Personal finance New Year’s resolutions can feel overwhelming, especially when you set big, lofty goals. Here are 6 simple things you can do —some in just 5 minutes — that can help you start the year off with some easy financial wins!
1. Have a Vision for Your Money in 2025
Money is a tool to help you live the life you want. This year, take some time to think about what you want your money to do for you. Is it going to help you spend more time with your family? Pay down debt faster? Build an emergency cash cushion? Travel more?
Once you’ve figured out your vision, break it down into actionable steps. Whether it’s setting up a travel fund or saving for a down payment on a house, having a clear vision will help you stay motivated and guide your financial decisions throughout the year.
2. Create Your Budget for 2025
A new year often calls for a new budget—or a review of your current one. Whether you’re aiming to save more, reduce debt, or make a big purchase, a clear plan can help guide you to your financial goals.
Before jumping into creating a budget, think about how you want to track your spending this year. Some people prefer a traditional spreadsheet, while others use apps like Monarch or YNAB (You Need A Budget). If you’re more hands-on, a simple pen and paper can work just fine.
When it comes to budgeting, it’s tempting to try and control every aspect of your spending. But the reality is, some areas are easier to adjust spending in than others - for example, you can’t do much about your mortgage payment or the cost of daycare, without making big life changes. Instead of tracking every cent, focus on a few key discretionary spending areas (eating out, traveling, miscellaneous Amazon purchases) that you can more easily adjust.
3. Adjust Your Workplace Retirement Savings Contributions
The IRS has raised the contribution limits for 401(k)s, 403(b)s and 457(b)s in 2025, allowing you to contribute up to $23,500, up from $23,000 in 2024. These plans also allow for additional catch up contributions if you are 50 or older). With the new limits, you’ll need to revisit and adjust the retirement contributions coming out of your paycheck to make sure you’re on track to hit these new max amounts (if that's your goal). It’s usually a simple process you can do online through your retirement savings plan provider.
We know not everyone can max out their workplace retirement contributions, and that’s totally okay! But if you can, it’s a great way to supercharge your retirement savings. At the very least, make sure you’re contributing enough to get your employer’s match—it's essentially free money.
4. Check Your Account Beneficiaries
Life changes—and so should the individuals you have listed as your beneficiaries on workplace retirement accounts, investment accounts, bank accounts and life insurance policies. Whether it’s a change in marital status, the birth of a child, or the passing of a loved one, it’s essential to keep your beneficiaries up to date across all of your accounts. Taking just a few minutes to review your accounts beneficiaries can ensure your assets will be passed on to the right people when the time comes. It's a quick and easy step that can make a big difference, helping to protect your legacy for the future.
5. Contribute to a Health Savings Account (HSA)
If you have a High Deductible Health Plan (HDHP) and haven’t contributed to your HSA before, now is a great time to start. In 2025, HSA contribution limits have increased to $4,300 for individuals (up from $4,150 in 2024) and to $8,550 for family plans (up from $8,300). An HSA offers a triple tax advantage: contributions are tax-deductible, the money grows tax-free, and withdrawals for qualified medical expenses are also tax-free. This makes it an incredibly powerful tool for both short-term healthcare costs and long-term savings. Plus, unlike a Flexible Spending Account (FSA), the funds in an HSA roll over year to year, allowing you to build a substantial healthcare nest egg.
6. Review Your Home and Property Insurance Coverage
As you review your finances for the year ahead, don’t forget about your home and property insurance. Ensuring you have the right type and amount of coverage is crucial, especially as the value of your home and personal property may change over time.
The recent wildfires in California serve as a powerful reminder of the importance of having enough insurance coverage—you never know when disaster will strike. Take a moment to assess your current policy and verify that it provides adequate protection for potential risks like theft, fire, natural disasters, and liability issues. Having the proper coverage can make all the difference in the event of an unexpected loss, providing you with peace of mind and financial protection when you need it most.
Need Help Getting Started?
If you're a physician just starting out and looking to create a strong financial plan, we can help. We specialize in working with physicians and understand the unique challenges you face, from managing student debt to planning for retirement.
Schedule a no obligation conversation with a CFP® accredited financial planner who specializes in working with physicians here.
Additional Resources:
Budgeting Worksheet: Download our Budgeting Template (Google Sheet)
Finance for Physicians podcast: Why Budgeting Matters - Align Your Finances with Heather Lovallo, CFP®
Wrenne Financial Planning is a registered investment adviser. The content of this blog post is intended for informational purposes only and is not intended to be investment advice. The views expressed in blog post are subject to change based on market and other conditions. Some information has been obtained/provided from third party sources and is believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information, and it should not be relied on as such