The elevated inflation in recent years continued to wreak havoc on many Americans' wallets in 2024, but the start of the new year provides a great opportunity to set new financial goals to get back on track. "As we step into 2025, the country’s financial landscape calls for proactive resolutions to address rising concerns such as inflation and debt," WalletHub analyst Chris Lupo told FOX Business.
Lupo says saving is also key, as many households lack emergency funds. He suggests starting small with a goal of saving two months' take-home pay and working your way up to a year’s worth. "Don’t forget to maximize your earnings: 5%+ APYs on online savings accounts make switching banks worthwhile," he noted, adding that high-yield Certificates of Deposit are also worth considering.
Look for ways to cut costs in everyday expenses, like shopping around for everything you buy, taking advantage of deals and coupons, turning the thermostat down, buying in bulk and cutting back until prices come down.