Some top New Year’s financial resolutions heading into 2024 – Cache Valley Daily

FILE PHOTO: New Year resolutions. Photo by Tim Mossholder on Unsplash

As we approach the dawn of a new year, many Americans are setting their sights on financial wellness, with a notable surge in finance-related New Year’s resolutions for 2024. According to a recent WalletHub survey, 36% more Americans are planning to make financial improvements in the coming year compared to the current one. With 26% of individuals making financial resolutions prioritizing savings, it’s clear that people are determined to bolster their financial health.

To assist individuals in achieving their financial aspirations, WalletHub has curated a list of the top financial New Year’s resolutions for 2024, accompanied by a step-by-step guide to realizing these objectives.

14 Financial Resolutions for 2024

1. Get a 5%+ Return on Your Cash: Thanks to recent Federal Reserve rate hikes, strategically selecting a bank account can yield substantial savings. Online savings accounts now offer an average annual percentage yield (APY) of approximately 3.75%, and the best deposit accounts can provide a 5%+ annual return. WalletHub offers recommendations for high-yield savings accounts and the best certificate of deposit (CD) rates.
2. Protect Your Identity: With over 1 million identity theft complaints submitted to the Federal Trade Commission annually, safeguarding your identity is crucial. Consider upgrading to an identity protection service like WalletHub Premium, which includes bank account and alternative loan monitoring, dark web monitoring, identity theft insurance, and more.
3. Make a Realistic Budget & Stick to It: To combat the $1.2 trillion in credit card debt projected for 2023, creating a budget is essential. Prioritize essential expenses like housing, food, and healthcare, then adjust your spending accordingly throughout the year.
4. Explore Ways to Refinance High Interest Rates: While interest rates are not currently falling, you may find opportunities to save by refinancing credit card or loan debt. Balance transfer credit cards and personal loans for debt consolidation can be beneficial if you have at least a good credit score.
5. Save More Money: Establishing an emergency fund is crucial to financial stability. Aim to build a reserve equivalent to 12 to 18 months’ take-home income gradually.
6. Repay 20% of Your Credit Card Debt: Americans carry substantial credit card debt, averaging over $10,000 per household. Formulate a plan to pay off 20% of your existing credit card debt during 2024.
7. Use Different Credit Cards for Everyday Purchases & Debt: Implement the Island Approach by using specific credit cards for different financial needs, such as rewards cards for daily expenses and 0% APR cards for carrying balances.
8. Fight Back Against Inflation: Combat rising prices by seeking store credit cards with rewards programs, shopping strategically, using deals and coupons, adjusting utility usage, buying in bulk, and cutting expenses until prices stabilize.
9. Pay Bills Right After Receiving Your Paycheck: Prioritize paying bills before indulging in discretionary spending to better manage your finances and avoid late payments, which can harm your credit score.
10. Look for a Better Job: Consider pursuing higher-paying job opportunities or supplementing your income with side gigs.
11. Make Sure You Have Enough Insurance for a Catastrophe: Invest in life insurance, disability insurance, and adequate health insurance coverage to protect your family and loved ones.
12. Focus on Physical Health, Given its Strong Connection to Financial Health: Prioritize physical and emotional well-being, as it correlates with financial health. Regular exercise and healthy practices can reduce healthcare costs and alleviate financial stress.
13. Get an A in Financial Literacy: Improve your financial literacy by taking WalletHub’s WalletLiteracy Quiz and tracking your progress throughout the year.
14. Improve Your WalletScore: Assess your overall financial health with WalletHub’s WalletScore, which evaluates various financial aspects, including spending habits and retirement planning. Follow the provided recommendations to enhance your financial well-being.

With these 14 financial resolutions and expert guidance, Americans can take significant strides toward achieving their financial goals in 2024.