HUNTSVILLE — As the calendar turns to 2025, many are reflecting on the past year and setting resolutions for self-improvement. A common goal is to save more money and create a sustainable budget.
While many New Year’s resolutions focus on health, fitness, or personal growth, Nick Rockhill, Bank Independent’s Vice President Sales Officer of Madison County, adds that financial health plays a key role in overall well-being.
“Budgeting and savings is a key component to financial success and also helps minimize stress,” he said.
Setting clear financial goals and sticking to a budget are key to building a more secure future, said Rockhill.
“New Year’s resolutions focused on money management offer a tangible way to take control of your finances and reduce stress,” said Rockhill. “It’s about developing smarter habits and setting realistic expectations.”
Here are a few tips to help you stay on track with your 2025 financial goals:
Start by Tracking Your Spending
Understanding where your money goes is the first step toward managing it. Set aside some time to track your expenses for at least a month.
“Write it all out,” said Rockhill. “Knowing where your money goes is the first step to setting your budget.”
Set Clear, Achievable Goals
Whether you want to pay off credit card debt, save for a vacation, or build up an emergency fund, setting specific goals makes it easier to stay motivated.
“Keeping your goals in mind helps you stay on course,” he said.
Build a Budget That Works for You
Create a budget that includes your income, fixed expenses, and savings goals. The 50/30/20 rule — allocating 50% of your income to needs (like rent and utilities), 30% to wants (such as dining out or entertainment), and 20% to savings or debt repayment — can be a helpful guideline.
Rockhill also adds, “Remember, every budget should be customized to fit your personal financial situation.”
Automate Your Savings
Set up automatic transfers to your savings account right after you receive your paycheck. Even setting aside a small percentage can make a big difference over time.
Rockhill also recommends “rounding up.”
“Bank Independent has an option where you can basically sweep over reminders from purchases to a savings account. So every time you swipe your debit card, their cents and whatever remaining on a roundup goes into savings.
“It can really add up,” said Rockhill.
Build an Emergency Fund
If you don’t already have one, now is the perfect time to start building an emergency fund. Experts recommend saving three to six months’ worth of living expenses to ensure you’re prepared for any unexpected financial challenges.
“You never know if something may come up with your car or something happens with your house, or a sickness in the family or whatever may come up,” he said. “Build safety into your budget.”
Stay Disciplined
Staying disciplined is essential to meeting your financial goals. Rockhill said creating and sticking to a budget doesn’t mean depriving yourself.
“Just because we are disciplined and stick to a budget and save doesn’t mean that you have to stop having fun,” he said.
“You just need to be disciplined in how you budget that. If your family likes going to the movies then put it in your budget. If y’all want to go out to eat a couple times a month, budget that in, and stick with it.”
By adopting smarter money habits and sticking to a budget, you can build a solid foundation for the future and reduce financial stress in the year ahead.
Rockhill reminds readers to reach out to their bankers for questions or advice.
“If you find the right banker and a good banker, we can help strategize to help our clients be successful,” he said. “Helping clients work through challenges and succeeding is the most satisfying part of my job.”
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