Here’s How to Save $7,500 by the End of 2024

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Saving $7,500 in 2024 is a fantastic goal. As you work to boost your savings in 2024, you may want to focus on a smaller monthly goal. Find out why. 

We’re well into December, so now is the time to consider what New Year’s resolutions you want to tackle. Many Americans are planning to make financial resolutions for 2024.

Saving more money is a common goal. Do you have a lofty goal of saving $7,500 in 2024? You can do it. Here are some tips that could help you achieve your goal by year-end.

Avoid getting overwhelmed by your savings goal

Having extra money in the bank can be advantageous. If you lose your job unexpectedly or end up with a surprise car repair bill, you can use the funds in your savings account to avoid taking on credit card debt. As you establish a savings goal for 2024, don’t feel overwhelmed by the number.

At the start of the year, a big goal like $7,500 can feel impossible to reach. But if you find a different way of approaching your goal, it may feel more doable. What if you broke the goal down into smaller monthly chunks? For many people, smaller goals are more approachable and less scary.

To save $7,500 next year, you’ll need to set aside $625 monthly. Focusing on your monthly savings goal may help reduce some of the overwhelm you feel so you can feel motivated to start.

Don’t miss out on the opportunity to earn interest

Where you decide to keep your savings fund is crucial. As you tackle your savings goal, keeping your extra cash in a bank account that earns interest is beneficial. Most checking accounts don’t earn interest, so a savings account is a great place to keep these funds.

With one of the best high-yield savings accounts, you can get rewarded for keeping your money in the bank. Any money earned from interest is a win. If you don’t yet have a savings account, you may want to open one before the new year begins so you’re ready to save.

Automation can keep you on track

If you’ve struggled to save previously, you may have had difficulties because you forgot to transfer the money into your savings account. Some people get forgetful and spend the money they intended to save. When you rely on manual bank transfers, it’s easy to let this happen.

For this reason, I suggest automating your savings to stay on track. You can enable automated transfers by logging into your account using your bank’s mobile app or website. Your money will then be transferred from your checking account to your savings account regularly.

You can also save time by following this strategy, as well as eliminate the risk of accidentally spending your money before it reaches your savings account. Taking a few moments to set up an automated savings plan could be the primary reason you reach your savings goal next year.

Don’t wait to establish financial goals for 2024

Don’t wait until January to set goals. Now is a great time to make financial resolutions for 2024. By getting a head start outlining your goals for the new year, you’ll have time to formulate a plan. It’s never too late to make changes that allow you to improve your personal finances.

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