Are you set with these 5 Financial Goals for 2024

New year, new financial game plan! Time to set up some goals for a financially stable future. Wrangling your finances might seem a bit overwhelming, but trust us, setting a few yearly goals is simpler than you'd imagine. Let's kick off the year on the right foot by diving into the five financial goals below.

1. Create a New Monthly Budget

Even though it might sound pretty straightforward, lots of folks struggle to put together a monthly budget and stick with it. Having a monthly budget is like the first step to getting a handle on your finances, and the more detailed, the better. When you're creating your budget, make sure  that your savings, investments, clothes, grub, and fun, etc. is included. It's not just about tallying up your monthly spending; it's a game-changer to pinpoint where you can do better and figure out where to stash that extra cash from sticking to your budget.

2. Take Control of Your Debt

Debt can be one of the primary factors that can hold you back from financial success.  So it's time to tackle it head-on with a solid plan.  Figure out a reasonable amount of debt you can realistically pay off this year – don't go overboard. Then, break it down into monthly bites. Check your budget, find a spot to fit in this monthly debt-busting amount, even if it means trimming back in other areas. And crucial: don't add any more debt to the pile throughout the year. Let's take control of that debt and get ahead!

3. Make an Emergency Fund a Priority

Unexpected expenses like medical bills, hefty car repairs, sudden job hiccups, and house maintenance can throw your budget off course in no time. Make sure that you have a fund set up specifically to handle these unforeseen expenses so that you don’t have to adjust your monthly budget to accommodate. A good starting point for your emergency fund is to start with a month’s income plus $1,000. Once this goal is achieved, you should keep saving until you have about six months of expenses. Budget a monthly contribution to keep that emergency fund healthy.  If you have to dip into it during the year, make sure to replenish.

4. Prioritize Retirement Savings

People often delay saving for retirement until it becomes a last-minute concern. The earlier you start, the more time your savings have to grow, resulting in a better return on your investment. Work with your financial advisor to determine the retirement savings options that may be best for you.

5. Create a Long-Term Financial Plan

Goals can be more difficult to set if you have difficulty envisioning the benefits that come with financial stability. Take a moment to think about your long-term financial aspirations, whether it's buying a house or planning for retirement. Outline a strategy that encompasses saving, investing, and other methods to build the wealth necessary to reach these goals. You can start with smaller goals to make the process seem less overwhelming. Having a well-thought-out plan in place will help you stay focused and guide your financial decisions. 

Make this the year that you take control of your finances and get on the right track to achieve your goals.  Consider the five financial goals mentioned above to kickstart your journey.