As we begin another new year, everyone’s social media and internet searches are full of advice for how to make this the best year yet. Whether the topic is health, nutrition, relational, or financial, this is the time of year when many of us are thinking about, planning, or maybe just daydreaming about how to get the year started on the right foot.
As far as finances are concerned, the words of former US Senate chaplain Peter Marshall seem especially applicable: “Small deeds done are better than great deeds planned.” In that spirit, let’s take a look at some small steps you can take now to help get your financial plan started on the right foot for the new year. Hopefully, these ideas will also help you keep your money strategy on course all year long.
Pay Yourself First
There is no wealth-building principle more basic than that of prioritizing saving. Even if you have to start small, get in the habit of setting aside some money every month. And if you can also build in a commitment to making systematic, longer-term investments designed to outpace inflation, you’ll be even farther ahead of the game.
Top up Your Emergency Fund
The number-one enemy of savings is debt—especially credit card debt. Want to know the number-one way to avoid adding to your credit card debt? Have a liquid emergency fund equal to 3–6 months of income that you can tap for the unexpected (car or major appliance repair, medical bills, etc.). Instead of using credit cards to take care of the inevitable “surprises” that life throws at us, you can pay with cash and avoid the monthly interest charges that can rob you of the opportunity to save and invest.
Create and Use a Budget
Knowledge is power, especially where understanding your monthly cash flow is concerned. Your budget doesn’t have to be complicated; a simple spreadsheet that lists all your monthly income and compares it to your monthly “fixed costs” (rent or mortgage, regular payments like car or student loans, food, etc.) can be a great start. If you want to get even more efficient, consider an online budgeting and finance app like Quicken, Rocket Money, or YNAB (“You Need a Budget”). The point is, the simple act of knowing where your money is going each month will help you form the habit of prioritizing what matters most and separating “wants” from “needs.”
Take Advantage of Tax-Advantaged Saving
Holding more than $18 trillion as of mid-2025, employer-sponsored savings plans like 401(k)s and 403(b)s are the dominant tools Americans use to build wealth for retirement and other important goals. If your employer offers a plan and you aren’t already having deposits payroll-deducted, you’re missing out on a golden (and relatively painless) opportunity to build financial security. But even if you don’t have access to a workplace plan, you can still get the advantages of tax-free growth by making deposits to an IRA. And the sooner you can get started, the better; a 30-year old who puts away only $200 per month and averages a modest growth rate of just 8% would have nearly $500,000 in savings by the time they reach full retirement age.
Get a “Money Coach”
If you want to really move your financial strategy to the next level, consider acquiring the services of a qualified, fiduciary financial planner. Financial planning doesn’t have to be expensive, and having an experienced adviser alongside can help you avoid missteps in investing, budgeting, and planning that can cost you thousands in missed opportunities. A fiduciary advisor is professionally obligated to act in your best interests (i.e., focused on what most benefits you rather than on selling you a particular product). Your advisor can also help you access evidence-based research and other information that can help you avoid some of the emotional traps that keep investors from maximizing their long-term savings.
Start Tracking Your Net Worth
If you’re not already doing so, start tracking your net worth on a monthly basis. One thing I hear often from clients and friends is that it can be hard to feel like you’re making progress financially. A simple way to build confidence and see forward momentum is to consistently track your assets and liabilities.
Excel and other spreadsheet tools offer easy templates to get you started. Once you’ve set it up, add a recurring reminder to your calendar and stick with it. I personally have an alarm set for the 6th of every month—it’s a small habit that helps me stay accountable and see progress over time.
At The Planning Center, we understand the importance of paying attention to the basics of your financial strategy. We also know that each person’s financial plan is different. That’s why we work with clients to develop a money strategy that is uniquely fitted to them. To find out more about how we can help through the various stages of life, visit our website.
