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    Home»Business»Try These Financial Goals On For Size This Year
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    Try These Financial Goals On For Size This Year

    RandyBy RandyJanuary 14, 2024
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    You want to make improvements to your financial situation in 2024. That much is obvious — it’s been a tough few years since the start of the pandemic, and everyone could do with a bit more financial security.

    What’s less obvious is how you go about chasing after that security.

    If you’re ready to make a financial New Year’s resolution, but you’re not sure what goal you should be setting, check out these tips below. They’ll walk you through common financial goals, why you should pick them, and who stands to gain the most by making the pledge.

    1. Improve Your Credit Score

    Boosting your credit score is a fantastic New Year’s resolution, especially if your three-digit score falls under 670. At this figure, your score is considered subprime, and it may complicate the next time you borrow money, apply for insurance, or even rent an apartment.

    Improving your score sounds complicated, but it hinges on simple money management tips. Always pay your bills on time and reduce how often you carry over a balance on your credit card or line of credit. Use your budget to figure out how you can prioritize these habits in 2024.

    Who Should Choose This Goal?

    Anyone stands to benefit from improving their score. That said, you should prioritize your credit for one of the following reasons:

    • You are a victim of fraud. Disputing fraudulent charges can take time. Packing your report with positive entries can help you in the meantime.
    • You want to borrow money. If you plan on taking out a new line of credit, personal loan, car financing, or mortgage, you should know the state of your credit at the very least. Ideally, you can pack your record with positive entries to impact this score before you apply.
    • Your score is subprime. You should improve your score even if you don’t plan on borrowing money soon. You never know what the future holds. The earlier you start improving your score, the higher it may be in an emergency.

    2. Build an Emergency Fund

    An emergency fund helps you weather the average financial storm with greater confidence. You can tap into these savings before you rely on a personal loan or line of credit in an emergency, financing unexpected repairs, expenses, and wage interruptions out of pocket.

    Most financial advisors recommend you save three to six months of living expenses in savings to get the full effect of this safety net.

    Who Should Choose This Goal?

    Once again, anyone and everyone could benefit from this goal. Financial advisors recommend an emergency fund to anyone, regardless of age, background, or income.

    This year, you might have to prioritize your savings if you don’t have an emergency fund at all. You wouldn’t be alone. About one in four Canadians don’t have $500 set aside for a rainy day, while more than 53% of Americans don’t have an emergency fund at all.

    3. Stop Splurge Spending

    Mindless spending can sabotage the previous New Year’s resolutions, as well as your finances at large. You can accidentally spend the money you need on essential bills and savings when you don’t keep track of impulsive purchases at the till — online or in person.

    Who Should Choose This Goal?

    Most people need a balanced budget that accounts for a little fun spending each month. According to the 50/30/20 budget, you should spend no more than 30% of your take-home pay on these frills, and that’s only if you can cover your essential spending with 50% of your income.

    You might want to rein in your spending if you go above this limit or you live paycheque to paycheque.

    So, which resolution will you take on this year? Good luck!

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Randy

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