July 18, 2024

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This strategy can help you meet your financial New Year’s resolutions

2 min read

Young woman counting money.

Jose Luis Pelaez Inc

As the calendar turns to a new year, many Americans are vowing to change their money habits.

To that point, 48% of investors recently surveyed by Allianz Life Insurance Company say they are more likely to make and keep a financial resolution in 2024 to either save more or manage their money better.

That includes paying down credit cards, building emergency savings and investing more towards retirement.

Experts say the best way to tackle those money goals, and make sure they do not fall by the wayside, is to make them automatic.

Many people start with the bills, including rent, mortgage, utilities and food, and wait to save money with whatever is left over, noted Lawrence Sprung, a certified financial planner and founder of Mitlin Financial in Hauppauge, New York.

“A resolution that we talk about very, very frequently is paying yourself first,” said Sprung, who is also the author of the book “Financial Planning Made Personal.”

More from Your Money:

Here’s a look at more stories on how to manage, grow and protect your money for the years ahead.

To be sure, finding extra money to set aside or pay down debts can be difficult now, with Americans still feeling the stress of a higher cost of living.

Allianz’s survey found 73% of respondents say their pay hasn’t kept up with inflation, even after pay increases.

Meanwhile, 82% said the restarting of federal student loan payments will make it tough to make ends meet.

Separately, a recent Bankrate survey found that 59% of adults feel the economy is in a recession, even though economists say the economy is strong.

Elevated financial stress can make prioritizing short- and long-term money goals feel more difficult.

“It takes a lot of discipline, especially when money is tight,” said Kelly LaVigne, vice president of consumer insights at Allianz Life.

To stay on track, it helps to write down your to-do list, he said.

Experts also recommend scheduling the payments you want to make ahead of time.

2023-12-29 13:01:00

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