The Best 2024 Financial Resolutions

Credit Cards, Emergency Fund, Financial Independence, Personal Growth, Retirement, Saving

December 28, 2023

I hope you are ending this year in stronger financial shape than you began. And it is my wish for each of you that 2024 is a year of building more financial security.


I appreciate that every household has its own financial challenges and goals. And that would suggest having different financial resolutions. But I think there are a few universal goals that should be everyone’s priority


  1. Keep working on your emergency savings fund.

There is just no getting around what a huge win it is to know you will be okay if a big, unexpected cost or a layoff hits. The added bonus is what a stress reliever it will be. If you are just getting started, that’s great! Set a monthly goal. Then every month you hit your goal, I want you to spend five solid minutes celebrating. Literally, tell yourself how awesome you are for making this progress. Because you are.


  1. Save (more) for retirement.

This needs to be a priority. Not just because your future older self will be so glad you did, but because delaying is so costly. The more years your retirement savings is invested the more years it will have to grow. And compound growth is your biggest retirement savings friend. A dollar saved today is going to be worth a lot more than a dollar saved 10, or 20 years from now. Be kind to older you and take advantage of compound growth.


  1. Pay the minimum due on your credit card, on time.

A recent government report said consumers paid $14.5 billion in credit card late fees in 2022. This is avoidable. Even if you can’t afford to pay off the entire balance each month, I will not accept that you can’t pay the minimum. And probably plenty more. Pick a set amount you know you can pay each month, and set up an automated payment for that amount, three days before your payment is due. (This assumes the amount you choose is higher than your required minimum). That’s how you avoid paying late fees. And it will help with your credit score.


Then it’s up to you if you want to pay more than that (you can make another payment each month, to keep working on paying down the debt.).


Okay, those are my non-negotiable big three resolutions. But there’s one more goal I hope you will put on your list:


What’s the one financial achievement that you could make in 2024 that would feel fantastic?


This is where we get personal. I want you to find some quiet time and think about what causes you the most financial stress. Or worry. That’s the issue you should work on this year. There is no better financial move than to help ourselves feel more secure. Maybe it’s sending in $20 more a month on your student loan payment, or saving $50 or $100 a month so you can have that vacation you’ve been wanting to take, without putting it on a credit card you can’t pay off.


Having the intention to work on financial goals is great. But intentions aren’t a plan. Now you have a four-point plan for how to end 2024 in even better financial shape than you started. I hope you will gift yourself that.


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