2025 will soon be upon us, and after the merriment of the festive period, many of us will turn our thoughts to the upcoming new year, and the things we hope to achieve.
Financial goals are a common area of desired improvement. Last year, 9 out of 10 UK adults who made resolutions included a financial-based change and a study released in December 2023 revealed that 49% of the UK residents surveyed were hoping to save more money in the year ahead.
The same survey later confirmed that just 31% of people who had previously made resolutions for 2023 had kept them.
Joe Lytwyn, a personal finance expert at vivamoney.co.uk, has shared 5 achievable financial New Year’s resolutions you can make for 2025. Joe says,
The same survey later confirmed that just 31% of people who had previously made resolutions for 2023 had kept them.
Joe Lytwyn, a personal finance expert at vivamoney.co.uk, has shared 5 achievable financial New Year’s resolutions you can make for 2025. Joe says,
'The key to keeping resolutions is to reduce the amount of pressure you put yourself under. From increasing our savings to improving our credit score, many of us have financial goals in mind that we’d love to achieve. In reality, these goals sometimes take longer than a 12-month period, or an unexpected event crops up, stands in the way, and prevents us from persevering.
'Setting achievable goals and being kind to yourself is paramount and could make all the difference in succeeding. For example, rather than saying, ‘I want to become completely debt-free in 2025,’ instead vow to reduce as much debt as you can.'
'Setting achievable goals and being kind to yourself is paramount and could make all the difference in succeeding. For example, rather than saying, ‘I want to become completely debt-free in 2025,’ instead vow to reduce as much debt as you can.'
1. Get serious about savings
‘Saving money can feel daunting, especially if our finances are already stretched. Again, this is where it helps to refrain from putting yourself under any unnecessary pressure. Rather than trying to save exactly £100 a month, instead make your resolution to put away as much as you’re comfortably able to. That way, you won’t feel disheartened if you don’t meet a specific target.’
Joe adds, ‘In 2024, it was revealed that 1 in 6 UK adults don’t have any savings at all, so you should feel proud of whatever amount you’re putting away, whether that’s £10 or £100. It can be thrilling to watch your pot build up, particularly if you’re working towards paying for a specific luxury, such as a holiday or your dream kitchen.’
Joe adds, ‘In 2024, it was revealed that 1 in 6 UK adults don’t have any savings at all, so you should feel proud of whatever amount you’re putting away, whether that’s £10 or £100. It can be thrilling to watch your pot build up, particularly if you’re working towards paying for a specific luxury, such as a holiday or your dream kitchen.’
2. Set a budget each month
‘Budgeting can be a useful tool in reducing the risk of overspending. Setting a monthly budget may sound like a tedious task, but it could help you save money. A couple of days before you get paid, work out your outgoings for the month ahead, starting with your essential costs, such as bills and food. The money you have left after deducting your essentials is your disposable income, and can be saved or spent however you choose.
‘Getting the hang of budgeting can take a couple of attempts, so don’t beat yourself up if your calculations fall short. Keep going, and eventually, budgeting could become a part of your monthly financial routine without you really having to think about it.’
‘Getting the hang of budgeting can take a couple of attempts, so don’t beat yourself up if your calculations fall short. Keep going, and eventually, budgeting could become a part of your monthly financial routine without you really having to think about it.’
3. Go through your outgoings
‘Set some time aside to go through all your Direct Debits,’ Joe suggests. ‘When payments are taken automatically, we don’t always miss the money leaving our account, so it’s important to do an in-depth check every now and again to keep on top of what we’re really paying for.
Last year’s gym membership, that you’re no longer making use of? Cancel it.
A subscription to a streaming service you never watch? Get rid.
‘This is really an extension of budgeting, and is something you may wish to aim to do every couple of months to keep your finances fresh.’
Last year’s gym membership, that you’re no longer making use of? Cancel it.
A subscription to a streaming service you never watch? Get rid.
‘This is really an extension of budgeting, and is something you may wish to aim to do every couple of months to keep your finances fresh.’
4. Familiarise yourself with your credit score
‘Your credit score will play a major role in any credit applications you make in the future, whether this is for a loan, credit card, or a mortgage. When you apply for credit, the provider/ lender will use your credit score to give them an idea of how likely you are to be able to repay the borrowed money. In addition to this, having a good credit score could unlock access to borrowing options and better interest rates.
‘If you’ve decided that you’d like to work towards a healthier credit position, checking your credit report could be a good starting point. Your credit report should provide you with information on the factors that may be influencing your score, giving you pointers to work on.’
‘If you’ve decided that you’d like to work towards a healthier credit position, checking your credit report could be a good starting point. Your credit report should provide you with information on the factors that may be influencing your score, giving you pointers to work on.’
5. Get credit card savvy
‘Hoping to improve your credit score in 2025? Let’s start by focusing on one area that might be affecting you. Did you know that some credit card habits could have a negative impact on your credit score? For example, some providers may view you using your credit card to withdraw money from cash machines as a sign of poor financial management.
‘If you’re aiming to improve your credit score, you should try to keep your credit card utilisation as low as possible. Your credit card utilisation is the amount of money you’re currently using against the total available credit limit and is shown as a percentage. The lower your utilisation, the better.
‘Lastly, you should always make at least the minimum repayment amount off your credit card balance each month. Making late repayments or missing them altogether will harm your credit score. Where possible, you should try to make more than the minimum repayment amount.’
‘If you’re aiming to improve your credit score, you should try to keep your credit card utilisation as low as possible. Your credit card utilisation is the amount of money you’re currently using against the total available credit limit and is shown as a percentage. The lower your utilisation, the better.
‘Lastly, you should always make at least the minimum repayment amount off your credit card balance each month. Making late repayments or missing them altogether will harm your credit score. Where possible, you should try to make more than the minimum repayment amount.’
Viva Money has shared five achievable new year’s resolutions ahead of 2025.
-ENDS-
Joe Lytwyn - Personal Finance Expert at Viva Money
Joe is Viva Money’s Senior Partnerships Manager and has over 7 years’ experience in the financial industry. His current role involves working with our Partners on product and journey development, as well as the commercial and general management of our credit card programme.
Joe has extensive knowledge in the financial world, especially in the loans division, having worked at Vanquis Banking Group for 6 years. Joe also has a great understanding of customer marketing and engagement.
Joe has extensive knowledge in the financial world, especially in the loans division, having worked at Vanquis Banking Group for 6 years. Joe also has a great understanding of customer marketing and engagement.
About Viva Money
Viva Money is not a lender but is a fully regulated and authorised credit broker. Viva Money is a registered Trading Name of Digitonomy Limited, Registered in England and Wales (Company number 08385135), Registered Office; Steam Mill Business Centre, Steam Mill Street, Chester, Cheshire, CH3 5AN. Digitonomy Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number: 690249. Licenced by the Information Commissioners Office, (registration number ZA007309)
Website: https://vivamoney.co.uk/
Website: https://vivamoney.co.uk/