It's time to reset your finances for 2025's knowns and unknowns
2025 could bring economic changes with the potential to hit millions of people’s wallets in different ways.
2025 could bring economic changes with the potential to hit millions of people’s wallets in different ways.
A series of stock market gains have fueled retirement investments at the same time that catastrophic storm damage is causing steep repair costs and making thousands of homes virtually uninsurable. Meanwhile, the incoming Trump administration is considering deeper tax cuts along with a rollback of newly built guardrails around consumer finance.
While uncertainty abounds in the year ahead, “people can empower themselves the most by focusing on what they can control — those things that will be valuable regardless of what happens in the world,” said Kevin Mahoney, founder of Illumint, a Washington, D.C.-based financial planning firm.
Here are a few ways to put yourself in the best financial position for whatever the next 12 months may bring.
Interest rates are coming down, and the impact should be felt more widely in the months ahead by anyone with a savings account, a mortgage, a credit card or a car loan. For many borrowers, that will bring a bit more relief from the nosebleed-level costs of carrying debt. But for many savers, it will mean less generous returns.
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