If you’ve decided to make 2025 the year of savings, there are a few steps to take first whether you are looking to improve your finances, save for a big purchase or plan for retirement.
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You’ll find lots of advice and expert tips about the best ways to save and what to do with that money. Here’s a look at some of the best tips we’ve found from five top money experts.
Suze Orman
If you’re looking for financial freedom in 2025, money expert Suze Orman said it starts with a commitment. According to Orman, you need to live below your means, but within your needs.
Orman said this rule is all about how you use the money you have and will have.
“Living below your means is simply choosing not to spend every penny,” she said. “Instead, make it your lifetime goal to spend what is necessary to meet your needs.”
Further, Orman said money isn’t the key to happiness, but overspending can get in the way of it.
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Dave Ramsey
As we start a new year, you may be wondering about your savings. Specifically, you may be curious about how much money you should have in savings.
According to financial expert Dave Ramsey, “Eventually, your goal is to have 3-6 months of expenses in a fully funded emergency fund and at least 15% of your gross pay going into retirement savings.”
The idea is that once your savings are ready for bigger emergencies, you can focus on saving for retirement. Ramsey suggested setting a plan with savings goals along the way.
Rachel Cruze
You’ve probably been advised to create and use a budget to help you stay on financial track. Financial expert Rachel Cruze said her best budgeting tip is a tried and true one: Cash out your budget.
“Especially if there are areas you know you have a tendency to overspend on, mine is definitely food and coffee, then seeing all you have left is the best way to stay on track,” per Cruze.
Ramit Sethi
Financial expert Ramit Sethi said there are three steps to take to save more money without giving up everything you love. “Remember, the best way to save money is by cutting costs on things you don’t need, earning more by improving your salary or starting a side hustle, and optimizing your spending through negotiation,” according to Sethi.
Sethi said there’s a single way to save money: You have to spend less than you earn. Sethi said it’s a simple formula, where what comes in has to be less than what goes out for you.
Kevin O’Leary
“Shark Tank” star Kevin O’Leary laid out two ways to get rich: Stop buying things you don’t need and invest for the long term.
“What I’ve learned to do, and what has really helped me in maintaining growth in my own personal investing is, anytime I pick up something I’m going to buy, I say to myself, ‘Do I really need this?’” O’Leary told CNBC.” Because if I don’t buy it, the money is going to be invested and make money every year for me while I’m sleeping.”
Further, O’Leary said to use the money you save for investments that’ll grow over time.
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This article originally appeared on GOBankingRates.com: 5 Best Savings Tips From Money Experts To Kick Off 2025 Right
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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