You Can’t Afford to Wait Until New Year’s to Get Started Working on These Important Money Goals

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New Year’s resolutions to improve your finances are too vital to put off. Keep reading to learn what to focus on now — rather than waiting until 2024. 

While making New Year’s resolutions is very common, those who do are often unsuccessful. In fact, just 9% of Americans who make resolutions end up accomplishing what they set out to do.

While it may seem like a good idea to start working toward financial objectives as a new year is beginning, there’s no reason to wait until January to begin working on important money goals. In fact, you should get started now so you can begin forming positive habits and maybe end up being among that minority of Americans who fulfill their plans.

Here are a few money goals you should begin working on immediately, rather than putting off until Jan. 1, 2024.

Paying off high interest debt

If you owe money on credit cards, payday loans, or other high-interest debt, there’s no reason to wait to start working on paying off what you owe aggressively. Each month that you owe money on these debts, you’re costing yourself.

Let’s say you have a $4,000 balance on a card with a 21.19% interest rate (the average rate on credit cards as of August 2023). In a 30-day billing cycle, you would get hit with $70.26 in interest charges. But if you began working on paying that debt off, made some extra payments, and brought your balance down to $3,500 by Jan. 1, 2024, your monthly interest costs would only be $61.47.

Don’t wait to begin making a dent in your debt, as every day counts when you’re being charged a high rate. Start sending in as much extra money as you can each month toward your loan or credit card that is charging you the most to borrow.

Investing for your future

There’s little reason to delay investing money in a tax-advantaged retirement account held at a brokerage firm or investing in a 401(k) account if you have access to one at work.

A 401(k) usually comes with a company match that typically is use it or lose it. In other words, if you do not invest the full amount necessary in 2023 to get your 2023 match, that money your employer would have provided is lost forever.

Both 401(k)s and tax-advantaged retirement accounts held at brokerage firms (like Roth or traditional IRAs) also have annual contribution limits. If you do not make your 2023 contributions, you will forever lose the chance at the tax break you could have earned for your investments this year.

So don’t put off investing until 2024 and lose the chance to earn this year’s matching contributions or tax savings, as you’ll never get that opportunity back again (unless of course you invent a time machine, in which case investing for your future probably wouldn’t be a big concern).

Spending in a way that makes sense for you

Finally, you should not wait to make a budget or spending plan that allows you to prioritize spending on the expenses that matter most to you. Too many people just spend without thinking about whether they are using their money in a way that brings the most joy — while also saving enough to guarantee financial security tomorrow.

Don’t go another few months spending without a budget, as you could be squandering money on things that don’t matter instead of spending intentionally. Adopt a budgeting method that works for you today.

The sooner you get started on these goals, the better off you’ll be — so act on them now. You can celebrate your progress in January when the rest of the world is just catching up to making the resolutions you’re already making progress on.

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