5 Financial Resolutions Experts Want You to Make in 2024

'Tis the season for promises, promises, promises. We vow to do better in the new year. Maybe the goal is to lose weight, eat healthier, or exercise more. But for a lot of people, the resolutions are about money. 

In fact, a recent survey from WalletHub found that nearly one in two people they polled are planning to make finance-related New Year's resolutions. There's motivation to do better, as among those surveyed, one in four said they think 2024 will be worse for them financially than 2023, and nearly two in three were anxious about the future of their finances. 

Make sure your goals are realistic, specific, measurable, and have a timeline for completion.

"Define what you want to accomplish, whether it's homeownership, early retirement, or starting a business. Specific goals provide direction and motivation, propelling you toward financial success," says Kelly Ann Winget, founder and CEO Of Alternative Wealth Partners.

For example, if you've decided you want to save a certain amount monthly, be proactive.

Embrace financial and physical fitness. Recognize the link between physical health and financial well-being.

"Set achievable fitness goals to enhance overall vitality, positively impacting both your health and financial success," says Chad Willardson, founder of Pacific Capital and author of Stress-Free Money.

In 2023, many things changed that affected personal finances—from legislation to student loan payments resuming, the Fed raising interest rates and AI disrupting many industries, and who knows what 2024 will bring. Consequently, focus on financial education and research advises Holley Cary, a certified financial planner and vice president at First Horizon Advisors. "Make a concerted effort to stay up to date on the latest financial news and how it may impact you personally," she says. 

With inflation, learning about savings options can have a direct impact on the growth of your money, she says. "Researching and switching your money to CDs and high-yield savings accounts could accelerate financial gain," she says. 

Shrug off her advice if you want to, but, "neglecting your financial knowledge can cost you a lot of money over time," she says.

Make 2024 the year you lasso your debt. Enough already. Commit to doing the hard work, the sacrifice that it might take to be able to exhale a bit by year-end.

Danielle Nava, a certified financial planner and co-owner of Generation Wealth, a wealth management firm, explains why managing debt should be on your resolutions list, 

"High-interest debt is bad, and if you don't prioritize paying it down, you'll never get out of the red and into the green. High-interest debt holds us back from reaching our goals," she says.

Truth is, you can have the best of intentions, but executing them can be challenging. Make it easier on yourself. Kendall Meade, a certified financial planner at SoFi says her biggest tip for sticking to your financial resolutions is to automate whenever possible.