Senior Copywriter, LXME
Congratulations on making it through 2023. How has the year been for you? And most importantly, did you achieve your resolutions?
If not, worry not, because 2024 is definitely going to be your year!
Let’s first evaluate your 2023 goals:
- Did you go on your dream vacation?
- Did you get in shape?
- Did you read a hundred books?
- Did you learn a new skill?
Did any of your goals include any financial resolution for 2023?
Let’s change that, and achieve all our other goals too.
Here are some financial New Year resolutions for 2024:
1. Budget and stick to it
Financial resolution 2024 can’t start without budgeting. Create a realistic budget that outlines your income, expenses, and savings. You can follow the 50:30:20 rule of budgeting where 50% of your income goes into needs, 30% into wants, and 20% into savings.
2. Create an Emergency Fund
An emergency fund acts as a safety net during unforeseen events and provides the much-needed mental peace to go through them. An emergency fund has enough money to cover three to six months’ worth of living expenses. You can create one by transferring a fixed amount from your salaried account to another savings account or LXME Gulluck.
3. Put a price on your dreams and invest accordingly
List down your wishlist: your short-term and long-term goals, including buying a car, or a house, planning your dream vacation, and retirement.
Calculate how much these goals cost and the amount you need to invest every month to achieve them. You can use LXME Calculators for this. Once you have a clear list of goals and the amount, start investing for your short-term and long-term goals.
4. Pay off high-interest debts:
Prioritize paying down high-interest debts such as credit cards or personal loans. Create a strategy to reduce credit card balances and loans to alleviate financial stress.
5. Increase your income
Explore opportunities to increase your income, such as pursuing additional education, negotiating your salary, seeking a higher-paying job, or exploring side hustles and freelance work.
6. Talk about money
Your financial condition does affect your life and we can’t be in denial about that. Being a woman, it’s important to talk about money, understand personal finance, keep learning, and keep investing. It will not only make you financially woke but also more confident.
7. Delay expensive purchases
Recovering from buying expensive articles can take a toll on your budget and other spending. You should wait for a month, evaluate if you still need the article, and then purchase it to avoid impulse buying.
If you follow these financial goals for the New Year, you will achieve all your other goals too. The key is consistency and adaptability. Regularly review and adjust your financial resolution as circumstances change throughout the year.
Relevant Blog you may also like to read – guide on financial planning for women
Share these resolutions with your besties and make the most of 2024 together.
How do you prepare financially for the new year?
You can prepare for the New Year by creating a budget and an emergency fund. You can jot down your goals, calculate their price, and invest specifically for them. You should pay off your high-interest debts as soon as possible. You should negotiate your salary and start a side hustle as well. Talking and learning about money shouldn’t stop throughout the year.
Why are New Year resolutions good?
New Year resolutions are a great way to keep yourself motivated and achieve your goals with zest. If you feel lost during the year, you can always come back to your resolutions to get back on track.
How do you plan a new year financially?
You can plan a new year financially by following these steps:
– Creating a budget
– Creating an emergency fund
– Calculating your goals and investing accordingly
– Paying off high-interest debts
– Increasing your income
– Learning about personal finance
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