Before creating your financial resolutions for 2024, I must warn you ― you’re probably not going to do them. But you already know that right?
Yet, you’re still here to see what all the fuss is about because you’re sick of ending every year not achieving what you set out to achieve.
You want to know about some financial resolutions for 2024 that will actually stick because after all, you are tired of being broke and who could blame you?
See, the thing is — financial resolutions hardly ever work out in our favor because we approach them all wrong. We set some arbitrary goals knowing we want to get it done before the end of the year. However, we forget our financial goals actually need a tactical plan to go along with them.
Beginning the year saying you want to save more money won’t do you any good, but if you get more specific like, “I want to save $3,000 by December 31st,” you’re off to a better start. But still, that’s where many stop.
Since you’re here, I’ve compiled a list of financial goals folks have actually managed to achieve. In other words, these are resolutions I know for sure you can actually achieve this year.
I’m going to show you how to take a simple financial goal like saving $3,000 in one year a step further so you can actually achieve it.
To help with this, I’ve reached out to a few trusted colleagues of mine in the personal finance blogging world. I asked them to share some resolutions they’ve actually managed to stick with for an entire year.
I’ll also include some of my favorite resolutions I’ve stuck with too. So, let’s get into it — here are eleven financial goals for 2024 that you can actually achieve…
11 Financial Resolutions That Will Stick in 2024
Do a daily five-minute money check-in
Chonce from My Debt Epiphany made a new year’s resolution to do a five-minute check-in every day. Here’s what she had to say…
“One thing I wanted to do this year was to become more conscious of my spending and where every dollar goals. I’m weird in that I can actually go days without checking my bank account and I wanted to get better at tracking my spending to ensure nothing slips through the cracks.
I started giving myself a ‘money minute’ or 5 minutes each morning to go over finances and my husband and I started holding each other accountable during our money meetings/finance dates. In the past, we’ve done them twice a month, but now we’re sticking to at least once a week to ensure we’re on the same page.
It’s been easy to stick to because it doesn’t take that much time and it feels great to know what’s going on with your money 24/7. Plus, my husband and I are able to hold each other accountable.”
As you can see, spending 5 minutes looking at your banking app or logging in to your online bank can help ensure that money is not being spent on things you really don’t need. Small expenditures every day can easily add up to your $3,000 saving goal for the year.
Use an easy-to-use money-saving app and SAVE your earnings
One of my easy to stick with resolutions is using a money-saving app to splurge on things I don’t necessarily want to budget for.
For example, I needed a new black purse, but of course, it was really just a silly old want of mine. It’s okay to budget for your wants, but since becoming self-employed, I have to be extra careful about my cash flow.
So, that’s where money-saving apps like Ibotta come in. You can use Ibotta to save on your everyday purchases and when you’ve earned enough cashback, you can cash it in for gift cards on things you want.
I just cashed my Ibotta savings out for an eBay gift card and brought the black purse that I couldn’t necessarily afford to put in the budget right now. It was so easy and it felt like my purse was free, which is a way better feeling than spending your hard-earned money.
Sign up for Ibotta here and get a $10 welcome bonus when you redeem your first cash-back rebate. Be sure to SAVE the money you earn from your shopping and cash it out for gift cards or cash for guilt-free spending.
Reward yourself
Aja McClanahan from Principles of Increase encourages folks to actually reward themselves monetarily for achieving other life goals.
“Consider “micro” savings goals. For example, every time you go to the gym, reward yourself with $2. Or put away $5 each time you wake up early or finish a difficult task. Apps like Tip Yourself can make it possible on the logistics side since many of us don’t carry cash much. By rewarding yourself for small improvements in your behaviors, you are more likely to stick to your goals.”
Using an app is a really great way to make saving money a habit because after all, that’s all it is — a habit. And once you’ve built the habit of stashing money away, it becomes second nature. This is a great way to meet your financial goals and stick with other goals not related to money.
Pay yourself first
Jason Butler from The Butler Journal made a new year’s resolution to pay himself first. The best way to pay yourself first is to set up an automatic savings plan and let the bank do the work on your behalf.
Think about it, when you get paid, your job has already done some hard work for you. They’ve taken money out of your check for Uncle Sam. They’ve also set aside some money to pay your insurance premiums. And some of you have taken it one step further to set aside something for retirement.
Having someone do it for you makes it easy and you don’t even miss the money. Even though you may be saving for retirement, that money isn’t for you to use right now. What about emergencies that will pop up as soon as now? Or what about having a little money set aside for investing in yourself?
All of these reasons are good enough to pay yourself first. Your bill collectors will get their pay, the IRS is taking their cut, so make sure you set up a savings plan so you can have money just for you.
Open multiple online savings accounts
This great idea is for those of you who have a little trouble knowing how to spend money on what you were saving it for.
You know, you go into your savings account and see that you have $5,000 and instead of checking your budget to see what you were saving for, you automatically assume that it wouldn’t hurt to spend a little of this $5,000 in Target. You know, because it’s there and all.
But see the problem with this method is that you’ll have those pretty new throw pillows, smell good candles, and new yoga pants, but then it’s time to make a payment on something and all of a sudden, you don’t have enough money. You dipped into your savings fund one too many times and forgot all about a payment.
