Best Financial New Year’s Resolutions of 2024

The New Year’s is a time when people define their resolutions going forward. Many of you will have New Year’s resolutions that focus on getting new material things, going after your dreams, confessing your love, or growing your careers. I believe it is important to invest $20 in a Vision Board. A vision board is just your basic cork board where you can pin down your goals in picture or word format. This Vision board should be hung up somewhere visible where you are forced to look at it every day.

Financial Resolutions

Most New Years’s Resolutions require some degree of wealth. If you are looking for New Year’s resolutions that can change your life and enable new opportunities, consider these nine Financial 2023 New Year’s Resolutions.

1. Lower your fixed expenses to increase cash flow – Shop around for better plans and lower insurance rates. I spent only 20 minutes browsing through different phone plans and was able to save over $450 annually on my phone bill by switching to Mint Mobile at only $15/month. With my home and auto insurance, I found cheaper rates by keeping them separate rather than bundling them together. Yes you read that right. In most cases, bundling is actually more expensive. This saved me just over $600 annually. I was able to save an additional $200 annually by switching internet plans and $990 per year on my subscription services and gym membership.
2. Refinance your mortgage – In 2020, interest rates dropped to record lows and home values increased. Fast forward to 2024, the interest rates are higher than ever with some seeing 7% interest rates. If you were unfortunate enough to need a mortgage or loan while rates were high, try to refinance to a lower rate. In 2021, I saved just over $300 per month by refinancing my mortgage with over $40,000 in interest savings over the life of the loan. 
3. Switch to a better bank – Online banks are currently offering the best interest rates (up to 10x better than traditional banks) and the least amount of fees, if any. I personally recommend Ally Bank as a one stop shop for all of your banking needs, or Yotta Savings as a fun high yield interest savings account that enters you in a chance to win up to $10 million each week. Check out Yotta Savings here. If you sign up using my invite code HYDERFT, you get up to 100 free lottery tickets when you make your first deposit. 
4. Consolidate your debt – Transfer your high interest credit card debt into a low interest line of credit. Consider opening a 0% introductory, low fee balance transfer credit card. Citi Bank currently offers a couple of cards with 3% balance transfers and 0% interest for up to 18 months. If you own a home, you can sign up for a HELOC (Home Equity Line of Credit) giving you a variable interest rate. You can transfer all of your high interest credit card debt to a new 0% credit card, or a home equity line of credit, saving you money in credit card interest. 
5. Set a budget and stick to it – There are many great budgeting apps out there. GoodBudget, NerdWallet, and YNAB are some of the most popular budgeting apps available on Android, iOS, and the web. Strict budgeting can help you reach your savings, investing, and debt pay off goals fast. You can also purchase one of my budgeting spreadsheet templates in my Shop.
6. Start investing – Investing is easier than you think. If you don’t know what you are doing, you can simply start investing in VTI (Vanguard Total Stock Market) or VOO (Vanguard S&P 500). Historically, they have returned an average of 7-10% on your investments. That is much better than the 0.01% of the typical savings account. The stock market is not the only way to get into investing. Consider opening an HSA, 529, 401k and Roth IRA. Below are just a few of many options out there.
   1. Robinhood – Earn 1 free stock when you sign up using this link.
   2. Webull – Earn free stocks when you deposit $100 using this link. 
   3. Fundrise – A crowd funded platform that invests your money in real estate. Become a real estate investor with as little as $500 down. 
   4. M1 Finance – a free investment app for long term investors with available Traditional and Roth IRA investment accounts. Get a sign on bonus when you deposit your first $100 within 30 days.
   5. Cash App – Send and receive money with Cash App, or use it to start investing in individual stocks and Bitcoin. Use this link when signing up and get $5.
7. Start a side hustle or passive income stream – A record number of people have become drivers for Amazon, Uber, Lyft, Door Dash, and other platforms during the pandemic. Try working part time on your own schedule with these gig economy jobs. You can follow my Door Dash or Grubhub posts here. You can also find ways to make passive income. Start a blog with the best WordPress blogging platform, Bluehost, and earn money through ads and affiliates. You can also earn passive income by creating and selling t-shirt designs on websites like Zazzle.com, write and publish an e-book, create your own courses on Coursera or YouTube, or get paid to take surveys. 
8. Velocity Banking – Get rid of all of your debt, period. Learn everything you need too know about Velocity Banking here. It is the fastest way to pay off your mortgage, student loans, and credit card debt. I started velocity banking almost 3 years ago and now I am on track to completing my mortgage in a total of 7 years.
9. Increase your Value and Earn More – Consider earning professional certificates and take online training through sites like Coursera.org and Udemy.com, among others. The more education you have, the higher the earning potential. Once you have the education, additional certifications, and experience, you can ask for a raise or a promotion.

My Financial Resolutions

My personal New Year’s Financial Resolutions are as follows:

• Max out my Roth IRA and HSA contributions;
• Rebuild my emergency savings account to its target amount.
• Pay an extra $5,000 in mortgage principle.
• Further my earning potential and education with professional certificates.
• Earn more passive income with apps like Neighbor that let you rent out your shed, garage, extra room, or parking spot for storage.

Summary

Most people will forget their resolutions. To stay on track, make sure you budget and get your partner on board. Start your own vision board and hang it on the wall. Consider hiring a financial planner or accountant. Do your research and consider subscribing to this blog for monthly newsletters to help you stay on track.

Affiliate Link Notice: This post contains affiliate links, which means I may earn a small commission, at no additional cost to you, if you decide to purchase or sign up for a product through my referral links. While you can sign up through any other means, it would help support the blog if you sign up through my links. Thanks.