Expert offers tips for financial wellness in 2025
Erin Cox, an associate Extension specialist for Family and Community Economics for Virginia Cooperative Extension, has some tips to help consumers reduce personal debt and make positive personal finance changes in the new year.
Create a plan, make a budget, and stick to it.
“Health and financial well-being go hand in hand. Don’t have a passive relationship with your finances. If you have someone in your family or a close friend who appears successful at managing their finances, consider asking them for help,” she said. “Learn to save and be mindful of where your money is going so you don’t have to carry that burden of debt. When big changes happen, don’t make a big change by adding more debt.”
Pay off credit card debt as quickly as possible.
The snowball method of debt repayment, starting with the smallest debt first, is effective, and it can psychologically motivate you to put these debts behind you, she said.
Be cautious of "buy now, pay later" options.
Although many offer interest-free payments, consumers often find themselves spending more than planned, and the fees can be steep if a payment is missed. You might quickly find yourself burdened with payments.
Instead of purchasing a gift, use your skills or talent to create one.
Offer a lesson in something you’re gifted at as a gift. Cox says, “One of the greatest gifts I ever received was a ‘make and take’ dish that a very talented friend made and gave to me to take and enjoy.”
Virginia Cooperative Extension offers help in many areas of personal finance:
Budgeting: Information about the best practical ways to track income and expenses leading to managing money better.
Debt Management: Ways and information related to paying off debts effectively.
Estate Planning: Planning for the future and having items such as a will and estate plan in place.
Youth Programming: Offering youth (elementary to high school) simulations and education to begin to educate youth early about the basics of finances.
Community Financial Education: Partnering with services to teach basic money skills.
Other resources
Master Financial Education Volunteer Program
How to Make Your Money Go Further, 2020
Advanced Directive Information in Virginia
About Cox
Erin Cox is an associate Virginia Cooperative Extension specialist focusing on family and community economics. Cox has a master’s degree in social work and has 13 years of experience within Extension as an agent in the field. Her years as an Extension agent have helped her to identify community challenges and develop innovative solutions to complex challenges.
Interview
To schedule a live or recorded interview, contact Margaret Ashburn in the media relations office at mkashburn@vt.edu or 540-529-0814.
