Top 25 steps to gaining control of your finances in 2025

Whether you're building a nest egg, planning for major life milestones or simply seeking peace of mind in uncertain times, a solid financial foundation can be the key to achieving your goals.

This checklist of 25 often-overlooked financial steps is designed to help you control your finances and navigate the year with confidence. Some tips are basic, but essential. Some you may not have thought about in years. Either way, these actionable steps will empower you to make informed decisions as you continue to progress toward your goals.

Estate planning

1. Take advantage of the higher estate tax exemption amount to gift more assets. In 2025, the estate tax exemption increased to $13.99 million per person, $27.98 million per couple. If your assets exceed that amount, you can avoid estate taxes by making outright gifts, topping off existing trusts or creating trusts for children or grandchildren.

2. Utilize your tax-free annual gift exclusion. That amount increased in 2025 to $19,000, or $38,000 per couple. You can give money or anything of value up to that amount without owing gift taxes. Gifting cash is better than using appreciated assets, since the tax on any appreciation will be transferred to the gift recipient.

3. Evaluate your estate planning documents. Ensure that your power of attorney, health care proxy, will and revocable trust are up to date, and the named agents reflect your current wishes.

Tax planning

4. Review your tax withholding and, if applicable, estimated tax payments. Check your tax withholding amount and make any necessary adjustments to avoid underpayment penalties or facing a large income tax bill.

5. Donate appreciated securities or assets to charity or give them to a donor advised fund. Charities are not required to pay capital gains taxes on the assets when they are sold.

6. Maximize your Health Savings Account (HSA). If you have a high-deductible health insurance plan, make sure you're maximizing contributions to your HSA. This gives you three tax benefits: the contributions are tax-deductible, any interest and earnings on the assets are tax-free and withdrawals for qualified medical expenses are tax-free.

Retirement planning

7. Contribute the maximum amount to your IRA, Roth IRA, 401(k) or other workplace retirement accounts. Retirement plan account contribution amounts increased in 2025, offering a good way to increase your retirement savings.

8. Determine the most optimal age to begin receiving retirement benefits if you’re approaching full retirement age or considering taking Social Security benefits.

Financial planning

9. Review your investment accounts. Have your goals or life circumstances changed? Ensure your investment strategy and asset allocation remain in line with your long-term goals.

10. Pay down high-interest loans, such as credit card debt. Carrying high-interest debt is one of the biggest drags on building your asset base.

11. Cancel unused subscriptions. You’d be surprised how much you can save annually with this simple step.

12. Check your spending. Are you spending more than the income you’re earning? Think about how you can level your balance sheet and cut unnecessary costs.

13. Fund a 529 college savings plan. If you plan to help a child, relative or friend to save for higher education, this saving strategy can produce valuable tax benefits.

14. Check that your mortgage rate remains competitive. If interest rates decline, mortgage rates typically follow suit. You may be able to find lower-rate options.

Contingency planning

15. Keep track of your assets. Make a complete list of all your investment, savings and bank accounts, and up-to-date contact information for each. This helps you keep track of all your assets and who to contact for each account.

16. Manage passwords and store them all in a secure format. There are several digital “password wallet” apps available online that make it easy to list and store all your passwords. Ensure that someone can access your computer and accounts if you are unable to do so.

17. Build and maintain an emergency fund. Make sure it covers three to six months of living expenses and consider increasing your emergency savings if your circumstances have changed.

18. Check your passport to see when it expires, which generally is every 10 years. Be ready to renew when necessary.

19. Have your home security system checked and upgraded if needed.

Insurance

20. Review your life insurance policies. Are premium payments up to date? Any term policies that will expire in the next few years? Do you need more life insurance? Consider your options for long-term care insurance, especially if you’re under age 60, when premiums often remain affordable.

21. Check your property and casualty insurance policies to see if you should add any personal items or remove coverage for items you no longer have. For vehicles, remove liens for those that you no longer lease or finance.

22. Consider securing travel insurance for expensive vacations to cover issues such as trip cancellations, stolen baggage or medical expenses overseas.

Data and personal security

23. Check your credit report. Reviewing your credit report with any of the three major credit bureaus can help you spot potential identity theft or fraud early. If you see an address that's unfamiliar, credit accounts you didn't apply for or activity on credit cards you have not used recently, it’s a tip that there could be fraudulent activity.

24. Track your digital footprint. Keep a list of all your social media accounts with passwords, as well as lists of digital currency and values. Consider adding provisions in your will or living trust for valuable digital assets as well as those that might seem less important, like social media accounts.

And don’t forget…

25. Make room for fun. Incorporating goals that support your happiness is just as important as practical goals. Budgeting for something you want, but maybe don’t need, can be a great way to keep you motivated and reward yourself for making progress toward your most important goals.

As you look ahead, make this year one of financial security and happiness. It all starts with taking that first step.

Next steps:

• Find more insights from our wealth planning experts
• Need guidance? Speak to an advisor today

This communication is intended solely to provide general information. The information and opinions stated?may change without notice. The information and opinions do not represent a complete analysis of every material fact regarding any market, industry, sector or security. Statements of fact have been obtained from sources deemed reliable, but no representation is made as to their completeness or accuracy. The opinions expressed are not intended as individual investment, tax or estate planning advice or as a recommendation of any particular security, strategy or investment product. Please consult your personal advisor to determine whether this information may be appropriate for you. This information is provided solely for insight into our general management philosophy and process. Historical performance does not guarantee future results and results may differ over future time periods.

View our terms and conditions at https://www.fiduciarytrust.com/disclosure