Use 2024 to shore up your financial knowledge, set goals, earn more interest, pay off student debt and more.
The new year is upon us, and it’s a great time to plan for your financial future. Here are five financial resolutions to consider for 2024.1. Get a high-interest savings account
Interest rates are still high on savings accounts right now, especially high-yield online savings accounts. Some accounts are offering more than 5% annual percentage yield, which is 10 times more than the national average on savings accounts. Take advantage of this “free” money by opening a new account with a high rate or upgrading your current one. Just make sure you avoid fees as much as possible, and choose a bank or credit union that is easy for you to access, either through remote customer service or in person.2. Focus on student loan repayment
For many, student loan payments resumed in 2023. If you’re feeling anxious or uncertain about how much you owe, it’s best to face the numbers head-on and see if there’s any way you can reduce your payments. For example, if you earn less money now than you did before student loan payments were paused, then updating your income in your student loan portal may change the amount of your income-driven repayment. There’s another way you might be able to reduce your payment if you’re on an income-driven repayment plan: If you have a retirement fund, you may want to consider putting some money away as a way to reduce your student loan payment.
“If you put your money in a pre-tax retirement account, that lowers your taxable income for the year,” says Jen Mayer, an accredited financial counselor and founder of the Brooklyn, New York-based firm Fully Funded.
