CHICAGO – With holiday credit card bills starting to roll in, you might want to shift your New Year’s resolution from your waistline to your wallet.

In a Fox 32 money saver special report, we asked the experts for a little help on how to boost your finances in 2025.

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SMART MONEY MOVES

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Why you should care:

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“Some of the resolutions, some of the tips we would recommend for your New Year resolutions, financially, is to plan for retirement,” said Chip Lupo, a writer and analyst at WalletHub.

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Lupo said it’s critically important that you begin to build an emergency fund to avoid relying on high-interest credit cards during life’s unexpected moments.

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“We’re in a situation now where, because of the inflationary economy, people are now relying on credit cards for everyday expenses when the primary objective of a credit card for most people is to have basically an emergency fund,” Lupo said.

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Lupo said that wages aren’t keeping up with the rate of inflation, and people are turning to credit cards for the essentials such as food and gas, which leads to significant debt by the end of the year.

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“I think a big area that lot of consumers can agree on was the rising living costs,” said consumer finance expert Andrea Woroch. “Inflation impacting how much they’re spending on housing, transportation, groceries as well as even health care.”

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MAKE A GAME PLAN

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What you can do:

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Woroch said you need to get back to the basics – set a budget this year and follow it.

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“A lot of people think of a budget as being really restrictive and while it does cap you on spending in certain areas, a budget allows you to see where you are potentially wasting money on things you don’t need,” Woroch said.

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If you think setting up a budget can be overwhelming, Woroch said going into debt and having no money in savings can be even worse.

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Not to mention, there are digital tools and apps to help you set a budget, like the “You Need a Budget” app, or YNAB.

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“Saying you are going to pay off debt is not enough. You have to be specific with how much debt you are going to pay off and set a realistic goal,” Woroch said.

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When you take on this financial resolution, Woroch said it’s important to have a plan in place. Use a balance transfer credit card or pay off the smallest balance first.

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If you don’t have a plan, Woroch said you will likely just continue your cycle of debt.

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Another tip from our experts, they both recommended taking advantage of the high interest rates being offered with online bank accounts or CD’s.

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