If you, like most of us, spent over the holidays, you may be thinking about the best money solutions for 2024. While hopefully tackling the cost of living crisis is the headline of the day, there are still plenty of goals for which we can work on next year if we want a better cash balance.
Here are the seven most important of them according to financial analysts:
1. Create a budget
Try to make a detailed budget that outlines your income, expenses and savings goals. Follow this plan throughout the year to better manage your finances.
2. Debt reduction
Set a goal to pay off a certain amount of debt, whether it's credit, student loans, or any other outstanding balance. Consider creating a repayment plan to move toward lower debt levels.
3. Save more
Aim to grow your savings by putting them in the bank at a percentage or simply withdraw a certain amount each month. Set up apps for automatic transfers or accounts to make saving easier.
4. Invest wisely
Educate yourself about different investment options and make a plan to invest your money wisely.
5. Cut unnecessary expenses
Review expenses and identify areas where you can make cuts. This may include canceling unused subscriptions or finding more economical alternatives for everyday purchases.
6. Start an emergency fund
Decide to build a designated emergency fund, especially if you don't already have one. Aim to save a specific amount that covers living expenses.
7. Track spending habits
Use apps or calculators to track where your money goes, which can help you identify patterns and areas where you can make improvements in your daily spending habits.
Source: Glamour
