7 financial steps to take in 2024
If you are thinking of setting some financial goals for 2024, you're in good company. Saving, investing, and paying off debt are some of the most common new years resolutions. Here are a few ways you can start being wiser with your money in 2024:
1. Pay off debt. there are many different philosophies around paying off debt. We recommend paying off the highest interest debt first, such as credit card debt. We don't recommend paying off your mortgage at an accelerated rate, and we will discuss that more in the future.
2. Make it automatic. See if your bank or credit union offers automatic transfers to a savings account. You may be able to transfer a dollar every time you use your debit card, or transfer a set amount each pay period.
3. Cut back expenses where you can. Sorry, but everyone who tells you to eat out less and make your coffee at home has a good point. Consider making any costly daily habit a weekly or monthly treat instead. Eliminate any monthly subscriptions you don't use.
4. Save on utility payments where you can. Many monthly utility payments can be made paperless and automatically, and sometimes that automatic, paperless payment comes with a small discount.
5. If your employer offers a retirement savings plan with any match, contribute at least the minimum for the employer match.
6. Put any surprise income, such as a bonus, in savings.
7. When you're ready to start investing, call us for a free consultation. We will help you decide which investment is right for you and how you can best elevate your investment and retirement expectations. Click here to request an appointment with one of our advisors.
