This Is the Most Common Financial Goal for 2024

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Now is a good time to set financial goals for the next year. Many Americans have one major financial resolution in mind. Read on to learn more. 

December is the ideal time to make resolutions for the upcoming year. Maybe you want to try a new hobby or learn a new language. But don’t forget the financial goals you might want to achieve in 2024. Debt payoff is the most common financial goal for 2024.

Here’s what you can do to be more successful as you work hard to improve your finances.

67% of Americans will make financial resolutions for 2024

Many people set financial goals for the new year. It can feel exciting to have a new financial goal to tackle when you have 12 months ahead of you. The Ascent recently conducted its 2024 Financial New Year’s Resolution study. The data showed that 67% of Americans plan on making financial resolutions for the upcoming year.

Those polled hope to achieve various financial goals, including saving for significant financial milestones, building better financial habits, increasing income, saving for large purchases, investing more, and building an emergency savings fund.

But one goal took the top spot — 22% of survey respondents hope to pay off debt in 2024. Baby boomers are the most interested in paying off debt, with 27% saying this was a planned financial resolution. Almost a quarter (24%) of Gen X respondents are also focusing on this financial goal.

Four tips to help you tackle debt in the new year

Paying off debt can make it easier to prioritize other financial goals, like investing or building an emergency fund. Plus, it can improve your entire financial situation. Here are a few tips to help.

1. Avoid additional debt

Until you pay off your existing debt, do your best not to take on additional debt. Unless it’s an emergency, you should avoid spending money you don’t have. If you have credit cards in your wallet, stop using them. Otherwise, you risk developing a more severe debt problem.

2. Use a debt payoff app

Financial apps can help you stay on track as you work on your goals. Using one of the best debt payoff apps can help you develop a debt payoff strategy that works for you. These apps can serve as a way to motivate you as you track your progress.

3. Consolidate your debt

If you have sizable debt, you may want to consider debt consolidation to make it easier to pay your debts off faster. If you have credit card debt, one option is to apply for a balance transfer credit card. These cards typically offer 0% APR on balance transfers for a set time.

As long as you pay the entire debt off before the promotional 0% APR period ends, you could save money on credit card interest charges. You’ll be charged a balance transfer fee (often 3% to 5% of the balance you’re moving over), but not paying additional interest charges can save you a lot of money in the long run.

4. Increase your income

If you’re living paycheck to paycheck, making a sizable dent in reducing your debt will be challenging. Boosting your income could make a huge difference. The more money you make, the more you can put toward debt payoff.

Getting a side hustle, selling unwanted items online, or asking for a raise at work are a few examples of how you can make more money. Here are a few more ideas to boost your income. Even earning a little extra can make a big difference and help you reach your goal sooner.

Don’t delay your goal setting

It may feel like you still have plenty of time to establish New Year’s resolutions. But the last weeks of 2023 will likely fly by, especially since we’re in the middle of the busy holiday season. Now is the best time to set goals for 2024 so you have time to devise a plan to achieve them. For more financial tips, check out our personal finance resources.

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