The start of a new year is a great time to reflect on not only your business’s financial health, but yours as well. It’s the ideal time to take a step back and reset.

It’s easy to become caught up in the day-to-day and forget the bigger picture, which is why it’s important to set clear, trackable resolutions.

This might include strengthening your financial foundation, planning for the future, or building on your existing knowledge.

Remember, resolutions can be flexible, but ultimately, they’re there to guide you and set you on a more productive path.

As you move into 2025, what financial new year resolutions will you put in place? Here are five ideas to start with.

1. Regularly measure current financial behaviours against future goals

Embracing a long-term mindset may help you reach your future financial goals. But to fully embrace this, it’s important to first look at your existing financial behaviours, because short-term changes you make to your financial habits could help you achieve important ambitions later. These shifts could be as small as setting up automatic savings or even chatting to your family about your common goals at the start of the year.

Essentially, you may want to ask yourself: “Is my current action plan the right fit for my future self?”

We discussed two key questions to ask yourself about money, and why they matter, earlier this year. In that article, you read about the importance of finding the balance between financial security and enjoying your life in the here and now – and some of these points might be helpful to you as the new year begins.

What’s more, having a long-term plan in place can help you be more resilient against the unexpected and give you the space you need to enjoy the present. So, start your year right by making sure you’re on the right path. Your future self will thank you.

2. Boost your financial discipline by just 1%

The key to good financial discipline is knowing what works for you and following through with the goals you put to paper. It’s no secret that habits have impact, even when introduced in small increments. 1% might sound like a tiny figure to work towards, but pushing your discipline by a small amount to begin with might open the door to lifelong progress.

First Ascent breaks down the concept of “the habit loop,” first introduced in Charles Duhigg’s book, The Power of Habit. It starts with a cue, which prompts the routine, and ends with a reward.

By altering the cue, or introducing a new one, you have more power over your routine. This ultimately serves to increase the reward. You may find that by introducing a new, more effective cue to replace an old one, your habits start to shift across the board.

In this case, if a 1% increase in financial discipline is the goal (not the reward), then the cue might be bank notifications, personal reminders, or even a sum of money moving into your account. These cues could set the wheels in motion for a particular action – such as investing the funds you receive or saving into your emergency fund – which results in the reward.

Remember, financial discipline is a habit, and the end result, financial freedom, is your reward.

3. Explore new learning opportunities

You’ve likely heard of the concept of continuous learning, which is the practice of constantly working to expand your skills and knowledge.

This is all about self-improvement and personal development where your wealth is concerned. And while there’s never a “bad” time to start, the new year is the perfect opportunity to explore what’s out there and build new learning habits.

Your learning can be as high-focus or low-effort as you’d like it to be, so the “how” is entirely up to you. To start, this could involve attending workshops and webinars, scheduling consultations with your financial planner, or even listening to podcasts about finance on your journey to and from work.

4. Commit more time to retirement and exit planning

In much the same way as starting your business did, making a successful exit requires careful financial planning and strategic decision-making. The same can be said for retirement – and the two often go hand in hand – so the earlier you start planning, the better.

Whether you plan to retire or exit in the next few years, or the next few decades, committing more time now could make a notable difference in the future.

Another significant aspect to consider is whether you’re emotionally ready to exit your business and retire, so be sure to account for this when you begin your planning.

For the smoothest transition, consider the actions you still need to take and the plans you need to put in place. Note these down and ensure that you have sought advice and ironed out your financial plan for when the time comes.

5. Touch base with your financial planner to discuss future goals and progress

Whether 2025 is the start of a new chapter, or the continuation of something great, regular communication with your planner is key.

This could be a helpful resolution for you, as these conversations will inform and develop every aspect of your financial plan. Start the year on a positive note and make it a point to collaborate more with your planner for further development and personal growth.

Get in touch

At iQ Financial, we are here to support your personal wealth journey and help you prepare for retirement. This means we’ll be with you every step of the way, so get in touch and let’s work together to make your new year a prosperous one.

Email us at clients@iqf.ie, or call 353 71 915 5560.

Please note

This article is for information only. It does not constitute advice.

It describes financial planning services that iQ Financial can offer to you. Financial planning services are not regulated by the Central Bank of Ireland.