Want to get better with your finances in 2025? Here's how to start
If you're worried about the rising cost of living in 2025, learning to budget can help — and the new year is the perfect time to start. "The end goal should be to not have to track your spending … spending in line with your values and your lifestyle," Ms Mitchell says. Scott Pape, the author of the Barefoot Investor, suggests allocating 60 per cent of your income to daily expenses, 10 per cent to a "splurge" account, 10 per cent to a "smile" account for long-term savings goals, and 20 per cent for a "fire extinguisher" account for paying off debt or unexpected bills. A similar approach is the 50/30/20 system — sometimes called the "balanced money formula" — which calls for spending 50 per cent of your income on "needs", 30 per cent on "wants" and saving the remaining 20 per cent. "This actually does away with your need to budget, because what happens is everything you need to cover your living expenses has gone out — your bills are paid," Ms Janssens says.
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