3 Cheap Ways to Achieve Your New Year’s Financial Resolutions

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Have big financial goals for 2024? Here’s how to pull them off without spending much — or any — money. 

You’ll often hear that it takes money to make money. And in the context of something like investing, that’s true. You can’t grow $100 into $10,000 over time if you don’t put in that $100 to begin with.

But you don’t necessarily have to spend money to save money, or achieve some of the other big goals you may be setting for yourself for 2024. Here are a few steps you can take to achieve your financial resolutions on the cheap.

1. Use free online tools to your advantage

The internet is loaded with no-cost resources that could make your financial resolutions far more attainable. All you need to do is look around and see what tools are available.

Many people resolve to boost their savings account balance when a new year arrives so they’re more prepared to handle surprise bills. You can use this emergency fund calculator to see how much money you should be socking away for unplanned expenses.

Or, let’s say you’re hoping to buy a home in 2024. You can use this mortgage calculator to determine what monthly payments you might be facing, based on home prices in your preferred neighborhood and the amount of money you have on hand for a down payment.

2. Don’t pay to get help with budgeting

It’s more than possible to meet different financial goals without committing to a strict budget. But there’s a reason financial gurus tend to talk up the benefits of budgeting. Having a good sense of where your money is going month after month could make it easier to limit your spending and free up cash for different objectives, whether it’s paying off debt or saving for home improvements.

Now, you could work with an accountant or financial advisor who could help you set up a budget, but that’s an expense that’s probably not so necessary. Instead, you may want to turn to a budgeting app. There are plenty of free options you can access, and many of the apps that do cost money aren’t terribly expensive.

Before you pay for an app, though, look into a free trial. In many cases, you’ll get 30 days to see if it’s something worth spending money on.

3. Find an accountability partner

Maybe you’re hoping to max out an IRA in 2024. Or maybe you want to save $5,000 to make a down payment on a car.

You may have a better chance of meeting your goals if you can find someone to support you along the way. And in return, you can offer reciprocal support so your partner can meet their goals, too.

Keep in mind that you don’t necessarily have to find someone who’s working toward the exact same goals you are. Maybe you’re trying to save for a vacation while a friend is building an emergency fund. Ultimately, the tactics you employ to achieve either goal will likely be similar, so you can easily work on them together and encourage each other along the way.

You may be excited to tackle your financial New Year’s resolutions. And thankfully, you may find that you can pull yours off without having to tap your personal financial resources too heavily along the way.

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