2025 Financial Wellness Checklist: 7 Steps to a Healthier Future

/ Fiduciary Financial Advisors - Kristiana Daniels/

Here we sit in 2025! It’s that time of year when everywhere you look, you’re encouraged to reflect on the previous year and set new goals for the one ahead. Physical and mental health goals, career moves, and personal bucket list items often take center stage. But amid all the dreaming, don’t forget to take the temperature of your financial health.

To improve your overall financial well-being this year, here are a few steps to get you started and position yourself for long-term success.

1. Eliminate Unnecessary Expenses

Start by taking inventory of your subscription services. Remember when you signed up for that free trial of Apple Music or HelloFresh six months ago and forgot to cancel it? Oops! Comb through your credit card statements to identify recurring charges for services you no longer use and cancel them.

Go one step further: For services that have increased their prices—like your internet or cable provider—call and ask if there’s a better offer available. You might be surprised at the deals you can secure simply by asking.

2. Review Your Insurance Coverage

If you own a home, chances are its value has increased in recent years. Now is a great time to review your homeowner’s insurance policy to ensure adequate coverage. Did you know an insurance company will only fully cover damage to your home if your policy covers at least 80% of the home’s total replacement value? Keeping your coverage up to date can save you from financial headaches down the line.

Also, review your life insurance. Is the coverage amount still appropriate given your current expenses, income, and anticipated needs? Regular reviews help ensure your family’s financial security remains intact.

3. Automate Your Savings

One of the easiest ways to build your savings is to automate the process. Set up monthly direct deposits or automatic transfers from your checking account to a brokerage account, high-yield savings account, or IRA. Once it’s set up, you’re less likely to miss the money, and your savings will grow without additional effort.

4. Increase Retirement Plan Contributions

Contributing to your employer-provided retirement plan is a relatively painless way to save for the future. Instead of contributing a flat dollar amount, set a percentage of your salary to defer. This way, your contributions automatically increase as your pay grows.

Consider going one step further by increasing your contribution rate by 1-2% this year. A small adjustment like this can have a significant impact over the course of your career.

Additionally, depending on your financial situation, explore deferring income to the Roth feature of your employer’s retirement plan. This option can provide more flexibility in retirement and potential tax savings over your lifetime.

5. Review Estate Planning Documents

Life changes, and so should your estate plan. Ask yourself:

  • Are the people you’ve named in your will or trust still the right choices?

  • Is your medical durable power of attorney assigned to the best person to advocate for you in an emergency?

  • Have your children reached adulthood, and are you now comfortable naming them as successor trustees instead of your sibling?

These details are easy to overlook but crucial to keeping your estate plan aligned with your wishes.

6. Reevaluate Your Financial Goals

Take time to reassess your financial goals. Are they still aligned with what you hope to achieve in the future? Have your priorities shifted? Organize your list of goals and determine what’s most important to you right now.

Also, consider whether you’re making forward progress. If not, identify the roadblocks that might be holding you back. Evaluating your financial health requires reflecting on where you started, understanding where you want to go, and objectively tracking your progress.

7. Explore Tax-Saving Opportunities

Proactive tax planning can save clients significant money over the course of the entire lifetime. Take advantage of tax-advantaged accounts like HSAs and IRAs. Review your withholdings to ensure you’re not giving the government an interest-free loan or facing a big tax bill come April.

If you’re a small business owner or self-employed, consider strategies like maximizing retirement contributions or claiming proper deductions. Tax planning is a year-round activity that will enhance your financial health.

If your financial plan needs a wellness check, let’s connect.

It’s a privilege to walk alongside you on your journey to optimal financial health. By tackling these steps, you can set yourself up for a brighter financial future in 2025 and beyond.

Fiduciary Financial Advisors, LLC is a registered investment adviser and does not give legal or tax advice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. The information contained herein has been obtained from a third-party source which is believed to be reliable but is subject to correction for error. Investments involve risk and are not guaranteed. Past performance is not a guarantee or representation of future results.

Fiduciary Financial Advisors does not give legal or tax advice. The information contained does not constitute a solicitation or offer to buy or sell any security and does not purport to be a complete statement of all material facts relating to the strategies and services mentioned.