Boost your wealth in 2024 with these 5 money resolutions

We’re already in the second month of 2024, but that doesn’t mean it's too late to set resolutions. In fact, setting or reviewing your financial goals can be a helpful exercise, whether you're looking to save more, invest wisely, or simply manage your finances better. 

So, here are five money resolutions you can use to boost your wealth in 2024.

1. Establish a clear financial goal

• Resolution: Set specific, measurable, achievable, relevant, and time-bound (SMART) financial goals.

Clearly define what you want to achieve financially this year. Is it saving for a house deposit, paying off debt, or building an emergency fund? Whatever your goal, make sure it's specific and measurable. For example, rather than saying "save more money," aim to "save $10,000 by December 2024." This clarity will provide direction and motivation.

Thankfully, a lot of banking and savings account apps have a bunch of financial tools like goal setters.

2. Create and stick to a budget

• Resolution: Develop a budget and adhere to it throughout the year.

Budgeting is the cornerstone of personal finance. It allows you to control your spending, track your expenses, and save more effectively. Utilise budgeting apps or spreadsheets to categorise your expenses. 

Try keeping a realistic view of your spending habits and include a buffer for unexpected costs. Regularly review and adjust your budget to ensure it aligns with your changing financial situation.

3. Build an emergency fund

• Resolution: Establish or grow an emergency fund to cover at least three to six months of living expenses.

An emergency fund is a financial safety net that protects you from unexpected events like job loss or medical emergencies. It can be helpful to start small and gradually increase your savings. Automatic transfers are offered by some apps and can help grow your emergency fund. 

Remember, this fund should be easily accessible and only used for genuine emergencies. 

4. Invest your cash

• Resolution: Learn about investment options and invest to grow your wealth.

Investing can be a helpful way of building up your wealth. However, depending on where you put your cash, there are certain risks and rewards associated with different types of investments.  

There is a wide range of investment options available, from higher risk stocks to safer term deposits. 

5. Minimise debt and improve credit

• Resolution: Reduce high-interest debt and work towards improving your credit score.

High-interest debts, like credit card balances, can work against your financial progress. Prioritise paying off these debts to reduce interest payments and free up more money for savings. You can also look at getting a debt consolidation loan to move your higher interest credit card debt to a lower interest personal loan.

Credit score is another helpful part of this process. Maintain a good credit score by paying bills on time, keeping credit card balances low, and avoiding unnecessary new debt. A good credit score can lead to better interest rates on loans, saving you money in the long run. 

Looking for a place to keep the cash you save? Check out and compare high interest savings accounts or have a look at some of the providers in the table below…