We’re on the cusp of a new year, and there’s no better time to start thinking about your 2024 resolutions than right now. While you pull out your notebook, pens or vision boards to plot the way forward, you might want to reflect on your financial habits while thinking about the resolutions that you can actually achieve for the new year. And, no, we don’t mean those grand and all-encompassing financial goals that we tend to jot down on the first of January and somehow forget them by mid-February. We want to help you craft and reach the more manageable resolutions that bring lasting results. So, let’s look at some realistic and practical financial resolutions that you can easily implement and stick to throughout 2024.
Some things are just unnecessary, and you know it: Asses how much you’re earning as well as the expenses that you must fulfil. Then, identify areas where you can make cuts. Maybe you can calculate if a subscription is still worth it and cancel it if it’s not; or find a cheaper or free alternative. Reducing unnecessary expenses means that you’ll have more money to put towards more impactful financial goals.
Sometimes when it rains it pours. So, how about securing your rain proof gears: Saving for rainy days should be a big part of your financial resolutions. We get that saving can be a challenge, especially if you’re not very disciplined with your money. Maybe you could think about automating your savings. You can start with a small amount and steadily increase it over time. Small savings can add up over time and make a big difference.
What you owe can dampen your plans, so pay up when you can: As you think about your financial resolutions for next year, consider paying off that credit card balance or some other high interest debt if you can. Mismanaging your debt can lead to a bad credit history. Besides, once you free yourself of debt, it’s likely that you’ll have more money to spend on the things you want or enjoy.
Keep learning about money matters: Financial education should be a key part of your resolutions and your journey to financial wellbeing. So, invest in your financial education as part of your new year’s resolutions and watch the lasting returns you’ll get even beyond 2024. You can start by reading a book, attending financial sessions, or simply engaging with our financial education hub on our website to increase your understanding of personal finance and make informed financial decisions.
We’ve shown you that setting financial resolutions for the new year doesn’t have to be unattainable; they just have to be realistic goals. We implore you to stay consistent and committed to your financial goals. Plus, we have some experts here ready and waiting to speak with you. Engage with us HERE.
