Grow Financial Federal Credit Union
Hands putting cash into a brown wallet with "New year, new financial goals" text.
January 4, 2024

Four Financial Goals You Need to Set in 2024

Happy New Year! The turn of the calendar into a new year reminds us to do some reflecting and goal setting for the future. Take some time to make new commitments to yourself and your financial goals. Here are four financial goals to set in 2024:

1. Create a monthly budget.

We think everyone should have a monthly budget, no matter their financial circumstances. Your budget will guide your saving and spending choices in support of your larger goals. Depending on your preferences, your budget can be detailed, accounting for every dollar, or flexible, opting for category-based spending. Choose a strategy that will work for you, such as the envelope method, the 50/30/20 method or the zero-balance budget.

The best budget is the one you can stick to. Get started with budgeting here.

2. Choose a strategy to tackle high-interest debt.

You may have heard of the snowball method for paying off debt, which involves tackling the smallest balances first, or the debt avalanche approach, which focuses on paying off the highest interest-rate balances first. Learn more about these debt-reduction strategies, choose your preferred method and start eliminating debt in 2024.

3. Increase your savings by 1–5%.

Don’t feel like you must wait until you’re 100% debt-free to start saving. In fact, when it comes to saving, time is your biggest asset. Try increasing the amount you’re saving by 5% this year. Remember, everyone starts somewhere. If you can’t raise your savings by 5% yet, start by raising it by just 1% and increase that amount over time as you’re able.

Once you’ve got an emergency fund that can cover three to six months of expenses, shift your focus to longer-term financial goals, including retirement. If you haven’t opened an IRA or other retirement account, consider opening one this year. Learn more about retirement account options.

4. Make an estate plan.

A lot of people hear the term “estate plan” and assume it’s something only wealthy people need. In actuality, most people can benefit from having an estate plan in place because estate plans do more than just divide assets. They can also name guardians for minor children, complete important healthcare documents, specify your final arrangement wishes and more. We offer estate planning resources through Trust & Will, an easy-to-use online platform for all your estate planning needs, and Grow members can enjoy 25% off their initial estate plan purchase. Learn more about Trust & Will.

We wish you the very best in achieving your financial goals in 2024! For more financial tips and resources, visit our Education page.

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