Financial Advisors: 4 Top Money Habits To Start This Fall for a Wealthy New Year

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Pew Research found that 61% of people made New Year’s Resolutions about money or finances last year. But you don’t have to wait until the clock ticks down to start implementing some smart habits that help with your financial situation. You can do it right now.

GOBankingRates spoke with Michael D. LaBarbera, a financial advisor and managing director at Journey Strategic Wealth, to find out which money habits people should start now to get wealthier in the new year. Here’s what he shared.

Automate Your Savings

It comes as no surprise that one of the first things you should do is automate your savings and investments. Doing this treats saving money like it’s just another bill, one you can’t skip just because you don’t want to pay it.

Automation also makes it where you’re consistently contributing to your accounts. Say you’ve got a traditional IRA. The 2025 maximum annual contribution limit is $7,000 (or $8,000 if you’re at least 50). If you set up automatic contributions, you can ensure you’re meeting that limit and getting the most from compound interest.

Just make sure you account for any withdrawals in your overall budget. Otherwise, you run the risk of not having the money you need for other bills.

Pay Down High-Interest Debts

LaBarbera suggested prioritizing high-interest debts above anything else. Specifically, pay down credit card balances as soon as possible. Once you’ve done this, you can use some of that extra cash flow for your retirement accounts or other investments.

Remember, though, you don’t have to pay everything off straight away. It takes time to get rid of debts, especially if you owe a lot or have multiple high-interest accounts.

As for how you go about it, here’s what financial advisors Brian Preston and Bo Hanson of The Money Guy Show suggest:

• Cut down your expenses as much as possible (and put any freed-up cash toward your debts).
• Put any other money (aside from employer-matching 401(k) contributions) toward your high-interest debts.

The reason why you should focus on high-interest debts first is because that interest compounds — but not in the way that helps your finances. Getting rid of it quickly leaves you free to tackle other financial needs and goals.

Check Out Your Investments (and Reallocate Accordingly)

You may want to rebalance your investments once every six to 12 months. While you can do this alone, especially if you have a simple portfolio, working with a professional advisor or investment professional can help ensure you aren’t making costly mistakes.

LaBarbera suggested spreading your investments across several asset classes in a way that manages both risks and returns. Avoid investing too heavily in a specific sector or stock since this could lead to higher risks — and potentially higher losses — down the line.

Asset classes can include things like stocks, bonds or even cash. They also include commodities and real estate. Your mix should be based on factors like your investing time horizon, risk tolerance and goals.

That said, here’s an example from Vanguard about the average calendar-year returns from 1926 to 2024. Asset class mixes are ordered from least risky to riskiest:

• 100% bonds (less risk) — 5% returns
• 90% bonds, 10% stocks — 5.8% returns
• 80% bonds, 20% stocks — 6.4% returns
• 70% bonds, 30% stocks — 7.1% returns
• 60% bonds, 40% stocks — 7.7% returns
• 50% bonds, 50% stocks — 8.2% returns
• 40% bonds, 60% stocks — 8.8% returns
• 30% bonds, 70% stocks — 9.2% returns
• 20% bonds, 80% stocks — 9.7% returns
• 10% bonds, 90% stocks — 10.1% returns
• 100% stocks (more risk) — 10.5% returns

This is a simple asset allocation model. Your assets may be more complicated or change over time based on your needs or other circumstances.

Realign Your Financial Goals With Your Plan

You can check your asset allocations and rebalance your portfolios. But you should also be reviewing your financial goals and planning with intention.

“Wealth isn’t just about returns; it’s about aligning money with life goals,” said LaBarbera.

Make sure your current investment strategy still makes sense. Review your financial plan right now to see which areas need improvement and which are already on track for 2026.

Have you maxed out your IRA and 401(k) contributions? Are you taking full advantage of any employer matching contributions? Do you have a clear timeline for paying off those high-interest debts? Are you on track to retirement? Are there any other areas you need to be saving for, such as a wedding, big move or birth of a child?

If your goals have changed, or if you haven’t checked in for a while, do so now. The sooner you know what you’re trying to achieve, the sooner you can get on track to start accumulating more wealth in 2026.

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