Setting yourself up for financial success in 2025
As we move into 2025, the beginning of another new year provides an ideal opportunity to take an in-depth look at your finances and set yourself up for success.
Financial planning is more than just numbers on a spreadsheet — it’s about achieving peace of mind, securing your future and ensuring that your financial goals align with both your short- and long-term aspirations.
One of the primary benefits of having a sound financial plan is the clarity it brings to competing priorities. For example, you might be trying to save for your child’s education while also working toward retirement.
A comprehensive financial plan can illustrate how these goals interconnect, helping you allocate resources in a way that balances today’s needs with tomorrow’s ambitions. By thinking holistically and considering all aspects of your finances to create a cohesive strategy, you will be in a better position to achieve financial success this year and beyond.
The first step to creating a financial plan is to assess your current situation. Start by taking stock of your income, expenses, debts and assets. This holistic view will provide a solid foundation upon which you can create a realistic budget.
Whether your goal is to pay down debt, save for a major purchase or contribute more to your retirement plan, a clear budget can help you stay on track. No matter how small this step may feel, it can help set you up to make significant progress over time.
Another crucial aspect of financial planning is to prepare for the unexpected. Life’s uncertainties — such as illness, disability or the loss of a loved one — can significantly impact your financial stability. Ensuring you have adequate health, life and long-term disability insurance can provide much-needed protection. You also should review and update your estate plan, including beneficiary designations and powers of attorney, to further safeguard your assets in the event of an unforeseen emergency.
Investment planning is another key component of long-term financial success. Reviewing your investment portfolio regularly helps ensure that it aligns with your goals and risk tolerance. Diversification — or spreading your investments across different asset classes — can reduce the amount of risk you take on and provide a balanced approach to growing your wealth.
Finally, tax efficiency always is an important consideration when creating a financial plan at the beginning of a new year. Strategies such as placing tax-efficient investments in taxable accounts and others in tax-advantaged accounts can help to enhance your yearly returns. Monitoring and rebalancing your portfolio on an annual basis can help you stay on course as market conditions and personal circumstances evolve.
While these basic steps can provide a strong foundation, financial planning can be complex — which is where the expertise of professionals can make a significant difference.
At Busey Wealth Management, our team of experienced advisers takes the time to get to know you and understand your unique goals in order to provide personalized, comprehensive solutions that are specifically tailored to meet your needs. From investment strategies to estate planning, we are committed to helping you simplify the complexities of financial management while maximizing your opportunities for growth.
With a clear plan, thoughtful strategies and the support of trusted professionals, you can confidently pursue your goals and build a legacy that will last for years to come.
For more information on how Busey Wealth Management can help you make informed decisions and take proactive steps toward achieving your financial objectives, visit busey.com/Wealth-Management.
• Non-deposit products and services through Busey Wealth Management are not insured by the FDIC, are not deposits, may lose value and have no bank guarantee. Simon Grant is senior vice president and managing director of Busey Wealth Management.