INDIANAPOLIS (WISH) — The closing days of each year usually lead to spending on presents, food, travel, and more, but a local expert on family finances says you should also give yourself the free gift of planning ahead for 2025.

“Yes, we are spending a little bit for the holidays, but we’re also ending the year, so it’s a time of reflection,” said Adam Young, Area Manager from Everwise Credit Union.

Young joined Daybreak on Thursday for his monthly visit about the dollars and ‘sense’ of running a household. He urges everyone to make time now to look at 2025, rather than waiting until the seasonal revelry ends. The first step: knowing where you’ve been to understand where you’re heading.

“We want to look back and say, ‘Hey, what is it that I’ve made progress on for 2024? Where did I maybe have a little bit of a stumbling block when it comes to my financials and what I’m trying to accomplish financially?’” Young explained. “I think at the end of the day, this is the moment to be reflective, but it’s also a great time to really set the goal.”

He suggests doing a 52 Week Savings Challenge.

“It’s real simple,” he says. “You start week one of January with saving $1. Week two, you save $2. Week 3, $3. And so on and so on, and by the end of the year you have over $1300 of savings, which would be great!”

Young also has advice about any windfalls the holiday may bring your way. If you get a pay raise, gift of cash, or year-end bonus, Young urges you to suppress the urge to spend it immediately. One possibility is to invest it, but Young’s preferred route is to put it toward debt.

“If you did come on a little bit of a debt, go ahead and use that windfall. Money to pay down debt… will have a large impact, especially going into the new year!”