Year Ender 2023: Money resolutions for fun and financially sound 2024

Money Resolutions for 2024: To master the art of managing money, one must identify specific financial moves as their guiding principles for the year and steadfastly commit to them.

The ultimate goal is to create a path where money becomes a tool for growth and security. (Freepik image)

As we usher in the New Year, the age-old tradition of making resolutions takes centre stage. While health goals often steal the spotlight, a new year gives everyone a chance to focus their attention to wealth resolutions. Following a year marked by significant financial milestones in 2023, there's a call for financial prudence to brace for what promises to be a transformative 2024. To master the art of managing money, one must identify specific financial moves as their guiding principles for the year and steadfastly commit to them. Beyond the typical resolutions, one can make 2024 a year of financial aspirations to guide through the twists and turns of an ever-evolving financial landscape.

Here are four money resolutions one must keep for a fun and financially sound 2024 —

Money Resolutions for 2024: Track The Money And Make It Work

One must plan and prepare and create a financial roadmap for the year 2023. The journey begins with planning and budgeting, where one can customize their expense plans based on popular frameworks like the 50-30-20 rule or the 30-30-30-10 rule. By tailoring these guidelines to personal preferences, individuals can discover what works best for them, ensuring optimal utilization of income. One must make money work for them, not against them. The ultimate goal is to create a path where money becomes a tool for growth and security. Through strategic planning, mapping out expenditures, and following a personalized expense plan, one can invest wisely, making the money generate more money. One can easily access smart calculators on platforms like CRED to keep track of and plan their finances.

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Money Resolutions for 2024: Don't Miss Out On Fun

Encouraging a worry-free approach to enjoying life has its foundation in having a solid financial plan. While sticking to the plan, which must include setting aside money for most-loved things — like travel, experiences, delicious meals, and concerts — one must create a space where these enjoyments don't strain their wallet. These can even be redeemed through rewards on credit cards. Even with multiple credit cards, there are several platforms that can help one streamline and keep track of all their rewards so that they don't miss out on any of them. By staying true to financial goals and executing expenses wisely, one can indulge in spontaneous plans without the fear of hurting the budget.

Money Resolutions for 2024: Believe in The Plastic Money

The journey to a cashless economy is underway, and UPI is at the forefront of shaping how we handle transactions. By swapping cash for cards, especially co-branded credit cards, one can unlock a world of rewards and deals. These cards can help one earn points, build a good credit score, and make significant purchases without denting the savings. With the government allowing credit cards to link with UPI, it's become an even smarter choice. Whether it's a big buy or a small expense, the click of a button seamlessly handles it all. This shift not only simplifies transactions but also puts the user in control, allowing them to spend on their own terms while reaping the benefits that come with a cashless, card-centric approach.

Money Resolutions for 2024: Keep Financial Report Card Handy

Credit score is like an indvuidual's financial report card, telling banks and others how good they are with their money. On the spectrum of credit scores, a score below 580 is poor, from 580 to 669 is fair, from 670 to 739 is good, and from 740 to 799 is very good. It becomes important because this score decides if banks give loans or credit cards. To better their credit score, every individual must pay their bills on time, not use all their credit, and only borrow what they can pay back. Having different types of credit, like credit cards and loans, is also good. One must keep their credit score healthy in order to avail loans at best rates and best credit cards with offers.

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Financial Planning year end financial planning tips