🥳10 Financial New Year Resolutions for 2024 (And 2023 Financial Reflections)🥳

by | Jan 3, 2024

Happy 2024🥳! It’s that time of year again to dedicate some of your valuable time to both reflect on your finances in 2023 and set intentions with the momentum that the fresh start of a new year can bring for 2024. It’s important to set goals in all areas of your life, so we wanted to help you include your finances💫! 

Start by taking inventory of where you ended up as of 2023. Some questions to reflect upon are:

  • What are the financial wins I had this year?
  • What are the financial lessons I learned this year?
  • Review your spending in 2023 and what brought you the most joy when spending your dollars.
  • What are some areas in our finances that didn’t bring you joy or regret that you can change this year?
  • How much debt did I pay off/accrue in the last year?
  • How much did I add to my savings?
  • Did I make any major purchases or changes?

Once you do this reflection exercise, you are ready to start making some goals for 2024!

    1. Set your goals for this year. It might be related to a major purchase or how much you want to have in savings or maybe it is just working on healing your relationship with money. Whatever your goal might be, make sure you add a lot of details. Ask yourself questions like the following: What would it take to actually accomplish this goal? How will I know when I have achieved my goal? Is there a specific dollar amount attached to this goal? 
    2. Track your spending and create a budget. Are you currently fully aware of where all your money is going in your life? Money is energy and it is important to be mindful of what your energy is getting you. You can use an app like Monarch Money or YNAB to start tracking your spending today. It might be annoying to pay for a budgeting app, but if the app helps you save $100 through benign mindfulness, then it pays for itself. 
    3. Invest in your self-care and development. What are you doing to better your physical health, mental health, knowledge, skills, and time? One of the best ways to reduce impulsive spending and unnecessary purchases is to take care of yourself and focus on your goals and well-being. This could look like having a goal or hobby that fuels you, learning new things, or learning to set boundaries in your life. The ripple effect of nurturing your mind and well-being may have some lasting financial benefits. 
    4. Increase your retirement savings. If your employer offers you a retirement plan, check with them to see how much you can contribute to your plan per paycheck to max out your contributions. Increase your contribution by 1-2% if you are not maxing out your contribution. In addition to your employer retirement plan, you can save $7,000 ($8,000 if you are 50 or older) in 2024 to your IRA retirement accounts. If you were able to contribute to a Roth IRA in 2023 but are expecting a pay raise or increase in income, check the 2024 income limitations for eligibility for Roth IRA contributions. 
    5. Start preparing for 2023 taxes. Start collecting your W-2s, 1099, or other documents that you need to be prepared to file your 2023 taxes. You can also check out this article on TurboTax for a more comprehensive list of everything you need. If you haven’t already, consider hiring a tax professional who can make sure you are taking advantage of all the deductions and credits that could be available for your situation.  
    6. Pick up a gratitude practice around your finances. This could be a journal full of favorite purchases/financial wins, a mantra or affirmation you repeat every morning in the shower, or a daily/weekly/monthly review or check-in practice with yourself to reset your financial mindset and track your progress. These shower abundance cards are a great way to practice a daily mantra while in the shower.
    7. Pick a financial book to read (or listen to). If you haven’t seen our blog about top favorite financial books, take a look at this list here. Additions to this list could be some recent favorites such as The Body Of Money by Gayle Colman, Money: A Love Story by Kate Northrup, and Profit First by Mike Michalowicz (for entrepreneurs). 
    8. Review one of your insurance policies. Set a goal once a month/quarter to research one of your insurance policies to make sure you still have adequate coverage and get competitive rates. Set a time this year to review your auto insurance, life insurance, disability, long-term care, umbrella policy, professional policies, and health insurance. 
    9. Review your investment strategy. If you aren’t already working with a financial planner, you may want to consider this for your investment plan in 2024. Your investments should be deliberate and aligned with your values, age, time until retirement, time in retirement, risk tolerance, financial goals, and more. How do you know you are setting yourself up for success if you don’t have a clear plan in place?
    10. Review your credit cards. Make sure you are getting the most cash back or points that you can. Proper use of credit cards (using the right cards for the right purchases and PAYING THEM OFF IN FULL every month) can save you $100’s/$1,000’s of dollars in rewards that you can use towards your financial goals. Start searching for credit cards with the best rewards and bonuses to find the right fit for you. NerdWallet puts together a “best credit cards” report and you can search for what aligns with your goals (travel, cash back, and so on).

Use our ten ideas for resolutions as a roadmap, but focus on your unique needs and goals that will help you build healthy financial habits, strengthen your financial well-being, and increase your savings. Remember, the most important aspects of resolutions are commitment, consistency, and accountability. Find a partner, friend, advisor, or coach that you can share your goals with to improve your chances of success. We hope 2024 is your best, most magical year yet✨!