Now that we’ve reached 2024, you might be thinking about your goals and hopes for the new year. But in addition to whatever personal resolutions you might make — volunteering, going to the gym more, learning a new language and others — why not make some financial resolutions, too?
Here are a few to consider: • Boost your retirement savings. If you can afford it, try to increase your contributions to your IRA and 401(k) or similar employer- sponsored retirement plan. The more you put away in these accounts, the greater your chances of reaching your retirement goals. At a minimum, contribute enough to your 401(k) to earn your employer’s match, if one is offered. And whenever your salary goes up, consider raising the amount you put in to your 401(k).
• Reduce your debts. It’s not always easy to reduce your debts — but it’s worth the effort. The lower your debt load, the greater your monthly cash flow. So, look for ways to consolidate debts or find other, possibly more productive, ways of using credit. And if you truly can’t afford something that’s nonessential, don’t go into debt for it. “Live within your means” is an old piece of advice, but it’s just as valid now as ever.
