Ohio voters a year ago approved a

To adjust your approach, Lapato recommends viewing money goals as an opportunity to imagine your desired lifestyle in the future. She recommends asking questions like, “What do my 30s look like? What do my 40s look like?” and using money as a means to get there.Liz Young Thomas, head of SoFi Investment Strategy, added that it’s key you forgive yourself for past mistakes in order to move into the new year with motivation.

When setting your financial resolutions for 2025, it’s important to establish the “why” of each, said Matt Watson, CEO of Origin, a financial tracking app.“If you can attach the financial goal to a bigger life goal, it’s much more motivating and more likely you’ll continue on that path,” Watson said.Whether you’re saving to buy a house, pay off

debt or take a summer vacation, being clear about the goal can keep you motivated. Watson also recommends using a tool to help you keep track of your finances, such as an app, spreadsheet, or website.“After three years of inflation, your pay increases are likely still playing catch up to your monthly expenses, leaving you wondering where all the money is going,” said Greg McBride, chief financial analyst at Bankrate. “Make that monthly budget for 2025 and resolve to track your spending against it throughout the year.”

McBride said that you may need to make adjustments during the year as certain expenses increase, which would require cutting back in other areas.

“Calibrate your spending with your income, and any month you spend less than budgeted, transfer the difference into your savings account, ideally a high-yield savings account,” he said.The economy has already showed signs of slowing. It shrank 0.3% during the first quarter amid a surge of imports as businesses and consumers tried to stock up amid tariffs and policy uncertainty.

Inflation remains a big concern. The latest data on consumer prices released Tuesday showed that tariffs haven’t had much impact yet. But that could change as the impact of current tariffs make their way through supply chains and delayed tariffs potentially go into effect. Inflation has cooled to just above the Federal Reserve’s target of 2%, but the threat of higher prices on goods because of import taxes has heightened worries about inflation heating up.The U.S. on Thursday will release its April report for inflation at the wholesale level, which is what companies are paying for goods. Economists expect an easing of inflation there.

The latest update Thursday for retail sales is expected to reflect a sharp drop to 0.2% in April from 1.4% the previous month.Retail giant Walmart will also report its latest financial results on Thursday and its financial forecasts will be closely watched.