5 personal finance resolutions for 2024 (that you can actually keep)
Dec 13, 2023
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The podcast discusses personal finance resolutions for 2024, including budgeting for dining out, the importance of having a will, exploring first-time home savings accounts, and regularly checking credit card statements to maintain financial health.
Tracking your spending on eating out and takeout food can help you make more informed decisions and be strategic in your choices.
Having a will is crucial to ensure your assets are distributed according to your wishes, and including an updated list of passwords for your digital assets is important.
Deep dives
Track your restaurant spending
One of the important steps to set yourself up for less money stress is to track your spending on eating out and takeout food. Many people underestimate how much money they spend on restaurants, but by keeping closer track of your expenses, you can make more informed decisions about where to eat and order from. Start by tracking your restaurant spending, and you might be surprised by the total and decide to cut back or be more strategic in your choices.
Get a will
Having a will is crucial, even if you don't have children yet. A will ensures that your assets are distributed according to your wishes after you pass away. It's not just about money; you can also make provisions for things like pets or sentimental items. Don't wait until it's too late, make getting a will a resolution for the new year. It's become easier and more affordable to create a will online, and remember to include an updated list of passwords for your digital assets.
Consider a first home savings account
If buying a home is on your radar, consider opening a first home savings account. These accounts allow first-time home buyers to save up to $40,000 tax-free for their future home purchase. It's a good head start and can give you a tax deduction for the contributions. Though it may seem far off, starting early with a first home savings account can put you in a better position when you're ready to make that big purchase.
If your usual resolutions are “go to the gym” or “eat healthy,” don’t forget that a mindful approach to money is also a ticket to improved wellness. We asked listeners in their 20s and 30s some basic personal finance “hygiene” questions when it comes to credit scores, tracking expenses, writing wills, spending on food and first home savings accounts.
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