Blog

As we start the year 2024, it's a great time to start thinking about your financial goals for the upcoming year. Whether it's saving for a big purchase, paying off debt, or simply building wealth, setting achievable financial goals can help you stay on track and achieve financial success.

If you're looking to set financial goals for 2024, here are six financial goals to consider setting in the new year:

• Create a budget and stick to it: A budget is a fundamental tool for managing money. It helps you track your spending, identify areas where you can reduce expenses, and save more money each month. You can use budgeting apps or tools to help you keep track of your expenses and ensure that you're staying within your means.
• Pay Down Debt: Debt can be a significant obstacle to achieving financial freedom. If you have credit card debt, student loans, or other debts, make it a goal to pay them off in 2024. Start by creating a budget that allows you to make extra payments towards your debt each month.
• Increase Your Savings: Another important financial goal to set for yourself in 2024 is to increase your savings. Whether you want to build up an emergency fund, save for a down payment on a house, a new car, or retirement, increasing your savings can help you achieve your financial goals. Consider setting up automatic transfers from your checking account to your savings account each month. Unexpected expenses can arise at any time too so having an emergency fund can help you weather financial storms. In 2024, make it a goal to build an emergency fund that can cover at least three to six months of your living expenses. Start by saving a small amount each month and gradually increase the amount as you can.
• Invest in Your Future: Investing is a great way to build long-term wealth. In 2024, make it a goal to start investing or increase your investment contributions. Consider investing in a diversified portfolio of stocks, bonds, and mutual funds. Start by researching different investment options and consulting with a financial advisor. You can also consider investing in a retirement account such as a 401(k) or IRA.
• Build Your Credit: Your credit score plays an important role in your financial success. If you have a poor credit score, you may struggle to get approved for loans or credit cards. Start by reviewing your credit report and disputing any errors. You should also make sure to pay your bills on time and keep your credit utilization ratio low.
• Live Within Your Means: Finally, one of the most important financial goals you should set for yourself in 2024 is to live within your means. This means creating a budget that allows you to save money, pay down debt, and invest in your future without overspending. Start by tracking your expenses and identifying areas where you can cut back. You should also consider increasing your income by taking on a side hustle or seeking a higher-paying job.

In conclusion, setting financial goals is an important step toward achieving financial success. By focusing on creating a budget, paying down debt, increasing your savings, investing in your future, building your credit, and living within your means, you can create a roadmap for your financial success in 2024. Remember to be patient and persistent in working towards your financial goals, and don't be afraid to seek the help of a financial advisor or other financial professionals.

As always, we are here to help you have financial success. Feel free to contact ESB Financial by giving us a call at 620-342-3454. You can also visit esbfinancial.com to get more information and tips to keep you on track toward achieving your goals and, as always, ESB Financial is here to help you achieve those dreams!