About half of Americans dedicate themselves to a new year’s resolution once a new year begins. Are you one of them? If you’ve set out to adopt better financial practices in 2025, then this list is for you! There’s no better time than the beginning of the year to set achievable financial objectives, like opening a new savings account. While you can start saving anytime, there are multiple reasons that opening one for the new year can set your funds up for success.
1. Consistent Saving
If you stay consistent with any of your new year’s resolutions, then the change you wish to see is bound to be achieved. The same thing goes with your money! Consistent smart savings practices, especially over time, can progressively grow the sum of your savings. That way as you grow throughout the year, so does your savings account. So stick to your resolution by adopting practices like automating your savings each month, cutting back on spending or even doing it the old fashion way with a piggy bank. No matter how you decide to save, remember that consistency is key!
2. Set Goals
Whether your goals are open ended or you’re saving for something specific, having an account dedicated to saving is a step you shouldn’t skip. If you have a big vacation in the works, give yourself the first half of the year to put money away for it. Already got exciting plans for the holidays next year? You have all of 2025 to work towards them! Even if your goal is generally to save with nothing specific in mind, having a savings account that you can rely on for whatever happens in life is integral to meeting those goals. As long as you have something to work towards, it makes the intention of saving feel less like a chore and more like a productive habit.
3. Safety Net
It’s no secret that some things in life you can’t anticipate or plan for. One of the most common reasons to build up your savings is to have a monetary safety net that you can land on in case of emergencies. If your goal for the year is to grow your emergency funds, consider contributing to it with every paycheck. These funds keep unplanned costs from being too disruptive to our lives, and can aid in the mission to avoid debt. No contribution is too little as long as you’re making the effort to save!
4. Monthly Contributions
The easiest way to put money into your savings account is to do so monthly. This could be through simple transfers and deposits, automating your savings so the transfers happen at the same time each month, or you could directly deposit funds from your paychecks. Best practice calls for dedicating 10% of your paycheck to saving if you want to see it grow. If that percentage is too high or too little, you can always alter the amount to be specific to your own goals. Growing your savings takes time, but contributing a little bit each month are the steps you need to take to see results.
5. Saving Services
There are lots of financial services that exist for the sole purpose of saving money. Consider a CD or Money Market so that your accounts make money for you with little to no interaction. Our current CD Special is 4.75% for 12 months with a minimum of $500. If you’re looking to save with fewer penalties that come with CD’s, we have Money Market accounts that start at .75% for a minimum of $500. These accounts and services keep your funds safe from being spent and accrue interest as time goes on, and are a great tool to use to build up your savings in 2025.
Overall, opening a savings account at the beginning of a new year gives you ample time to contribute to your goals. It facilitates smart spending habits and establishes a strong financial foundation for you to continue building upon throughout the year. Like all resolutions, it depends on just how dedicated you are to seeing it accomplished. But with a little consistency and being intentional with your funds, 2025 can be the year your goals are met!
