{"id":187878,"date":"2024-12-29T22:52:20","date_gmt":"2024-12-30T03:52:20","guid":{"rendered":"https:\/\/thevwindependent.com\/news\/?p=187878"},"modified":"2024-12-29T22:52:21","modified_gmt":"2024-12-30T03:52:21","slug":"tips-on-improving-financial-stability","status":"publish","type":"post","link":"https:\/\/thevwindependent.com\/news\/2024\/12\/29\/tips-on-improving-financial-stability\/","title":{"rendered":"Tips on improving financial stability"},"content":{"rendered":"\n

Submitted information<\/em><\/p>\n\n\n\n

COLUMBUS — As Ohioans finalize their New Year\u2019s resolutions, which often times involves saving money, the Ohio Department of Commerce\u2019s Division of Financial Institutions is sharing tips to highlight ways that individuals and families can achieve financial stability and prosperity in 2025.<\/p>\n\n\n\n

According to the 2025 Financial Resolutions Study<\/a> from Fidelity Investments, approximately 65 percent of survey respondents stated they are considering a financial resolution for the New Year. <\/p>\n\n\n\n

DFI Deputy Superintendent Rob Rutkowski said this time of year is a natural opportunity to evaluate financial priorities and establish habits for a stronger financial future, which can help individuals prepare for unexpected events, reduce debt, and achieve long-term objectives.<\/p>\n\n\n\n

\u201cStarting the year with clear financial goals is essential, especially after the holidays when budgets can feel stretched,\u201d Rutkowski said. \u201cThe good news is there are simple and effective steps that anyone can take to improve their finances in the New Year.\u201d<\/p>\n\n\n\n

One of the most important steps individuals can take to get their financial house in order is to define achievable personal budgeting goals and follow through with actionable steps. By pursuing some or all of the following six goals, Ohioans can help improve their financial outlook in 2025.<\/p>\n\n\n\n\n\n\n\n

Six financial goals to consider in the new year<\/strong><\/p>\n\n\n\n

Save more for retirement:<\/strong> Be sure to maximize the benefit of your employer\u2019s 401(k) match to boost retirement savings. Financial professionals often recommend allocating 10 to 15% of your annual salary toward retirement accounts. For those turning 50 this year, explore opportunities to increase contribution limits to optimize your savings further.<\/p>\n\n\n\n

Improve your credit score:<\/strong> Better credit scores open doors to lower interest rates and improved financial opportunities. Tactics to raise your score include paying bills on time, reducing debt, and limiting new credit inquiries. Free tools available from the major credit bureaus, like Experian Boost, can help by adding timely payments for utilities or streaming services to your credit report. Also, remember to check your credit report for accuracy. You can access free weekly credit reports from the credit bureaus at www.annualcreditreport.com<\/a>.<\/p>\n\n\n\n

Establish an emergency fund:<\/strong> The future can be impossible to predict, so individuals should aim to save three to six months\u2019 worth of living expenses to help protect against financial surprises. Even starting small, such as saving $100 a month, can make a significant difference in the long run.<\/p>\n\n\n\n

Manage debt effectively:<\/strong> Individuals should prioritize paying off high-interest loans and consider debt consolidation, if necessary. In addition, consider available student loan forgiveness programs to reduce long-term debt burdens.<\/p>\n\n\n\n

Develop a personal budget:<\/strong> Budgeting doesn\u2019t have to be restrictive. Instead, think of it as a tool to understand and manage your monthly expenses. Available apps can offer user-friendly ways to track spending and assign every dollar a purpose.<\/p>\n\n\n\n

Prioritize security:<\/strong> Keep your hard-earned money where it belongs by protecting your financial information. Make sure to regularly change your passwords, use unique credentials for each account, and enable two-step verification. Today more than ever, it\u2019s important to remain on the lookout against possible fraud and identity theft to safeguard your finances.<\/p>\n","protected":false},"excerpt":{"rendered":"

Submitted information COLUMBUS — As Ohioans finalize their New Year\u2019s resolutions, which often times involves saving money, the Ohio Department of Commerce\u2019s Division of Financial Institutions is sharing tips to highlight ways that individuals and families can achieve financial stability and prosperity in 2025. According to the 2025 Financial Resolutions Study from Fidelity Investments, approximately 65 percent of survey respondents stated […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-187878","post","type-post","status-publish","format-standard","hentry","category-news"],"publishpress_future_action":{"enabled":false,"date":"2026-05-08 15:32:16","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/posts\/187878","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/comments?post=187878"}],"version-history":[{"count":3,"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/posts\/187878\/revisions"}],"predecessor-version":[{"id":187960,"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/posts\/187878\/revisions\/187960"}],"wp:attachment":[{"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/media?parent=187878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/categories?post=187878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/tags?post=187878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}