New Year, New Financial Goals

“Hope is a good thing, maybe the best of things, and no good thing ever dies.” Andy Dufresne, Shawshank Redemption

It’s that time of year when we are filled with hope of making lasting improvements in our lives.??We would expect that spending time with family, losing weight, or leaving bad habits behind would be at the top of Americans' minds as we kick off 2024 but surprisingly, survey results show that Americans are putting financial goals as their #1 priority in 2024. 59 percent of Americans say that "saving more money" is their New Year's resolution.

As the majority of Americans work towards their primary resolution of saving more money, let us review the top 3 recommendations offered by financial experts to help in the journey to financial freedom.

Start Your Financial Freedom by Paying Off High-Interest Debt

"Prioritize paying off high-interest debt to free up resources for other goals." Suze Orman, Financial Advisor, Author, Podcast Host

Saving money while carrying high-interest rate debt is like trying to fill up a bucket with a big hole at the bottom.??So, the smartest thing to do to actually make a dent in paying off debt is to isolate the highest interest rate debts and prioritize to pay them off first.??Also, if possible, look to convert those high interest rate debts into lower interest rates or even transfer it to no-interest loans or credit cards.

Ensure Your Financial Security with an Emergency Fund

"Personal finance is 20% head knowledge and 80% behavior." Dave Ramsey, TV host and Author of The Total Money Makeover

President John F. Kennedy once said that "change is the law of life."??If you are working with a tight budget, you might think that there is not enough money to put aside for emergencies but not doing so only exposes you even more when those unexpected twists and turns come about.??Being disciplined about putting even a few spare dollars towards savings can be life changing, helping you avoid borrowing emergency funds at high interest rates.

Finding spare dollars with a tight budget can be possible if you take account of your daily spending and make a few lifestyle choices that could lead to the start of your emergency fund.??Just focus on isolating needs from wants and you have taken the first step to a savings mentality.??Just saving $20 per week can mean saving over $1,000 in a year.??So never underestimate the power of discipline and making small positive changes.

Work Towards Financial Growth by Investing in Yourself

“It’s simple arithmetic: Your income can grow only to the extent that you do.” T. Harv Eker , Author of Secrets of the Millionaire Mind

If there is one thing that can give you exponential reward, it is investing in yourself by improving your money making and money saving skills. This will determine how far you go and how quickly you can secure financial freedom.??Here are a few points to stay on the path of continual personal growth:

• Make an honest reflection of your skills. If you are having difficulty, you may get feedback from people close to you and who know you best.

• Set aside time and money for professional and personal development.??This will provide you with the essential resources to learn and improve your skills.

• Network, network, and network some more.??Whether online or in person, becoming a part of a winning team or creating a winning team around you are the two best ways to ensure growth.

• Track your progress as closely as possible. As long as you take honest account of your growth, you will always know the best way forward on your financial freedom journey.

We hope that the above points help you manage the goal of saving money this year. Now let us take a moment and look at the big picture as well. This new emphasis on saving money speaks to a growing?pessimism among Americans across many areas.??It is no wonder that an increasing number of Americans are prioritizing finances and savings instead of happiness and social relationships.??This article is the first in a series this month that will focus on these issues and present our vision of a better future of finance.??A future that levels the playing field on the road to financial freedom and enables all stakeholders to win together.