Financial Resolutions to Make in 2024

With 2024 just around the corner, you're probably starting to think, like others, how you can better the person you were in 2023. Losing weight and getting into shape aside, assessing how far or near you are to achieving your financial goals should be a priority when you draft your resolutions for 2024.

Your financial resolutions for the new year, like any other changes you want, will only be actionable and achievable if you start small. This is where personal finance skills come in. Improving your financial skills or personal management of finances includes learning smart saving tactics, strategic investing, staying on top of your budget, building an emergency fund, and saving for retirement. Practicing these will do more than keep your credit score high and savings account untouched, it will keep your financial health in shape for the long run.

Below are useful tips to set yourself up for financial success in 2024:

1. Build and increase your savings.

Whether you're on your way to building your individual retirement funds or your contingency funds, applying smart saving tactics is key. Keep in mind that the goal is to have financial reserves so you won't have to worry about sudden life events that will interrupt your monthly expenses. This seemingly simple practice will give you peace of mind knowing you're financially secure whatever happens. In planning on increasing your savings, don't be afraid to start small. You can opt to save 10% or 20% of your income monthly or choose an account that will achieve substantial growth like a high-yield savings account. 

2. Cut down on expenses via budgeting.

Your 10 financial resolutions won't be effective without the power of disciplined spending and no other than budgeting helps you cut back on unnecessary spending. Having a budget will help you make a fully informed spending choice relative to your take-home pay. In fact, a budget helps you stay on track of your finances and stick to your goals better.

3. Settle your credit card debt.

One of the best financial decisions to help you achieve your New Year's financial resolutions is paying off any remaining credit card balance. By now you should know that credit debt can be expensive to carry month to month because interest rates on credit cards tend to be higher than interest rates on other types of debt. So before you start building a retirement account or rainy-day funds, make sure you're not incurring more debt by putting off paying your credit card. 

4. Improve your credit score standing.

If you're aiming to get a home loan or any loan to invest in a business, having an excellent credit score will do you wonders. Having a good credit standing helps you get better interest rates on credit cards and mortgage loans. Building this requires paying on time and not neglecting your balances. If you're planning to pay down debt, it would be good to get a side hustle or reassess your monthly budget and see what you can give up to settle any balances. Avoid having multiple credit cards and make sure to keep credit open once you're debt free.

5. Start an investment. 

The objective is to earn money passively. This means putting your savings where it can grow and compound over time. Explore how you can invest in stocks as a beginner or reassess your savings if you're ready to invest in a property that you can rent out. Make your money work for you.

6. Acquire an insurance policy.

Apart from setting up an emergency fund, invest in an insurance policy that will cover your expenses for sudden hospitalizations, illnesses, or cases of theft. These life events are out of your hands and it's best to prepare for these to make you financially flexible. Insurance ensures security for you, your family and your assets. 

7. Spend intentionally.

To help you achieve financial success in 2024, make sure to spend on things that are important to you and your future. This doesn't mean depriving yourself of the things that make you happy or bring you peace of mind. Go ahead and cross out a travel destination off your bucket list if it means fulfillment. Say yes to a gadget purchase that you've worked hard for.

Spending intentionally means having a full understanding of where your money goes and how it helps you achieve things that matter in your life. The key here is getting more organized and having a mindful way of what you're earning and what you're spending. This greatly helps in assessing your financial health by the end of the year.


Ultimately, your financial New Year's resolutions should be about building good financial habits that will help you bring closer toward your goals. Long-term financial success is unattainable without short-term personal finance practices that you can commit to.