If you’re struggling with your New Year’s resolutions around this time of year, don’t worry; it happens to all of us. The treadmill starts to look a little less exciting, and your meal-prepped food loses its savor. Here are some financial goals you can set to reach in 2024.
These will not be your typical money goals like “spend less,” “save more,” “stick to a budget,”.. or even “invest each month.” They won’t be number-related like “contribute the max percentage to my 401(k)” or “save a certain amount for a new car.” As you will see, these goals will focus on the more significant effect money has in our lives.
- Create a greater sense of ease
This goal redirects us to think about the peace and ease of mind that an emergency fund affords us. The same can be said about life insurance or proper protection for our assets. Having a buffer for the worst of times in life can help us feel prepared and navigate those tough times. - Spend in ways that are true to who you are, not others’ expectations
Do we ever stop to think why it is we want something? Could there be pressure from friends or family influencing that decision? Challenge yourself to rethink your purchases and the material things you buy. Spend money where it means the most to you, not according to others’ expectations of what you should have, given their lifestyle. - Buy yourself time
Time is money. We don’t always think about it when we’re lost in the rush of getting the day’s tasks done. The purpose of buying yourself time is to do the things that mean the most to you. What do you do with your money to buy more time? This could be as simple as cooking or cleaning. If it takes up all your free time, consider outsourcing some of those tasks to gain time back for yourself. - Express your values
Our clients do this amazingly well. We help to foster value-based decision-making by encouraging meaningful gifts, helping pay medical bills or tuition, charitable donations, or even family time. Money decisions should all be made with your values in mind and what you treasure the most. - Don’t confuse what you buy with joy
What we buy may not constitute the end result or feeling we wish to accomplish with the purchase. This means that the feeling that we seek from purchasing that item may not come from the item. How can we seek out happiness without material objects? - Focus on what brings you contentment
One exercise is to think of what you liked to do as a kid. How can you bring more of that back into your life? What is it that you have passion for or used to enjoy doing, and how can you reactivate that in your life? - Figure out your relationship with money
What role do you want money to play in your life? “It only does what we tell it to do.” Are we telling our money what to do? If so, are we satisfied with our relationship with it? Even reading a book or listening to a podcast can change our minds about money. Find out if there is a gap between where you are and where you want to be and seek to bridge it.
Listen to a deep dive about these 7 money resolutions on the Power Up Wealth podcast.
