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The new year is finally here! If you’re resolved to make 2025 a strong year for your finances, there are a few easy steps you can take now to ensure you’re maximizing your earning potential.

Set a Savings Goal and Be Proactive

First things first, building a strong financial future starts with saving. Define what it is you’re saving for — a house, building an emergency fund, wiping out debt, or medical expenses, for example — and start working on a budget. Ascend has budgeting worksheets that can help create one, or you can use a spreadsheet, a budgeting app, or by working with a certified financial counselor. It doesn’t matter how you do it — pick your favorite way and stick with it.

Once you start building up some savings, you need to make sure it’s all in the right place. Putting your savings into a high-yield account, like an interest-earning checking or certificate account, is the perfect way to earn without doing any extra work. These accounts have higher rates of return than traditional checking and savings accounts, and they don’t come with the risk of investing, making them safe, guaranteed ways to earn more.

Keep an Eye on Your Finances

Managing your finances can feel overwhelming at times, but with the right tools, you can take control of your spending and reduce stress so you can feel prepared going into the new year. The easiest way to keep track of your finances is by enrolling in your financial institution’s digital banking. On these platforms, you can view your account information on the go, track your spending in real time, and set up handy features like direct deposit. Plus, at Ascend, we give our members the option to set up account alerts, so they’re notified when their balance is low, as well as free credit monitoring.

Consolidate to Start Tackling Debt

Debt can be a pain, especially if you’re trying to save for other things like a car or house. Luckily, there’s one proven effective way to help climb out of debt faster: consolidating with responsible borrowing.

Consolidating your debt is all about combining it into one account. You can do this by obtaining a personal loan or, if you’re a homeowner, utilizing the equity you’ve built in your home to open a Home Equity Loan.

By combining all your debt into one account, you’ll have just one monthly payment to make each month, helping you avoid missed or late payments. Plus, personal loans and Home Equity Loans could potentially have a lower interest rate than your other debt, saving you each month on interest costs.

Get Help Finding the Right Financial Path 

No matter if you’re setting up a financial plan for the first time or a seasoned veteran trying to maximize every dollar you’ve saved, everyone can benefit from getting a professional’s opinion on your financial path. Consider meeting with a financial counselor or advisor who can offer tailored advice based on your goals.

Ascend offers its members free Financial Health Checkups with Certified Credit Union Financial Counselors who are there to make sure you’re steering the correct course to meet your goals. It doesn’t matter what stage of your financial path you’re on, either. They’ll go over your budget or help you create one, analyze any debt you have and how you can best manage it, and help with your savings strategies. Members can schedule an in-person or virtual appointment for a Financial Health Checkup at ascend.org or by visiting any of our 28 Middle Tennessee branches.

Remember, the key to a strong financial future is consistency. Start by taking small steps, like reviewing your budget, monitoring your accounts, and taking advantage of the free resources your financial institution offers. Most importantly, don’t be afraid to seek guidance when needed. With a little planning and dedication, 2025 can be the year you build confidence in managing your money and reach your financial goals.

Kayla Taylor is Assistant Branch Manager. Ascend is Federally insured by the NCUA and is an equal housing lender. NMLS#451452