-reset-experts-say","status":"publish","type":"post","link":"https:\/\/ukfinancepulse.com\/?p=2935","title":{"rendered":"Now Is the Perfect Time for a Financial Reset, Experts Say"},"content":{"rendered":"\n

With the new year underway, there\u2019s no better time to assess your financial health and set new goals. According to a recent Discover Personal Loans poll, over half of U.S. consumers planned to make a financial resolution for 2025. Even if you haven\u2019t set goals yet, financial experts emphasize that starting now is ideal.<\/p>\n\n\n\n

\u201cThe beginning of the year is the perfect time for a financial reset,\u201d said Jordan Awoye, managing partner of Awoye Capital. \u201cYou\u2019re able to start from scratch, see what you\u2019ve done the year prior, and just have a clean slate.\u201d<\/p>\n\n\n\n

Why Now is the Right Time for a Financial Reset<\/strong><\/h3>\n\n\n\n

Tax Season is the Perfect Opportunity<\/strong><\/h4>\n\n\n\n

The 2025 tax filing season begins on January 27, presenting an opportunity to evaluate last year\u2019s financial decisions and set priorities for the year ahead, Awoye explained.<\/p>\n\n\n\n

Common Financial Resolutions<\/strong><\/h4>\n\n\n\n

Top resolutions include saving more, improving credit scores, building an emergency fund, and paying down debt. However, challenges like inflation, unexpected expenses, and the state of the economy may make achieving these goals difficult, according to Discover\u2019s poll.<\/p>\n\n\n\n

Steps to Kickstart Your Financial Goals<\/strong><\/h3>\n\n\n\n

Build a Budget<\/strong><\/h4>\n\n\n\n

Start by tracking your income and expenses. \u201cAsk yourself, \u2018Do you have more money coming in than going out? If not, what expenses can you cut, and what additional revenue streams can you create?\u2019\u201d Awoye advised. Aim to save three to six months\u2019 worth of expenses in an emergency fund.<\/p>\n\n\n\n

Pay Down High-Interest Debt<\/strong><\/h4>\n\n\n\n

\u201cPaying off high-interest debt, like credit card debt, should be a top priority,\u201d said certified financial planner Corbin Blackwell. With interest rates on credit cards often exceeding 20%, it\u2019s crucial to reduce this financial burden while still building savings.<\/p>\n\n\n\n

Focus on Long-Term Investments<\/strong><\/h4>\n\n\n\n

For goals that extend 10 years or more, such as retirement, investing is key. Natalie Taylor, CFP and founder of The Goodland Group, suggests using retirement accounts like IRAs or 401(k)s and considering taxable brokerage accounts for additional savings.<\/p>\n\n\n\n

Save or Invest? It Depends on Your Goals<\/strong><\/h3>\n\n\n\n

Taylor explains that financial goals fall into two categories:<\/p>\n\n\n\n

    \n
  • \u201cBase Hit\u201d Goals<\/strong>: These include building an emergency fund or saving for a short-term need. Cash-based strategies, like high-yield savings accounts or certificates of deposit, are appropriate for these goals.<\/li>\n\n\n\n
  • \u201cHome Run\u201d Goals<\/strong>: Goals such as early retirement or funding a child\u2019s college education may require more aggressive investing in a diversified portfolio.<\/li>\n<\/ul>\n\n\n\n

    Focus on What You Can Control<\/strong><\/h3>\n\n\n\n

    Don\u2019t let economic uncertainty or past financial mistakes hold you back. \u201cThere\u2019s no amount too small to get started,\u201d Blackwell emphasized. Whether it\u2019s saving a few dollars or paying down a small portion of debt, incremental steps add up over time.<\/p>\n\n\n\n

    Define Your Financial Success<\/strong><\/h3>\n\n\n\n

    Ultimately, financial success depends on your personal goals. \u201cWhere you\u2019re going to find financial success is going to depend on what you define as successful,\u201d Blackwell said. By taking deliberate steps now, you can set the stage for a financially healthier year ahead.<\/p>\n","protected":false},"excerpt":{"rendered":"

    With the new year underway, there\u2019s no better time to assess your financial health and set new goals. According to a recent Discover Personal Loans poll, over half of U.S. consumers planned to make a financial resolution for 2025. 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