10 financial resolutions for the year 2024

New Year’s resolutions are often about physical and mental health: Workout more, eat less junk food, meditate once a day, quit smoking, spend less time on social media. But what about financial health? Have you thought about improving your financial situation in 2024? And while we think taking care of your financial health should be a priority year-round, the New Year provides a great opportunity to check-in and see how you can potentially up your financial game.

Ready to commit to setting 2024 financial goals but need a little inspiration? Here are 10 really great New Year’s financial resolutions to get you started:

1. Meet your match
If you’re able, meeting your company match is generally a good idea. There’s a reason a 401(k) match is often referred to as “free money.” You don’t have to do anything to earn it other than contribute to your retirement plan; if your retirement plan offers a match and you contribute to your 401(k), your employer also contributes funds. Many companies will typically match 50% or 100% of your contributions up to a certain percentage of your salary.

A good goal may be to contribute the minimum amount required to take full advantage of your company match – that way you’re not potentially leaving “free money” on the table.

2. Raise your retirement contribution rate
Maybe you’re already meeting your match, or you’re looking to kick it up a notch. One sound strategy to implement into your savings routine is to begin contributing 10% (or even more) to your retirement plan account. And while your take-home pay will be reduced, your taxable income is also reduced with pre-tax contributions and your retirement nest egg has the potential to grow. Empower insight reveals people who set their contribution rate to at least 10% are on track to replace 100% of their working income down the road.2

And if you’re already maximizing your employer plan contributions, or don’t have access to an employer plan, consider contributing to an individual retirement account.

3. Pay off personal debt
How to pay off debt depends on what type of debt you have. Because credit cards often carry high interest rates (18% or more), and issuers are happy to let you pay for that new TV over decades — with interest piling up along the way — it can be a good idea to plan to pay off credit card debt first.

4. Kick a costly habit
Maybe it’s your daily gourmet coffee, a premium movie channel package or that afternoon sweet treat. Little things add up. Try to swap your pricey patterns for some good financial habits to put more money back in your pocket.

5. Build an emergency fund
Cars deteriorate, basements flood and arms break. In other words, life is full of surprises. Expect the unexpected and create an emergency fund in order to avoid debt and cover those unforeseen expenses.

6. Talk with a financial advisor

By the end of the year, seek out human advice. A financial advisor can help you determine exactly what your financial goals are, walk you through your options, and provide a personalized plan. Getting guidance can help steer you in the right direction when you’re stuck in neutral.

7. Improve your financial literacy
Every weekend or month, download and tune into a different financial or investing podcast. Or, if you’re too busy, commit to reading a personal finance book once per quarter or an educational article once per month. After discovering a wealth of savings tips and tricks, you may even become an expert yourself.

Tip: Browse The CurrencyTM for educational articles related to personal finance, saving and investing.

8. Calculate your net worth
Your net worth is a good thing to know because it gives you a big-picture view of your financial health at any given time, and it’s an effective way to see if your finances are on track toward your goals. It can also help you identify where you may be able to reduce your debts and increase your assets.

9. Write a will
A will ensures your final wishes will be carried out as you intend. Without one in place, your estate could go through a lengthy process known as probate, which involves the courts dictating how your assets are distributed.

10. Make a financial plan
Regardless of whether you’re early in your career or nearing the finish line, your golden years will be here before you know it. Writing down your short-term and long-term financial goals can help you make progress toward the future you imagine.