24 Awesome Things You Can Do for Your Finances in 2024

We are now just a few weeks away from the start of the new year. If you want to make 2024 the best financial year ever, here are some important personal finance moves you can make.

1. Increase your emergency fund

Data from SecureSave shows that most Americans don’t have enough cash on hand to cover a $500 unplanned expense. By increasing your emergency fund, you can avoid having to reach for your credit card the next time an unplanned bill arises. If you can build up your emergency fund enough to have enough cash to cover your essential bills for three months, you’ll be in a pretty good position.

2. Automate your savings

Putting the process on autopilot can make it more likely that you’ll meet your 2024 savings goals. You can keep working by arranging a portion of every paycheck to be automatically deposited into a savings account at the beginning of each month.

3. Contribute to an IRA

Funding an IRA can not only provide you with a significant amount of retirement income, but it can also help you shield some of your short-term income from taxes. If you want to get a tax break on your contributions, you should choose a traditional IRA over a Roth. However, both types of IRAs have a maximum limit of $7,000 in 2024 for savers under 50 and $8,000 for those over 50.

4. Disrupt your 401(k) match

Maxing out your 401(k) in 2024 means contributing $23,000 if you’re under 50 or $30,500 if you’re 50 or older. If you’re earning a typical wage, it’s probably not feasible. But if you contribute enough to your 401(k) to fully match it with your employer, you can get the most free money possible.

5. Fund your HSA

If your health insurance plan is HSA-compatible in 2024, it may be a good idea to sign up for an HSA. You get a tax break on the money you invest, and then you get the option to grow your balance by investing it. You can fund an HSA in 2024 if your deductible is more than $1,600 for a self-only policy or $3,200 for a family policy. Out-of-pocket maximums are $8,050 and $16,100, respectively.

6. Leave your HSA alone

There is no time limit on spending your HSA balance. If you have other ways to pay for your medical expenses, it may be a good idea to leave your HSA balance there so you can continue investing. This is especially true because HSA profits can be tax-free (for medical expenses).

7. Pay off credit card debt

Carrying a credit card balance can cost you a lot of money each day. Do your best to reduce your existing credit card debt by cutting back on expenses to free up cash or turning to the gig economy for additional income.

8. Repay personal loans

You may pay less interest on a personal loan than on your credit card balance. But if you can pay off your personal loans, you’ll have one less debt to worry about and save money on interest.

9. HELOC Repayment

HELOCs can be tricky to pay off because the interest rates tend to be variable, leading to unpredictable payments. If you can pay off your HELOC in 2024, you’ll have one less headache to contend with.

10. Get a credit card sign-up bonus

Credit card sign-up bonuses can help you achieve other financial goals by putting extra cash in your pocket. If you’re planning a big purchase, like a big trip or new furniture, it may be a good idea to apply for a new credit card with a sign-up bonus at a time when you’re likely to meet your spending requirements.

11. Find the budget app that’s right for you

you don’t have If you can’t stand the idea, follow the 2024 budget. But doing so can help you better manage your income and expenses. And once you find a good budgeting app that’s right for you, you’ll find that the process is smooth and doesn’t take much time.

12. Cut costs that don’t add much value

You don’t want 2024 to be your most miserable year yet, so don’t force yourself to cut out the little luxuries that make you happy. But if you can cut down on a bill you really don’t want to miss, like a gym membership that you only use three times a month, getting rid of it can free up a significant amount of cash.

13. Learn to cook

Cooking at home is usually much cheaper than eating out. If you lack kitchen experience, try looking for blogs or websites with basic recipes to help you become more comfortable in the kitchen. And don’t be afraid to enlist the help of a friend to show you some of the basics.

14. Join a warehouse club

If you need to support a larger family, memberships at stores like Sam’s Club or Costco may be helpful. Buying groceries and household essentials in bulk can significantly reduce your spending.

15. Invest in a programmable thermostat

Having more control over your heating and cooling can lower your utility bills. Consider investing in a programmable thermostat so you can set your heating and air conditioning remotely.

16. Take care of your home

Home maintenance costs money. However, the cost of repairs that may arise due to lack of maintenance can be much higher. Make a list of maintenance items you need throughout the year and set aside time on your calendar to complete those items.

17. Keep driving your old vehicle that works well.

When your car gets better, it’s tempting to upgrade to a better car. But car prices and car loan interest rates are pretty high these days, so if your current vehicle is running fine, ignore the fact that it doesn’t have any fancy features. You can save money by driving your old car for another 12 months.

18. Find new car insurance

There is no rule that says you have to sign up with the same car insurance company every year. Take your time shopping around for car insurance because you never know when one company might be willing to offer you a better price.

19. Ask your homeowners insurance company about discounts.

Certain home improvements or features may make your homeowners insurance more affordable. Ask your insurer about ways to save money, such as installing a doorbell camera or investing in an alarm system.

20. Sign up for pet insurance

Whether you adopted your pet recently or a few years ago, there is always a risk that your pet may become injured or become ill. It’s a good idea to get pet insurance to protect yourself from huge bills. You can check to see if your employer offers pet insurance. This may result in a discount on your insurance premiums.

21. Start saving for the holidays in January

This month, many people are in the process of paying off holiday debt. If you start saving in January for the 2024 holidays, by December you’ll be able to pay for gifts and purchases in full without running up your credit card balance until the new year.

22. Increase your credit score

The higher your credit score, the easier it will be to borrow money and the more favorable interest rates you will receive. You can improve your credit score by paying your bills on time, reducing credit card balances, and correcting errors on your credit report (which you can view for free each week).

23. Take care of your health

Paying attention to your health can help prevent certain medical problems from becoming serious and costly. Talk to your doctor about ways to stay healthy, including starting an exercise routine or changing your diet.

24. Don’t delay signing up for life insurance.

The sooner you purchase life insurance, the cheaper your premiums will be. If you don’t have insurance yet and you have people who depend on you financially, start looking for insurance in 2024.

If you do it right, 2024 could be a great year financially from start to finish. You may not be able to handle everything on this list. But if you can check even a few things, you can consider it a huge win.