Crush Your 2024 Money Goals

Crush Your 2024 Money Goals

For many people, money management is a new year resolution, and like a lot of resolutions it is quickly abandoned because often those goals are too big. Rather than overhauling your entire financial life, consider starting with small goals that are easily measured like these three actions.

Track your expenses: Knowing where your money is going is an important first step. Using your bank and credit card statements, identify recurring expenses that can be eliminated such as unused subscription services.  I like to refer to his as “found” money.

Focus on your smallest debt: Rather than attacking all your debt at once, focus on your smallest debt first. Try using “found” money to make extra payments and resist creating any new debt. The success of paying off smaller debts will help motivate you to keep going.

Start saving now! Create an emergency fund starting with the goal of $1,000. Make a savings schedule and stick to it.

Utilizing this 3-step method can help you create a foundation of good money habits. Don’t forget to celebrate your wins and always adjust your goals along the way. Have a happy new year!

Information is for general use only and not intended as investment, tax or legal advice.  Consult the appropriate professionals for information regarding your specific situation prior to making financial decisions.

Email questions to laura.skinner@lpl.com or call 620-325-3491.