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Financial Resolutions for 2024

Setting resolutions can be daunting, especially when it comes to financial goals. If you’ve fallen off track, don’t worry—you’re not alone. A recent survey found that 75% of resolutions are abandoned within five months. But it’s never too late to start fresh. Here are six financial resolutions to consider implementing in 2024.

1. Gauge Your Financial Resilience

Whether you’re worried about job security or looking to save for a house, building financial resilience is crucial. Here are some steps to take:

• Strengthen your professional agility: Update your resume and LinkedIn profile, and consider pursuing an in-demand certification.
• Diversify your income streams: Look into side gigs like rideshare driving, freelancing, or tutoring.
• Boost your emergency fund: Aim to save enough to cover three to six months of basic needs.
• Seek financial advice: Consult a financial advisor or certified credit counselor for personalized guidance.

2. Tackle High-Interest Debt

High-interest debt, like credit card balances and personal loans, can be a financial burden. Make 2024 the year you bring it down. Consider consolidating your debt or negotiating lower interest rates. You can also use strategies like the debt snowball or avalanche method to pay off debt more efficiently.

3. Revamp Your Budget

Your budget should adapt to your current circumstances. Evaluate whether your budget is working for you. Are you saving enough? Do you have enough to pay bills and enjoy your hobbies? If not, consider adding more income or reducing expenses.

4. Give Your Insurance Coverage a Checkup

Review your insurance policies annually to ensure you’re getting the best rates and coverage. Consider the following types of insurance:

• Life insurance: Essential if you have dependents or substantial assets.
• Car insurance: Compare quotes to find the cheapest policy.
• Homeowners insurance: Shop around for the best price and coverage.
• Travel insurance: Protect yourself from vacation mishaps.

5. Boost Your Retirement Savings

Fast ways to ramp up retirement savings include depositing windfalls like tax refunds directly into your 401(k) or IRA. If you’re not taking advantage of an employer match, start now. Self-employed individuals can consider a solo 401(k) or a traditional or Roth IRA. Aim to save 10% to 15% of your pretax income each year.

6. Improve Your Credit

Your credit score affects your ability to borrow money affordably. Check your credit score for free and focus on improving factors like payment history and amounts owed. Prioritize making all credit payments on time and paying down credit card balances in full each month.

The Bottom Line

Early in the year, there’s so much potential to set and pursue financial goals. Keep that momentum going all year long by following your progress and rewarding yourself when you hit a milestone. Be kind to yourself if you don’t quite reach your goals, and know that there’s no wrong time to set new ones.

For any mortgage service needs, contact O1ne Mortgage at 213-732-3074. We’re here to help you achieve your financial goals.

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