Hit the gym, get a new car, read more booksโฆ New Yearโs resolutions look different for everyone. But when plotting out your plans for a better year, financial goals are often overlooked or are just too stressful to think about.
To help you tackle your financial goals in 2024, here are some attainable resolutions you should consider:
Protect your digital footprint: While we may not necessarily be referring to old social media posts or photos, your digital footprint is essentially a trail of data that you leave on the internet. This can apply to online purchases, websites that have your banking information stored, and even recurring charges that youโre unaware of. Just as you wouldnโt think twice about removing a โcringeโ photo from 2005, make a point to clean up and review all of your online activity that involves your finances to ensure your hard-earned money isnโt compromised.
Be financially fit: If the traditional gym isnโt for you, then make financial fitness a priority instead. Ditch the scale this year and monitor your credit score on a consistent basis. Rather than watching a scale go down, shift your focus to watching your credit score go up. Look at it like this: Paying your bills on time is like doing cardio, reducing your credit balance is like lifting weights, and monitoring your spending is like eating healthy.
Read or listen to one personal finance book per month: Make the one-book-a-month resolution even more impactful this year by adding a personal finance book to the rotation. A book can provide you with a tidbit of information that could be life-changing to your financial wellbeing. Donโt like to read or canโt find the time? Thereโs tons of audiobooks and podcasts available. No excuses!
Reduce financial stressors: We know that when it comes to simplifying your life, itโs easier said than done. A financial stressor is essentially anything that you canโt afford or canโt dedicate the time to maintaining. For you, reducing a financial stressor could look like refinancing your home or car. For others, it could be simply switching to automatic bill pay or automatic savings with each paycheck. If it brings you peace of mind and improves your financial situation, itโs the right choice.
Think ahead: Throughout the year, thereโs quite a few occasions that sneak up and many are unprepared for. Take Tax Day, for example. Donโt drain your bank account this year or get hit with late fees over something that can be avoided with just a bit of planning. It may seem far away, but donโt wait until November to start thinking about how youโre going to come up with the money for Christmas. Work each of these events into your monthly budget so thereโs no surprises (unless itโs the fabulous surprise party youโll be able to afford). Itโs hard to project and work ahead, but it really can pay off.
From all of us at Penn Community Bank, we wish you a happy, healthy, and prosperous New Year! For more financial tips, visit www.PennCommunityBank.com.
