How to start the new year with more money

The end of the year is when everyone is thinking about resolutions. Sure, those fitness goals and self-improvement plans often take center stage (who doesn’t want to get back in the gym?) but your financial resolutions deserve attention too. If you’re in the red after the holiday season, it might be time to consider how you can begin budgeting to start the year off right.

Enter Mrs Dow Jones. If you want to guess what her bag is, the clue is in the name. She’s the CEO of Finance is Cool – a media company and platform that provides expert advice and proves that managing your money doesn’t have to be complicated. The American entrepreneur – also known as Haley Sacks – helps everyday people take control of their finances, start budgeting, and even dive into investing.

Below she shares her top tips and the best strategies for keeping your finances on track in 2025. You’re welcome.

Budgeting in December to January: A survival guide

“December is EXPENSIVE. That early paycheck? It’s cute, but it’s gotta last. My advice is to budget like your life depends on it. Cover the essentials first—rent, bills, food, (duh) —and then make a plan for everything else. Meal prep is your bestie, ’cause takeout will betray you. Find free holiday vibes like DIY decor or community events. And remember, don’t blow it all in week one. Space out purchases and stick to your budget to ensure your money lasts.”

Common budget mistakes to avoid around the holidays

“One of the most common budgeting mistakes people make around the holiday season is forgetting to put money aside for sneaky expenses, like gifts or car repairs. I recommend setting up a non-monthly expenses fund in a high-yield savings account to cover those so you're not caught off guard. But another mistake is being too strict. Budgeting burnout is real, so leave room for fun and balance. It's not about saving every dollar – it's about understanding what purchases you actually get value from and focusing on those while cutting out everything else.”

Beginner tips for saving money in 2025

“To turn financial resolutions into actionable goals, start by making them specific and realistic. Don’t just say, ‘save more’. Here are some better examples. Decide to save $200 monthly into a high-yield savings account. Break big goals into smaller, measurable steps, like cutting back $50 on dining out each week. Automate your savings and payments to stay consistent without overthinking. Another tip is to track your progress regularly and celebrate small wins to stay motivated. It’s all about creating sustainable habits!”

Money tools and hacks you need for the New Year

“It’s a lot easier to do if you have some apps, tools and procedures to hand. The best way to track spending in January is to log your expenses to see exactly where your money goes. You can use something formal, like a budget template or spreadsheet, or even your notes app if you’re looking for something easy. 

If you’re serious about staying on top of your finances, I recommend my Mrs. Dow Jones Money Book. It’s the ultimate tool for organizing your budget, getting out of debt, saving an emergency fund, and tracking progress. It’s also useful if you’re a freelancer or someone with a variable income, too. In it, I talk about averaging out your income over the last 6 months, which gives a clear idea of how much you’re making monthly and makes it way easier to plan.”

The Money Date

“If there’s one financial habit I think people should develop in January, it’s this one – the money date. It's a set time once a month when you sit down with your money and check-in. Money is a relationship. You go on dates with your lover so why not go on a date with your finances?”

Bonus: Tips from Back Market on the best apps for saving

• Check your current banking app and have a play with inbuilt money-saving features. A lot of our accounts are one step ahead of us – some apps will let you automatically save on top of your spending, where it will round purchases to the nearest dollar and put the extra away for a rainy day. It’s a pretty effortless way to keep hold of your cash.

• There are a ton of budgeting apps that can suggest how to allocate your finances based on your current spending habits. For beginners, try Goodbudget, which has a nice free version. More advanced savers could do well with Quicken Simplifi (it’s got a modest subscription fee), whilst hardcore savers may like EveryDollar, which is good if you want to be strict.

• You can be a savvy saver by looking at where you spend the most money – it’s usually not on the big splurge purchases, but regular outgoings like transport, rent, and groceries. Apps like Ibotta often have cashback deals for common grocery stores like Walmart, which can be handy in snagging a little money back from your regular purchases.