5 Advisors Share Top Money Management Tips for 2025

As we step into 2025, it's time to take a fresh look at our financial goals and strategies. With the help of five experienced financial advisors, we've compiled a list of essential money management tips to help you navigate the new year and beyond.



1. Create and stick to a budget
- *Kamila Elliott, Co-founder and CEO of Collective Wealth Partners*
- Start by understanding your income and expenses. Then, allocate funds towards your financial goals, such as saving, investing, or paying off debt. Regularly review and adjust your budget as needed to stay on track.

2. Max out retirement contributions
- *Kamila Elliott*
- Contribute the maximum amount allowed to your retirement accounts, such as 401(k)s and IRAs. This not only helps you save for the future but also reduces your taxable income.

3. Review and optimize your insurance coverages
- *Lee Baker, Founder, Owner, and President of Claris Financial Advisors*
- Evaluate your auto, home, disability, and life insurance policies to ensure you have adequate coverage at the best possible rates. Consider bundling policies or negotiating lower rates with your current provider.

4. Prioritize estate planning
- *Marguerita Cheng, CEO of Blue Ocean Global Wealth*
- Addressing estate planning is crucial, especially for those with young children or significant assets. Start with a financial and health care power of attorney, and consider beneficiary designations, wills, and trusts as your financial situation evolves.

5. Automate savings and manage overspending
- *Cathy Curtis, Founder and CEO of Curtis Financial Planning*
- Set up automatic transfers from your paycheck or checking account to your savings and investment accounts. Track your spending, identify areas where you can cut back, and set budget targets to maintain financial stability.

6. Pay down outstanding debt
- *Matt McBride, Chief Financial Analyst at Bankrate*
- Focus on paying off high-interest debt, such as credit cards, to free up more income for investing and other financial goals. Consider consolidating debt through personal loans or balance transfer credit cards.

7. Control credit card interest rates
- *Matt Schulz, Chief Credit Analyst at LendingTree*
- Negotiate lower interest rates with your credit card issuer or consider transferring balances to 0% interest cards. Keep track of your spending to avoid accumulating high-interest debt.

8. Review your cash flow
- *Lee Baker*
- Assess your income and expenses, and make adjustments as needed to maintain a stable cash flow. Consider setting aside funds for unexpected expenses or emergencies.

9. Stay invested and maintain a long-term perspective
- *Carolyn McClanahan, Founder of Life Planning Partners*
- Market fluctuations are inevitable, but maintaining a long-term perspective and staying invested can help you weather market downturns and capitalize on rebounds. Consider creating a personal investment policy statement to guide your decisions.

By incorporating these tips into your financial strategy, you can better navigate the challenges and opportunities that 2025 may bring. Stay informed, adaptable, and focused on your long-term goals to achieve financial success.