As we step into 2025, it’s time to bid farewell to some financial habits that have overstayed their welcome in 2024.

At Zogo, we’ve been thinking about how these simple shifts can benefit not only individuals but also the financial institutions that support them.? Here are the five money missteps worth leaving behind this year - and how addressing them can kickstart 2025 finances.

1. Ignoring Your Credit Score

Your credit score isn't just a random number—it's a gateway to financial opportunity! Ignoring it is like pretending that laundry doesn't exist; eventually, it catches up with you.? Regularly monitoring credit health and addressing inaccuracies can help unlock better financial products, creating opportunities for institutions to offer tailored solutions and build trust with their customers.?

Pro tip, if you’re a financial institution, create a breakdown of what credit scores actually unlock for your community. For example, what can I achieve with a 580-699 vs 670-739?

2. Living Paycheck to Paycheck

If your bank account balance hits zero before your next paycheck, it’s not a call to Ginnifer Goodwin’s character in He’s Just Not That Into You—it’s a signal that it’s time for a change. This cycle is the biggest area to make a difference in everyday lives.?

Start by encouraging budget tracking systems for income and expenses. Identify areas where to cut back and allocate funds toward savings. Highlight how building an emergency fund can provide a cushion for unexpected expenses and help break the cycle of financial stress. And who knows? Even brainstorming new streams of income might reveal that a low-effort side hustle is in the future. Remember, cash rules everything ‘round me.?

3. Neglecting Retirement Savings

Retirement may seem distant—even if all those dermatologist dollars spent on that youthful glow have everyone fooled—but the earlier we all start saving, the more time our money has to grow. Take advantage of employer-sponsored retirement plans, especially if they offer matching contributions (hello, free money). If you’re self-employed or your employer doesn’t offer a plan, consider talking to your bank about opening an IRA. Consistent contributions, no matter how small, can significantly impact our financial future—and keep those dermatologist bills covered long after we’ve stopped working.?

4. Impulse Spending

We've all been there—succumbing to the allure of a flash sale or the latest gadget. Impulse purchases can derail your budget and lead to buyer's remorse. Implement a "cooling-off" period before making non-essential purchases. This pause allows you to evaluate whether the item is a need or merely a fleeting want. If you need an assist in restraint, your bank can freeze your credit card and prevent that tempting tap - just sayin'.

5. Overlooking Financial Education

Financial literacy is empowering. Take the time to educate yourself about personal finance topics such as investing, taxes, and debt management. Resources like Zogo, but also podcasts, books, and online courses can provide valuable insights. The more you know, the better equipped you'll be to make informed financial decisions.

Leaving these habits behind won't happen overnight, but with intentional effort, you can set the stage for a more secure financial future in 2025 and beyond. Zogo can help with that.