New year, new financial you: resolutions for a prosperous 2025

WITH DANIEL WALSH AND LEIGH DELEDIO FROM UFINANCIAL

After the festive season spending spree, January offers a chance to recalibrate, reflect, and make resolutions that pave the way for a prosperous year ahead.

Let’s dive into how Aussies are approaching their financial goals in 2025, along with practical tips to help you start the year on the right foot.

Australians and financial resolutions

Research shows financial resolutions are among the top commitments made by Aussies every January:

•     Saving more: more than 50 per cent of Australians set a goal to save more, whether for a holiday, home deposit, or rainy-day fund

•     Reducing debt: credit card and personal loan repayments are a focus for nearly 40 per cent of Aussies looking to ease financial stress

•     Investing wisely: one in four Australians aim to grow their wealth through investments, including shares, property, or superannuation

•     Homeownership goals: with property ownership remaining a key part of the Australian dream, many focus on buying their first home, paying off their mortgage faster, or leveraging equity for renovations or investments.

Setting and achieving financial resolutions

Whether you’re a homeowner, investor, or planning your first property purchase, here are five actionable tips to help you stay on track:

1.     Review your budget: start the year by reassessing your income and expenses. Use tools like the UFinancial Budget Calculator to fine-tune your spending and savings goals

2.     Set SMART goals: ensure your financial resolutions are specific, measurable, achievable, relevant, and time bound. For example, Save $10,000 by December for a home deposit

3.     Prioritise debt repayment: focus on high-interest debt first, such as credit cards or personal loans, to reduce long-term financial strain

4.     Boost your mortgage strategy: consider increasing your mortgage repayments or making lump-sum payments. Use the UFinancial Extra Repayments Calculator to see the impact on your loan

5.     Plan for unexpected expenses: build or bolster your emergency fund to handle unforeseen costs without derailing your financial progress.

Financial Trends for 2025

•     Increased cost of living awareness: rising living costs continue to influence how Australians manage their money, with many cutting back on discretionary spending to prioritise essentials

•     Focus on homeownership: with steady growth in the property market, more Australians are looking to enter the market or leverage their current assets

•     Digital tools adoption: budgeting apps and online calculators are becoming essential for Aussies aiming to track their goals and improve financial literacy.

Start the Year Strong

Need help kickstarting your financial goals for 2025? At UFinancial, we’re here to guide you every step of the way. From optimising your mortgage to helping you build a savings plan, let’s make this year your most financially successful one yet.