Category: Mistakes
5 Financial Resolution Mistakes to Avoid in 2025
As the year draws to a close, many of us begin reflecting on our goals for the upcoming year. Not surprisingly, financial resolutions often top the list. According to a 2024 study by the Pew Research Center, 61% of those who make resolutions include money or finances among their priorities. With this in mind, setting the right financial goals is key to starting the year on the right foot. To help you avoid common pitfalls, we’ve put together a list of five financial mistakes to steer clear of—ensuring your resolutions set you up to reach your financial goals. Not preparing for the unexpected Having an emergency fund is essential, especially in today’s uncertain economy. According to a 2024 Discover Personal Loans survey, 80% of Americans feel anxious about their finances, with many unprepared for events like job loss, unexpected expenses, or medical emergencies. Beyond an emergency fund, proper insurance is crucial to protect your financial plan. Review your life, disability, property, and casualty insurance to ensure you're covered. For retirees, long-term care is critical. According to the U.S. Department of Health and Human Services, 70% of people aged 65 or older are likely to need long-term care at some point. Lastly, if you own rental or vacation homes, an umbrella policy can provide extra protection. Not planning goals Not planning your financial goals is another mistake to avoid. According to a survey by Schwab, only 36% of Americans h
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