This article is sponsored content produced by JPMorgan Chase & Co. and presented by Montana Free Press.
As 2024 approaches, it’s a good time to reflect on the financial goals set earlier this year. Whether aiming to purchase a home, finance a vehicle, or start a business, 2023 was about setting intentions. As the year concludes, evaluating success and where financial plans went awry can offer crucial insights for better financial management in 2025.
“Don’t be discouraged by unmet goals; instead, use them as stepping stones for future success. With a thoughtful budget and a commitment to financial discipline, 2025 can be your year of achievement,” said Claudius Duncan, JPMorgan Chase Regional Market Director. He shares six essential dos and don’ts to guide financial planning for the new year, helping achieve goals and financial well-being.
1. DO create a budget
Skipping a budget is a common mistake. Knowing spending habits is key to saving for a car, home, or retirement. Without a budget, overspending is likely.
2. DON’T leave your budget up to chance
Estimating budget allocations can lead to mismanagement. Spend a month understanding spending habits to create a realistic budget framework.
3. DO track your spending
Use tools like a monthly budget worksheet to monitor expenses. This helps adjust spending categories as needed, ensuring a flexible approach to budgeting.
4. DON’T put wants and needs in the same category
Differentiate between essential needs like bills and groceries, and non-essential wants like dining out, to maintain budget clarity and avoid overspending.
5. DO keep it simple
A manageable budget is crucial. Start with a few categories, making it easy to track and adjust as necessary. Learn how to create a budget that works for you effectively.
6. DON’T skip the emergency fund
Unforeseen expenses require an emergency fund. Include it in your budget to avoid dipping into savings or accruing debt. Automate contributions for consistency.
Understanding these budget basics can pave the way for financial freedom in 2025. Start altering spending habits and avoid typical budgeting slips to ensure next year’s financial stability.
For informational/educational purposes only: Views and strategies described may not be appropriate for everyone and are not intended as specific advice/recommendation for any individual. Information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy. JPMorgan Chase & Co. and its affiliates are not responsible for, and do not provide or endorse third party products, services, or other content.
Deposit products provided by JPMorgan Chase Bank, N.A. Member FDIC. Equal Opportunity Lender.
© 2024 JPMorgan Chase & Co.
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