5 financial goals for 2024

2024 is here, and many people have already created their resolutions for the new year. Often, these goals revolve around finances, but they are also often difficult to reach. The key is creating goals that are attainable, so you can set yourself up for success. Here are five suggestions of financial goals for 2024 that you can take on this year!

#1 Build up an emergency fund

An emergency fund is one of the most essential financial tools to have. This is an account dedicated to providing support during times of financial stress. No matter how much we prepare for our expected costs, there will always be a time when a major expense pops up unannounced. For example, your pet may need emergency surgery, or your home might require a major repair. These are costs that can be hard to cover without savings, as they can be quite hefty. If you already have an emergency fund, make a point of adding to it regularly. If you do not have one yet, be sure to set one up! You can decide how much you want to contribute to it based on your current expenses and budget. As long as you make consistent contributions, it will create a nice safety net for when you need it most.

#2 Develop an accurate monthly budget

Budgeting can be tricky, but it also comes in handy for many people. Most of us have several expenses and it can be hard to keep track of them all. A budget allows you to predict your expenses, stay on top of your payments, and manage your finances more easily. Your budget should take into account your income, expenses, credits, and debts. How much do you owe in expected costs each month? How much income do you bring in? Do you have any current debts that need to be accounted for? Everyone’s budget is different, but they are all based on managing your money effectively. The goal is to stay on top of your expenses while also building up your savings and having financial stability. 

#3 Minimize your credit usage

As it happens, limiting your credit usage can be a great way to manage your expenses. A lot of people max out their credit cards each month because they have high credit limits. Plus, it’s easy to spend money when you don’t have to pay it back right away. However, once the payments are due, this is when things can get stressful. Suddenly, you owe money you might not have easily available. If you can cut back on your credit usage, this will also limit your future expenses. You can do this by avoiding new credit or credit increases, so you can’t spend more. You should also try to make purchases with your debit card or cash before resorting to your credit card. Lowering your credit usage can be one of the most helpful financial goals for 2024.

#4 Try out a budgeting app

We have suggested several budgeting apps in the past that are great tools to help you manage your finances. In 2024, we recommend trying out one of these apps if you’re looking for an easy way to stay on top of your money. Budgeting apps allow users to track their spending, make payments, and connect to their bank accounts. Some apps are specifically designed for couples with shared accounts, while others are perfect for individuals. Budgeting apps make it easy to access your money and manage your spending, no matter where you are. If you enjoy using your phone for everyday tasks, this could be a perfect 2024 goal.

#5 Understand that practice makes perfect

No matter what your financial goals for 2024 are, it’s important to go easy on yourself as you start working to reach them. There will be some bumps in the road and you may need to reevaluate and readjust from time to time. This is all part of the process of finding the right goals that are realistic and achievable for you. Financial goals are challenging, so you must be patient with yourself as you navigate this experience. Practice makes perfect!

If any of your financial goals for 2024 involve homeownership or debt management, we recommend working with a mortgage broker. We can help you get a handle on your finances, and guide you through the process of purchasing a home or navigating debt. We are passionate about helping our clients reach their goals. 

If you have any questions about your mortgage, give us a call at Centum Home Lenders! You can reach us at 506-854-6847, or get in touch with us here.