It’s always a good time to reflect on your financial foundation and take steps to strengthen it. Whether saving for retirement, looking to grow your investments or safeguarding your wealth, the time to act is now.

Here are five ways that can help you build, protect and grow your wealth in the year ahead.

Set clear goals

The cornerstone of any financial plan is knowing where you want to go. Take some time to envision your goals for 2025 and beyond. Are you aiming to grow your retirement savings? Pay off lingering debt? Save for a major purchase? Having clear, measurable goals gives you direction and purpose.

Start by breaking down your big-picture ambitions into actionable steps. For instance, if you’re focused on retirement, consider increasing your 401(k) contributions or starting a Roth IRA. If debt reduction is your goal, outline a strategy to prioritize high-interest debts. Tools like financial apps or spreadsheets can make tracking progress easier. Don’t forget to revisit your goals every few months to stay on track and adjust as life changes.

Financial check-up

Much like your annual health exam, a financial checkup ensures everything is in good shape. Start by reviewing your income, expenses, savings and debt to see if you’re aligned with your goals. Consider how major life events, like career changes or family additions, may have shifted your priorities.

It’s also a good time to evaluate your investment portfolio. Are you too heavily weighted in one area? Does your portfolio still match your risk tolerance and long-term objectives? A review with a financial professional can help rebalance and realign your investments so that they are matched to your current goals. Staying proactive with your financial health helps set you up for long-term success.

Maximize tax efficiency

Taxes may not be the most exciting topic in the world but ignoring them can cost you. With potential changes to tax laws on the horizon in the near future, 2025 is a critical year to ensure your strategy is optimized.

Consider tactics like Roth IRA conversions to lock in lower tax rates now or explore tax-loss harvesting to offset gains from your investments. If you are charitably inclined, contributions to donor-advised funds or qualified charitable distributions from IRAs if you are over the age of 70 ½ can benefit both your taxes and your community.

Staying informed about tax law changes is key. If you are unsure how to navigate the complexities, consulting a tax professional can provide clarity and ensure you are managing your wealth efficiently.

Become a smarter consumer

Daily financial decisions have a way of compounding over time. Commit to becoming a more intentional spender in 2025. Start by practicing comparison shopping. With so many tools available, it is easier than ever to ensure you are getting the best value. Before making a purchase, ask yourself if the item is available for less elsewhere or if a higher-quality option might save money in the long run.

Be wary of discounts and promotions because they are designed to tempt you into spending more. Take a moment to decide whether the deal aligns with your actual needs. Subscription services are another area to monitor. Automatic renewals can lead to paying for things you no longer use, so regularly review your monthly transactions and cut what is unnecessary.

Lastly, practice mindful spending. Ask yourself, “Do I truly need this? Does it fit into my financial goals?” Small, thoughtful decisions add up, and by managing your daily spending more wisely, you’ll create savings that can grow and support your future wealth.

Insurance and risk management

Building wealth is one thing, but protecting it is just as critical. Take the time to review your insurance policies, whether it’s home, auto, life or umbrella insurance, to ensure you are adequately covered. Life evolves and you should make sure that your coverages do, too.

Beyond insurance, consider other risks to your wealth, such as market volatility or legal challenges. Is your investment portfolio aligned with your goals? Have you explored your estate planning or asset protection strategies? Consulting with professionals can help safeguard what you’ve worked so hard to build.

A new year is an opportunity to reflect on where you’ve been and where you’re headed. By implementing these resolutions, you’re not just setting yourself up for a successful 2025, you’re laying the groundwork for a secure financial future. Remember that balance is key. While it’s important to save and plan, don’t lose sight of the life you want to live along the way.

Let’s make the coming year one of growth, security and success.

Brent Schafer is a certified financial planner and financial advisor at HFG Trust in Kennewick.