No worries. It happens to all of us and it’s definitely happened to me before. That’s why I decided to open multiple online savings accounts with Capital One 360. Doing this will allow you to save up money for Target splurges, your car insurance, your life insurance, your vacation, and more.
You’ll never need to worry about if your spending habits are going to interfere with your obligations. So, yes, do yourself a favor and add this idea to your list of financial goals to tackle in 2023. You won’t regret it one bit.
Organize your savings and open up your savings accounts on Capital One 360 today.
Budget every paycheck down to the last dollar
Heidi and Nick Emmendorfer from Hansen Hundreds made a financial resolution to give every dollar you earn an assignment.
“We’ve grown our net worth by $180,000 in four years through budgeting, saving and investing. We earn less than $100,000.
This year, our goal was to pay off at least $30,000 of our mortgage debt while contributing 15% of our gross income to retirement plans. It was a stretch goal for us.
We’ve achieved it and plan to pay off our mortgage in the next 1.5 to 2 years.
What’s worked for us is budgeting out every dollar, every paycheck. We’ve said no to a lot of purchases so we could save over 50% of our income.”
I’ve written extensively about this method of budgeting, better known as zero-based budgeting. Regardless of how often you’re paid, if you budget every single dollar in every paycheck, you can assure yourself knowing that no money is falling through the cracks.
It’s easier to stick to an automatic savings plan, pay off debt, and prepare for the road ahead when you budget down to the last dollar. If you don’t take any of these other financial resolutions seriously, take heed on this one. This is the foundation of your financial plan.
Grab a copy of our budgeting printables and get started with your budget today!
Keep your calendar updated
Another great financial resolution for 2024 is to simply keep your calendar updated. Each month, go over all upcoming events on your calendar. Pull your bills out and mark the due dates on the calendar too.
By doing this, you’re able to plan accordingly when you create your budget. You’ll know when birthdays are coming up, so there will be no surprises there. You can prepare for things like baby showers, weddings, and housewarmings ahead of time too.
If you keep these things on your calendar, you can start shopping ahead of time and save the necessary funds that you’ll need for these activities. So, when you’re creating your financial goals, be sure to keep your calendar updated.
Save 10 percent of any bonus money you receive
I know we’ve talked before about creating an automatic savings plan to build your savings muscles. But what about that extra money that you earn from side-hustles? Or what about that bonus you received for Christmas? It’s good to have a plan for the money you weren’t expecting.
RJ Weiss of The Ways to Wealth did just that. He created a financial goal to bring in extra income through his blog and he didn’t just spend the money on random things either.
“I created a new year’s resolution to save 10% of my blogging income every month in an Individual 401(k) with Vanguard,” Weiss said.
This is a smart move because not only did he save the money, he saved it in a not-so-easy to access savings vehicle. By stashing extra blog income into a retirement account, he’s indeed finding his way to wealth — and perhaps a little early, I might add.
If you’re interested in opening an investment account in 2024, check out this article on how to open up an IRA with Betterment.
Do one frugal thing every day no matter how small.
Another great idea for a new year’s resolution is to do one frugal thing every day. No matter how small it is, making one single decision every day can change your finances.
To help you with this, I created a calendar for the entire year full of simple frugal living tips. These are easy to follow and they don’t take much of your time. If you want to commit to being just a little more frugal in 2024, grab your frugal living calendar here.
Read or listen to one personal finance book per month
So, maybe this financial resolution won’t be easy for someone who doesn’t like to read, but it’s a perfect new year’s resolution I’ve managed to stick to in the past. If you’re not that into cracking books open, you can at least take advantage of a free trial of Audible and listen to one personal finance book in 2024.
That one book may provide you with one tidbit of information that could be truly life-changing! The best way to learn how to become a better steward of your finances is to educate yourself. I’ve read so many personal finance novels, but these books are some of my favorites.
Diversify your income.
The last financial resolution I know you can stick with during 2023 is to diversify your income. And trust me, it doesn’t have to be as hard as it sounds.
There are so many ways to make extra income these days. You could mystery shop, take surveys, become a freelance writer, make crafts, sell e-books — the ideas are truly endless.
If you’re looking for a good side hustle to diversify your income, check out these top 13 side hustles you should hop on in 2023. These ideas can be a game-changer for your financial outlook this year!
Grab your free New Year’s resolution printable
Before wrapping things up, here’s a peek at an awesome free New Year’s resolution printable, workbook, or whatever you wanna call it – that will help you create a list of life and financial goals and a plan to tackle them in 2024. Just click on the link and grab your copy!
So what are your financial resolutions for 2024 going to be?
This year you’re going to rock your new year’s resolutions. Why? Because you’ve read up on a list of financial goals that folks have managed to conquer themselves. Plus, you now have an idea of how to create a tactical plan to go along with your financial goals.
Remember this: a goal without a plan is nothing but a wish. So, if you want to actually achieve your financial resolutions in 2024, write down 2 or 3 of these financial goals, use the free new year’s resolution printables to create your plan, and get to work. Make this year your best financial year yet!