Another year is here and that means another annual list of things you can do to improve your financial situation! Woop Woop! Yep, I’ve been doing these lists every year since 2017 and I don’t plan on stopping! Here’s the thing: the New Year is the perfect time to get systems, routines and habits in place that help you reach your goals. The energy at the start of the year is at an all-time high for most of us, so capitalizing on it is a must!
On the flip side, that all-time high energy starts to fade by the end of the month. Knowing that, it’s important to do everything in your power to get as much done and as many positive routines in place beforehand, so you can keep up the impactful work! This doesn’t just apply to your finances, but to any area of life you set goals for.
Since our focus today is on improving your money situation, I’m sharing 24 things you can do for your money in 2024 to make sure you’re truly set up for financial success! Doing any variation of these things will make you a wealthier individual come the end of 2024!
24 Things to Do for Your Money in 2024
#1 Make sure you have S.M.A.R.T money goals set
Specific, measurable, achievable, realistic and time-specific. When setting your money goals for 2024, make sure they follow the SMART criteria. This will help make sure your money goals are set up for success. Whether you reach the goal or not, you’ll learn how to tweak the goals to make them achievable for your situation.
#2 Track your net worth
I did a net worth tracking test run and tracked my net worth for one year. The results were amazing. Now, I track my net worth regularly. I recommend everyone do this for their money situation.
#3 Increase your retirement plan contribution
I suggest this every year, because it’s so important. The more you contribute to your retirement plan now, the more you’ll have when it’s time to retire! A 1% contribution increase every year should be the minimum goal.
#4 Invest in a real-deal budget plan
We still have a few more days left in the 20% off sale! Use code 2024 and get a custom budget plan created by me! Start your budget now! If you don’t have a real-deal budget plan, read 5 Reasons Everyone Needs a Budget now.
#5 Read personal finances books
Make it a goal in 2024 to read at least 1 or 2 personal finance books. You’ll be amazed at how your mindset around money starts to shift, just by having more knowledge.
#6 Ask your friends about their money goals
Let’s make 2024 the year where we have more conversations about money. You don’t have to get too personal but ask your friends about their money goals and see where you can help.
#7 Ask your parents about their experiences with money when they were kids
Want to know why you are the way you are with money? Get insight from your parents! Ask them about their experiences with money growing up and see if you can find any correlation between your own money behaviors.
#8 Work with a finance coach or a financial advisor
Take your money up a notch in 2024 by working with a finance coach or advisor. You can request a call with me (a finance coach) or check out the podcast episode with Grace Kilgore – Financial Coach versus Financial Advisor to learn the differences.
#9 Subscribe to the City Girl Savings podcast
#10 Open a general investment account
Notice how I didn’t say “start investing” – though that would be a great thing to do for your money in 2024! Let’s start by getting your general investment account set up first! Open an account with Betterment, Schwab, Public, or Fidelity – no initial deposit required. Play around in there, until you’re ready to invest!
#11 Look at your credit reports
If you haven’t pulled your credit reports (not your credit score, but actual credit reports), head on over to www.annualcreditreport.com now to pull and review them.
#12 Find a budgeting system that works for you
A budget is the number one tool for financial success. If you haven’t found a budgeting system that works for you, let’s make 2024 the year you do!
#13 Revisit your emergency fund number
Inflation, life events and overall budget changes can adjust the amount you need saved for emergencies. If you haven’t reviewed your emergency fund number in a while, it’s time to revisit it. Start with 1 month worth of expenses, then 3 months and then 6 months.
#14 Journal on 5 fears you have related to money
Fear keeps us paralyzed. While we can’t always get rid of the fear, acknowledging its existence helps make it less intimidating. Journal on your 5 fears related to money and assess how you feel after. Also, check out CGS podcast episode 10 – Conquering the Fear of Failure and Redefining Success for more insight.
#15 Rollover old retirement plans
Not sure where to start? Let Capitalize help!
#16 Start contributing to an H.S.A.
If you have a HDHP (High Deductible Health Plan) through your job, you may already be enrolled in an H.S.A (Health Savings Account). If not, you can always open your own H.S.A through most financial institutions. I personally have mine with Bank of America.
#17 Join virtual finance communities
Starting with the City Girl Savings Facebook group. You can meet great people, find accountability partners and have a space to share your financial wins and challenges!
#18 Find a financial accountability partner
Once you’ve joined a virtual finance community, try to find a financial accountability partner! This can be a friend, co-worker, partner or online friend! Let them serve as a level of accountability as you work towards your money goals.
#19 Set up a $25/month savings transfer into an account just for your wants
If possible, try to find $25 in your monthly budget to send to an account just for your wants. Let this account grow over time and then splurge on yourself!
#20 Ask your boss for a raise
A new year is the perfect time to ask for a raise. If you don’t get one right away, at least you put the feelers out with your boss that you’re looking for one!
#21 Find additional streams of income
If your full-time job covers everything financially for you, great! However, more income never hurts! Find additional streams of income in 2024 so you can reach your money goals faster. Check out 12 Streams of Income to Consider Having for some ideas.
#22 Switch your savings to a High Yield Savings Account (HYSA)
I’ve earned almost $2500 in interest in 2023 just for having my money sitting in a High Yield Savings Account. If you haven’t made the switch yet, this should be a high-priority for your money in 2024!
#23 Start speaking money mantras daily
Read the article 10 Money Mantras to Spark Financial Motivation and start saying these mantras daily.
#24 Visualize your dream life
It’s time to start thinking about the life you want! Take time regularly to visualize your dream life. Picture yourself having everything you desire. Don’t worry about the “how”, just make sure you have the “what” figured out!
Related: 23 Money Moves to Implement in 2023
Like I mentioned, even doing some of the suggestions in this list can have huge impacts on your finances in a year’s time. Don’t worry about getting everything done, just get the most important things done for your situation.
I’d love to hear which of these things you will be doing for your money in 2024! Drop a comment below to share!