Use the energy of the new year to fuel your journey to a bright financial future with the help of these money goals.
Exercising, eating healthy, traveling, and ridding ourselves of bad habits are all common New Year’s resolutions. But what about your finances? If you’re like most people, increased costs due to inflation left a lasting impact on your wallet – demonstrating the importance of saving and financial wellness.
If you’re not sure where to start, here are 10 suggestions to guide you in making your 2024 financial resolutions.
Build Your Financial Future
10 Money Goals
Have 6-12 months of emergency savings. Give yourself something to fall back on for unforeseen situations like medical emergencies, car repairs, or changes in work hours or employment.
Create a budget and stick to it. Know where your money is going. Look at your last few months of bank and credit card statements to use as a guide. Eliminate unnecessary expenditures, set a savings goal, and follow through.
Start building good credit. Establishing credit is important for everyone. Good credit can improve your loan approval odds, help you save by securing better rates, and much more.
Contribute to your retirement plan. The earlier you save, the more time your money has to earn compound interest and the less obligated you are to save in the future.
Take a look at your insurance Make sure not only your assets are adequately protected, but also you. Life insurance protects your family from bearing the cost of your passing and can help secure their future as well.
Pay off debt. Save on interest by making a plan to pay off high-interest debt. When you rid yourself of a payment, redirect funds to other debt if applicable or to your savings or retirement account, where it earns dividends.
Take advantage of employer match programs. Some employers will partially match contributions to Health Savings Accounts and retirement accounts (like 401ks). This is free money for two very important causes.
Live within your means. Spend less than you make. Taking on additional debt to finance your lifestyle is not wise. Sounds simple enough, right?
Be a smart shopper. The internet is a great tool for comparing prices and ensuring you’re getting the most value for your money.
Cut costs wherever possible. Evaluate your spending – can you downgrade or eliminate an expense? For example, eliminating your cable bill can save you hundreds of dollars a year.
There’s a lot you can do to improve your financial health, but remember it doesn’t all have to be done at once – take one step at a time.
Reach Your Goals
Take advantage of free financial education from our partner, BALANCE. From confidential coaching to videos and articles, get the resources you need to help with your fiscal matters.
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