By Sara Stevens, Marketing Intern in Greylock's 2025 Summer Internship Program
I've never been a big fan of the phrase 'New year, new me.' I'm still the same person, and let's be frank, nothing is magically changing in the single minute between Dec. 31 and Jan. 1. However, despite the brutal January weather we get here in the Northeast, I've always loved the start of a new year for what it represents. I don't set out to reinvent myself, but I do see it as a chance to reset and refocus on the things that may have held me back the year before.
Naturally, as 2025 wound down, I thought about what I want to do better in the year ahead. Sure, I'd love to travel more, make more time for extended family, and honor my hobbies a little better -- but with the current economic climate, I'm especially motivated to improve my financial habits for the coming year.
Recently, some friends and I had a conversation about our financial habits and what we should change about them. Ultimately, we came up with some practical financial goals for the new year, and I thought it would be a good idea to pass them along to anyone else who may be striving for more financial freedom in their new year, as well.
Start (and grow) an emergency fund.
It doesn't have to be a huge one, but accumulating small amounts of money over time leads to a substantial amount after a while! As we know, expensive issues do tend to creep up when we're least expecting them. Personally, when a large, unexpected expense comes my way, I tend to feel rattled. Due to the unpredictable (and inevitable) nature of these issues, I would like to build a good savings cushion to be there for the 'just in case.'
Build better credit.
The moment I became an adult, I realized that good credit really is the passkey to everything. A low car payment requires good credit. Pipe dreams of being approved for an apartment or house in this tricky housing market have a better chance of becoming reality with good credit. Some employers may even check your credit score during the hiring process and go with another candidate if you have bad credit. Overall, bad credit doesn't do you any favors. And no credit is bad credit!
Track spending!
Even when you think you're being good with money and not splurging on anything too expensive, the little purchases are what really add up. If I go out to eat twice a week, that's nearing dangerous budgeting territory for the month just going toward dining experiences, and that's not even including groceries!
Start a side hustle and save the money to reach a goal.
Do you have a passion for something like pet care, photography, or car detailing? Advertise those services and make some money on them. That money can accumulate fast and contribute toward your overall financial health. An important note, though: having a goal in mind is ideal so you don't spend it all in one place. It really doesn't matter what the goal is - the great thing about saving money is that it's there for whatever you need. Whether it's an emergency fund, rainy day fund, or even a start to your retirement fund.
Whatever your financial goals are, this entry into a new year is a great time to start building your wealth.