Expert shares financial wellness tips for the new year

BOWLING GREEN, Ky. (WBKO) – As we head into 2025, many people may want to improve their financial wellness. That starts with the holidays.

For gifts you still plan to return, the Better Business Bureau advises to read those return policies carefully.

“Retailers do have the ability to set their own refund and exchange policies, so it may not be as relaxed as you might hope,” BBB Community and Media Relations Coordinator Heather Clary said. “You’ll usually see that policy on a receipt, if you receive one with the gift, or at the cashier or at the customer service desk. Depending on the retailer, some of them relax them more right after the holidays, some of them not so much.”

As for gift cards, just don’t forget about them.

“Be certain to not just let it languish in a drawer or a jewelry box somewhere,” she said. “There are millions of dollars of gift cards that go unredeemed every year, and you never know if a business is going to go out of business or declare bankruptcy.”

And when it comes to paying off your debts, Clary had several red flags to look out for.

• Be cautious of the debt negotiation, debt relief or credit repair company you choose to work with. They are all vastly different.
• Do not work with a company that requires a big fee before they work with you. Clary said that is illegal in most cases.
• Be cautious of “anything that just sounds too good to be true,” according to Clary.

‘“We’re going to wipe away all your debt,’ Clary said in reference to some businesses’ hooks. “Nobody can do that. It took you a while to get into that, it’s going to take you a while to get out of it.”

While many may turn to the internet for financial tips and deals, Clary suggests you do thorough research and protect your personal information, as scammers riddle the web.

“Make a New Year’s resolution to not part with your personal information and protect your identity,” Clary said. “The two keys that people need to steal your identity include your date of birth and your Social Security number. Once somebody has that information, they can open lines of credit and cause all sorts of problems that you may not even be aware of.”

Clary suggests researching businesses through the Better Business Bureau and working with any BBB accredited businesses. You can find more information on BBB.org.

Additionally, Clary said the new year is a good time to check your credit report. Anyone can get them for free from the three major credit bureaus, Experian, Equifax and TransUnion, via this link.

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