3 Financial Wellness Goals To Set Now For A Better 2024 + Experts Tips To Implement Them

There's no such thing as having too much money saved. So even if you're feeling confident about your stash, pat yourself on the back, but in 2024 go further still.

However, if you're like most people, your savings are far from what they should be or what you would like them to be. In 2022, nearly half of American households had no savings in retirement accounts, according to the Survey of Consumer Finances. If that's your situation, open a retirement savings account, or if you're not impressed with your balance, vow to contribute the maximum amount. 

"If you are in your early 20s, that is not too young to have a retirement account. The sooner you start contributing, and the more you contribute, the more your money can build over the years," says David Kemmerer, CEO, CoinLedger, a provider of cryptocurrency tax software.

Ideally, you increase your retirement contributions every year. There are ways to make doing so easier.

"See if your plan will allow you to automatically increase contributions each year. Also, if you receive bonuses, ask for retirement contributions to come out of them as well," says Regina McCann Hess, a certified financial planner and author of Super Woman Wealth: How To Become Your Own Financial Hero.

While you want to save for the tomorrow that's further down the road, because "stuff happens," be ready for the unexpected you could face sooner, like car or home repairs or a job loss. Aim for an emergency fund that could pay at least three to six months of your expenses. That may sound hefty, but start small.

"Focus on setting aside $1,000 for the year, and if you do more, that's even better," says Kemmerer.

"Debt is one of the biggest financial roadblocks that can prevent people from achieving their financial and life goals, so it's smart to focus on figuring out ways to strategically pay off your debt in order to become debt-free as fast as possible," says Kemmerer.

One way to whittle your debt is the "snowball method," where you pay off the loan with the smallest balance, and once finished, you take what you were paying and put it toward the next smallest debt.

"Eliminating debt frees up cash flow to fund the next steps of your financial journey," says Janus.

How to swing making payments?

"It may involve sacrifice, like cutting your discretionary spending to get this debt paid. But the reward is that debt is banished in a few years, versus the 10-plus years that the company may structure the payments. You'll also pay less interest over time," says McCann Hess.

If you want to save more and pay off debt, your secret weapon is a budget that you stick to.

"Budgeting can predict how you keep more of the income that you earn. By looking at your income, spending, savings, donations, and debts, you can determine what changes you need to make in order to improve your financial picture," says McCann Hess. 

To properly budget, review your income and spending from the previous year. Your bank and credit card statements tell a story. There is no hiding from frivolous spending when you look at every single credit card or bank statement from 2023. 

"You'll see if you spent way too much money on eating out or online shopping. Reality helps you. For example, if I cut my restaurant spending by 10%, I can put more toward my debt or increase my savings," she adds.

While budgeting may seem like a chore, it's not onerous. It can be as simple as you like, and apps make it easier. What's key for staying on track with your budget?

"Create a realistic budget that aligns with your financial goals. If you want to pay off debt this year, set up a budget that directs more funds toward debt repayment and reduces spending," says Courtney Alev, consumer financial advocate at Credit Karma.