SIOUX FALLS, S.D. (KELO) – This time of year can be expensive for many families and as we inch closer to the new year, you might be wondering how to make sure you start 2025 off right with your finances.
The holiday season is often a time to reflect on what parts of life are most important to us.
Those reflections can be beneficial when it comes to our finances.
“What do you want your life to look like? What obligations do you have? You have to put a roof over your head, so what does that cost? You need to put food on the table, so what does that cost? For some people that’s giving, for some people that’s saving,” Nik Aamlid, an advisor with Pinnacle Wealth, said. “It’s different for everybody but let’s identify the big rocks and those big items that allow you to create the life that you want to create.”
Aamlid says those are the items you should focus on first when budgeting in the New Year.
Also, when it comes to money resolutions, he says don’t set extravagant goals. Instead, make sure they are reasonable resolutions you can keep throughout the year.
“For a lot of people, to be honest with you, maybe the resolution is to say, ‘you know what, I’m going to start intentional conversation about it.’ Because a lot of times just talking about it is helpful,” Aamlid said. “So many people say that they want to be better at certain financial items, maybe it’s saving more, maybe it’s giving more, maybe it’s getting out of debt, but they don’t know how to process that.”
Honest conversations that could lead to more peace of mind next Christmas.
“And not setting it as a one-year goal, necessarily but it almost becomes a life change thing,” Aamlid said. “You know, there’s not necessarily quick fixes. There’s not a get-rich-quick-fix. There’s not things that are going to maybe drastically change your life overnight when it comes to managing your finances. But when you look long-term, there are little, incremental steps that you can take.”
Aamlid says it’s never too early to have those conversations about money, so you could even start with the time that’s left in 2024.
