As we step into 2025, navigating the financial landscape could become increasingly complex due to a new presidential term and notable economic indicators. Here’s what you need to mark on your calendar to stay financially organized:

January: Student Loan Payments and Credit Scores

With the resumption of federal student loan payments in 2023, January 2025 spells trouble for those who haven’t caught up with their payments. Initially shielded by the Biden administration’s leniency period that expired in September 2024, delinquencies starting this January will severely impact borrowers’ credit scores. Expect an average drop of 129 points for those with stellar credit ratings.

January 20: Presidential Inauguration

Donald Trump’s inauguration for his second term could usher major policy changes impacting tariffs and tax regulations. With promises of significant tariffs on imports, particularly from China, and continued tax cuts, the economic landscape is set for an overhaul, influencing trade dynamics and potentially, market volatility.

January 29: Key Federal Reserve Decision

After the Federal Reserve’s trio of rate cuts in 2024, the first major decision of 2025 will set the tone for the economic year. With just two quarter-point rate cuts anticipated, the central banking system exhibits caution as it navigates a slower pace in adjusting monetary policies.

February 27: GDP Data Release

Vital for assessing economic health, the GDP data release this day will provide insights into the US economic activities for the fourth quarter of 2024 and the year in entirety. These figures play a crucial role in shaping investor confidence and future Federal Reserve decisions.

April 15: Tax Day and Retirement Contributions

A dual deadline day: not only is it the final day to file (or extend) your 2024 tax returns, but it also marks the deadline for making 2024 contributions to your IRAs or Roth IRAs. Ensuring these tasks are completed can safeguard potential refunds and maximize retirement savings.

June 30: FAFSA Deadline

For prospective college students, submitting the Free Application for Federal Student Aid by this date is crucial to unlock potentially necessary federal financial support for the upcoming academic year.

December 31: Expiry of Tax Cuts and Jobs Act Provisions

Provisions from the 2017 Tax Cuts and Jobs Act are set to expire by year-end. This includes changes in deductions and an increase in personal income tax rates unless new legislation is introduced.

Navigating the financial implications of these key dates requires diligence and foresight. As the political and economic environments adapt, keeping abreast of these changes will be vital for personal financial planning throughout 2025.