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Start 2025 Strong: Financial Tips for the New Year

Published: December 30, 2024

Start 2025 Strong: Financial Tips for the New Year

As we kick off 2025, it's the perfect time to take stock of your financial health and set yourself up for success in the new year. Whether you had financial wins in 2024 or faced unexpected challenges, reviewing where you stand can help you create a fresh plan and set achievable goals for the year ahead. Here are actionable tips to get started:

Check Your Credit Score and Report

Your credit score is a vital indicator of financial health, affecting everything from loan approvals to insurance rates. Start the year by reviewing your score and ensuring it’s accurate. Many services, including USSFCU’s online banking tools, allow you to check your credit score for free.

It’s equally important to check your credit reports at least once a year to ensure all information is accurate and up to date. This step is especially crucial before applying for a major loan, such as for a car or home. Use AnnualCreditReport.com to pull your reports from the three major credit-reporting agencies—Equifax, Experian, and TransUnion. Regular checks can help safeguard your financial health and protect your wallet.

Review Retirement Contributions

Are you making the most of your retirement savings? Review your IRA or 401(k) contributions and consider increasing them if your budget allows. Remember contribution limits may change year to year, so now is the time to adjust.

Don’t forget about IRA options, which can offer tax advantages for retirement savings. Traditional IRAs provide potential tax-deferred growth, while Roth IRAs offer tax-free growth opportunities for qualified distributions. Explore which IRA option fits your goals and consider opening or adjusting your contributions to make the most of 2025.

Double-Check Annual Statements and Insurance Coverage

Take a moment to review your most recent Social Security statement, as well as any annual statements for annuities, stocks and other investments, and real estate or personal property tax statements. 

While you're at it, take a fresh look at your insurance policies. Whether it’s auto, home, renters, or other coverage, ensure your policies still align with your needs and provide adequate protection. Life changes can impact coverage requirements, so now is the perfect time to make updates or shop for better rates if needed.

Organize for Tax Season

While tax forms like W-2s may not be ready yet, there are a number of things you can do to get ready as tax season approaches. The IRS’s Get Ready page offers practical tips and resources to help taxpayers prepare. It highlights key updates and important steps for taxpayers to consider to make tax filing easier in 2025.

Consult with a Financial Expert

USSFCU members have access to trusted financial advisors to guide their financial planning. Start the year strong by scheduling a meeting to review your goals and spending plan.

Ready to kick off 2025 with confidence? Join us for our upcoming webinar:

Setting and Reaching Financial Goals

Wednesday, January 8 | 6:00 PM ET

Learn how to set realistic goals, overcome challenges, and build habits to stay on track all year long.

Register Now

Article content is provided for information purposes only.

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I have been a member for over 50 years, and I have always gotten good service with loans, when I had to have service at a branch, and when I needed to have money sent to me from my savings account. The personnel have always been friendly and treated me with respect.

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Excellent customer service streamlined and transparent process. The representatives are efficient, knowledgeable, and understanding of the type of loans offered by Credit Union.

- Erwin · Ellicott City, MD

The USSFCU behaves as a credit union ought to behave. The staff works with and for the members, not for a corporate board. Interest rates for a car loan, a home improvement loan, and a mortgage are low and terms are transparent.

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I have appreciated USSFCU services for many years since I left my work on Capitol Hill. I have appreciated the occasional webinars on purchasing a home or retirement planning.

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I deeply appreciate the stellar service, the proficiency, the professionalism, and the kindness. I am truly honored and grateful to bank with a financial institution that treats customers like family.

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