5 financial resolutions to make for 2025

The contents provided on this page are for informational purposes only and do not constitute financial advice. Consider your personal circumstances and objectives before making any financial decisions.

Fitness goals, career goals, travel goals – people spend a great deal of time talking about these when the new year comes around. The new year is also a great time to reflect on your financial goals, with enough time to set a plan for how to achieve them. 

Whether you’re looking to boost your savings, pay down debt, or simply feel more confident and in control of your money, here are five financial resolutions that can help guide you towards a better financial future in 2025!

1. Schedule a “financial health check-up” every quarter 
2. Consider an alternative income stream
3. Understand how to improve your credit score
4. Set up a “fun fund”
5. Experiment with minimalism

1. Schedule a "financial health check-up" every quarter

Just like scheduling regular check-ups with your doctor, committing to a quarterly financial health check could be an easy way to help you stay on top of your finances throughout the year. 

Financial health factors you could review with each check-up might include:  

• Your current debt levels
  This includes your assessing your current outstanding debts and how you’re progressing on payments. A report by ASIC revealed that 47% of Australian adults with debt (the equivalent of 5.8 million people) have struggled to make repayments in the past year. Regularly reviewing your debt could help you avoid falling behind.

• Your savings and investments
  If you set a goal at the beginning of the year, you can use these check-ups to see how you’re tracking. This could also help you pick up on any changes – have your savings stalled? Has your income increased, giving you more you can allocate to savings and investments? Do you need to revise your savings strategy? Check out our guide How to create a savings plan that works for you for tips! 

• Re-evaluate your budget 
  Life changes or unexpected expenses are inevitable, especially with the rising cost of living. This can have a subsequent impact on your budget. Reviewing and re-evaluating your budget on a regular basis can help you accommodate for these and avoid financial stress. Don’t forget - you can also access quick loans with Beforepay Pay Advance if you need support covering an unplanned cost! 

Tip: Set calendar reminders for these quarterly check-ups early in the year. This makes them easier to commit to, makes sure you don’t forget them, and helps you stay proactive about your financial wellbeing!

2. Consider an alternative income stream

Looking for alternative income streams could open you up to more opportunities while providing an added layer of financial security. It’s not just about covering rising living costs—it’s about exploring what else is possible for you! 

You could consider options like:

• Side hustles: Freelancing, selling handmade products, or offering consulting services in your field of expertise. Use platforms like Etsy and Fiverr to turn your skills and hobbies. Get inspired with our side hustle ideas!
• Explore seasonal or flexible roles: Some businesses might look for short-term help during busy periods, such as retail positions during holidays or event staffing. These roles often have flexible hours that could fit around your other commitments.
• Gig economy roles: Platforms like Uber, Airtasker, or Upwork offer flexible work options. Around 7% of Australians take up gig work to supplement their primary income! 

Tip: Start small by dedicating a few hours a week to researching or testing a potential side income. The additional earnings could help you reach your financial goals faster. As a bonus, you might even find something you really enjoy and find rewarding! 

3. Understand how to improve your credit score

Your credit score is a key measure of financial health. Improving it could unlock better financial opportunities for you, like lower rates and higher limits with traditional loan providers. 

To make progress in 2025, here are some habits you could try focusing on to help improve your credit score: 

• Pay bills on time
  Late payments can significantly impact your credit score. Setting up automatic payments could help you avoid missed deadlines.
  
  
• Check your credit report for errors
  Ensure all the information listed is accurate to avoid incorrect information impacting your overall credit score. An example might be debt that you didn’t take out. To dispute any errors you can contact your credit provider. 
  
  
• Think twice before applying for new credit
  Each application for a new loan or credit product could impact your credit score. Consider your options and alternative products such as the no credit check Pay Advance, and check if you really need a new loan or credit product to help manage your credit score. 

Tip: Break these steps into quarterly goals to make the process manageable and trackable. Even small improvements can make a big difference over time!

4. Set up a "fun fund" with a clear purpose

Saving money isn’t just about being responsible—it’s also about enjoying life. Creating a dedicated "fun fund" can help you set aside money for experiences or hobbies you love without feeling guilty, and avoid overspending or impulse spending in the long-run. 

Here are 3 steps to set up your “fun fund”: 

1. Set a clear purpose - This might be short trips, dining out, or picking up a new hobby. For example, planning for a $2,000 vacation could mean saving $167 monthly.

2. Decide on a monthly contribution - Ensure this fits within your budget. You could try the common 50/20/30 rule for how to build a budget: 50% for needs, 30% for wants, and 20% for savings.

This can help you keep a clear focus on your goal, earn a little extra savings interest by opening a high-interest savings account and simplify your regular contributions. 

Having a fun fund not only makes saving enjoyable but also gives you something to look forward to, creating balance in your financial plan – and in life! 

5. Experiment with minimalism

Adopting a minimalist mindset doesn’t mean giving up everything you own. Instead, it’s about focusing on what truly adds value to your life, which could help you curb unnecessary purchases! 

Not sure how to start? Here are some rules you can try out to take a minimalist approach to spending.

• Question your needs versus wants before making a purchase. For example, ask yourself if the item will improve your daily life or if it’s just something you think you want right now. 
• Set a 24-hour rule before buying non-essential items. This waiting period could help you reduce impulse buys and spend mindfully. 
• Prioritise quality over quantity. Choose items that last longer and serve multiple purposes. This not only saves money in the long run but can also help reduce waste!

Minimalism can help you redirect your spending towards what truly matters, allowing you to save more and feel more intentional with your money.

By incorporating these resolutions into your goals and plan for the year ahead, you might feel more confident and empowered in your financial journey. Remember, progress takes time, so don’t forget to take time to celebrate your small wins along the way! 

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