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5 Financial Resolutions Experts Want You to Make in 2024

Author:

Sheryl Nance-Nash

December 27, 2023

Contributing writer

By Sheryl Nance-Nash

Image by BONNINSTUDIO x mbg creative / Stocksy

December 27, 2023

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Invest in your well-being: In this financial wellness series, we're diving into how to better budget for your physical, mental, and emotional health. Welcome to Wellth Check.

'Tis the season for promises, promises, promises. We vow to do better in the new year. Maybe the goal is to lose weight, eat healthier, or exercise more. But for a lot of people, the resolutions are about money.

In fact, a recent survey from WalletHub found that nearly one in two people they polled are planning to make finance-related New Year's resolutions. There's motivation to do better, as among those surveyed, one in four said they think 2024 will be worse for them financially than 2023, and nearly two in three were anxious about the future of their finances.

Those polled pledged to save more, look for a better job, make sure they had enough insurance, among others. What tops your list? Well, here's what the experts say should be on it:

Set clear financial goals

Make sure your goals are realistic, specific, measurable, and have a timeline for completion.

"Define what you want to accomplish, whether it's homeownership, early retirement, or starting a business. Specific goals provide direction and motivation, propelling you toward financial success," says Kelly Ann Winget, founder and CEO Of Alternative Wealth Partners.

For example, if you've decided you want to save a certain amount monthly, be proactive.

"Designate 15 minutes each Sunday to review your weekly budget and identify areas for improvement," says Willardson. He says to create a vision board with a visual representation of your financial goals to help you stay focused and motivated. Put your vision board somewhere you will see it often.

Kill two birds with one stone

Embrace financial and physical fitness. Recognize the link between physical health and financial well-being.

"Set achievable fitness goals to enhance overall vitality, positively impacting both your health and financial success," says Chad Willardson, founder of Pacific Capital and author of Stress-Free Money.

He says to start off easy by incorporating a 30-minute walk or workout into your daily routine, using this time to listen to financial podcasts for dual benefits. You can also look for free or low-cost workout classes in your neighborhood. You don't have to go for an expensive gym membership.

Consider educating yourself about money a priority

In 2023, many things changed that affected personal finances—from legislation to student loan payments resuming, the Fed raising interest rates and AI disrupting many industries, and who knows what 2024 will bring. Consequently, focus on financial education and research advises Holley Cary, a certified financial planner and vice president at First Horizon Advisors. "Make a concerted effort to stay up to date on the latest financial news and how it may impact you personally," she says.

With inflation, learning about savings options can have a direct impact on the growth of your money, she says. "Researching and switching your money to CDs and high-yield savings accounts could accelerate financial gain," she says.

Shrug off her advice if you want to, but, "neglecting your financial knowledge can cost you a lot of money over time," she says.

There is no shortage of resources to teach you about money, like podcasts, online personal finance classes, workshops, and webinars on everything from saving an budgeting to investing. There are personal finance websites, free financial newsletters, and more.

Deal with debt

Make 2024 the year you lasso your debt. Enough already. Commit to doing the hard work, the sacrifice that it might take to be able to exhale a bit by year-end.

Danielle Nava, a certified financial planner and co-owner of Generation Wealth, a wealth management firm, explains why managing debt should be on your resolutions list,

"High-interest debt is bad, and if you don't prioritize paying it down, you'll never get out of the red and into the green. High-interest debt holds us back from reaching our goals," she says.

One way to reduce debt is to use the snowball method, paying off debt starting with the smallest amount owed to the largest. Make minimum payments on all your debts except the smallest, where you pay as much as possible until finished. Follow suit with your remaining bills.

Increase your odds for success — automate

Truth is, you can have the best of intentions, but executing them can be challenging. Make it easier on yourself. Kendall Meade, a certified financial planner at SoFi says her biggest tip for sticking to your financial resolutions is to automate whenever possible.

She says, "Don't rely on willpower alone. Automate your bill payments, savings, and/or investments. If you struggle with spending, you may prefer to set up direct deposit so that a portion of your paycheck goes directly to savings, removing the temptation to spend the money instead."

The takeaway

Fluffing off your New Year's resolution to faithfully hit the gym can be detrimental to your health, but the consequences can be greater if you don't stick to your financial resolutions. Says Courtney Mitchell, head of consumer deposit products and payments at TD Bank, "Neglecting your financial resolutions could cause a great deal of stress and lead to missed opportunities for savings in the long run, jeopardizing your financial wellness."