Now that we’ve reached 2024, you might be thinking about some New Year’s resolutions, such as volunteering or learning a new language. But why not make some financial resolutions, too?
Here are a few to consider:
- For starters, if you can afford it, try to contribute more to your IRA, 401(k) or other retirement account.
- Next, think about ways you might be able to reduce your debts — it’s not always easy, but the less you owe, the greater your cash flow.
- Here’s another financial
- Here’s another financial resolution: Try to build an emergency fund
- containing several months worth of living expenses, with the money kept in a liquid, low-risk account. You can use your emergency fund to pay unexpected costs, such as home or car repairs.
- You might also want to avoid making emotional decisions, such as selling quality investments just because their price has dropped.
- And finally, review your financial goals and estate plans, especially if you’ve experienced changes in your family situation.
You may not be able to tackle all these resolutions at one time, but if you can work at them throughout the year, you can potentially brighten your financial outlook in 2024 — and beyond.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Member SIPC