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11 Budgeting-Related New Year’s Resolutions to Try This 2025

The new year is here, and with it comes the perfect opportunity to refresh your resolutions and budgeting habits. After all, the economic twists and turns of recent years have made smart money management more essential than ever.

TransUnion data shows 79 percent of Filipinos feel hopeful about their income going up in 2025.

Yet, 42 percent anticipate challenges in paying off their bills and loans. This shows the importance of a balanced and proactive approach to budgeting, especially in the context of managing a credit card Philippines-based banks issue.

For 2025, why not take charge of your finances with these elevenpractical and actionable budgeting resolutions? Here are some notes for starting this year’s budgeting journey: 

1) Create a Practical Budget as Part of Your Resolutions

A well-crafted budget is your financial blueprint for living life happily and healthily. The crucial first step towards creating such a plan is to determine your net worth. 

Start by tallying up all your assets (e.g., savings, investments, property) and subtract your liabilities (e.g., loans, credit card debt). Knowing your net worth will give you a clear picture of where you stand and what areas need improvement.

Next, tailor your weekly and monthly budgets to your income and priorities. Remember, too, that budgeting doesn’t mean saying no to everything fun—it’s about making space for what truly matters.

Strike a balance between needs, wants, savings, and debt repayment. When you have a clear picture of your finances in all of these areas, you’ll be able to reassess your expenses and identify areas where you can cut back.

 

2) Make Sure to Pay Your Bills on Time

List all your recurring bills, such as utilities, rent, and credit card payments. Prioritize these essential expenses in your budget to ensure you meet your obligations without stress.

When it comes to paying for a credit card, it depends on the process required by the issuing bank or credit card company. Regardless, keeping track of your payment deadlines is especially important if you want to avoid interest charges and penalties. 

Set reminders or automate payments to stay on top of your financial commitments. And, regularly review your credit card statements to ensure accuracy and get a proper handle on your spending.

3) Define and Automate Your Savings

Are you building an emergency fund? Saving for a dream vacation? Eyeing a new home? Whatever your specific budgeting goal may be for 2025, set a timeline, break it into milestones, and track your progress. The small, consistent efforts will make a big impact over time.

One effective way to top up your savings and work towards a more ample budget is to automate the process. Open a high-yield savings account, then set up automatic transfers from your main bank account. Start small and gradually increase the amount. For example, boosting your weekly savings from PHP 500 to PHP 600 can add an extra PHP 5,200 to your annual savings. Every peso will count!

4) Try a Savings Challenge 

Make saving fun and engaging with a savings challenge. Here are a few popular ideas that could easily help you fortify your budget:

• 52-Week Money Challenge: Save a small amount in the first week and double it each subsequent week. You could end the year with around PHP 60,000 if you start with PHP 5 in week one.

• Percentage-Based Challenge: Save a base amount each month plus a percentage of your monthly salary. Then, increase the percentage incrementally throughout the year.

• Daily Savings Challenge: Set aside a fixed amount each day.Saving just PHP 10 per day adds up to PHP 3,650 annually.

Get a friend or partner involved for extra accountability and motivation!

5) Actively Top Up Your Emergency Fund

Life happens, and an emergency fund can provide a financial safety net for unexpected expenses that you don’t want to be caught off-guard about. Aim to save three to six months’ worth of living expenses. Add this to your budget and treat it as non-negotiable.

6) Be Strategic about Tackling Your Debt

Make 2025 the year you face your debt head-on and consider strategies such as:

• Consolidating high-interest debt onto one credit card in the Philippines with a lower interest rate

• Using the snowball method (start with smaller debts) or the avalanche method (focus on high-interest debts first) to tick off your financial obligations

Stick to your plan, and avoid taking on new debt until you’ve regained control.

7) Budget for Fun 

While saving for emergencies and paying down debt are important, don’t forget to allocate a portion of your budget for enjoyable activities. A “treat myself” fund for hobbies, dining out, or other indulgences can help you maintain motivation and balance in your financial plan.

8) Proactively Track Your Spending 

Tracking your spending doesn’t have to be a chore. Using budgeting apps or spreadsheets can provide a clear view of your cash flow and simplify the expense tracking process. Focus on gaining awareness of where your money is going to make the smartest possible financial decisions.

9) Create a Budget Vision Board

There’s also the option to turn your financial goals into a visual masterpiece. Include images of what you’re saving for, target dates, and desired savings amounts. Display your board somewhere you’ll see it daily—it’s like a pep talk for your wallet.

10) Team Up with a Budget Buddy

Partner with a friend or family member who’s also working on their finances. Share your progress, discuss challenges, and cheer each other on. A little friendly competition can make saving and budgeting more fun for everyone.

11) Review Your Budget Regularly

Life changes, and so should your budget. Review it quarterly to ensure it still fits your lifestyle. If it’s not working, tweak it. Flexibility is key to your long-term financial success.

Include these budget-related new year’s resolutions into your financial routine, and you may be able to take control of your budget, reduce your stress, and pave the way for a secure and fulfilling 2025. Remember, every small step adds up to big progress. Let this be the year you master your money!

 

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