Now is the time to get motivated to set yourself up for success this year. Make 2024 look a little bit more financially promising by maintaining your goals. Once you take one step in the right direction, everything else will follow. Kick off your journey by growing in financial knowledge, improving your credit score, paying off debt, building savings and exploring investing options.

Grow your financial knowledge

Becoming a master at wealth management is no easy task. That’s why about 40% of people find it challenging to make ends meet. Gaining financial knowledge comes with experience and consistently learning new and advanced methods of making money, saving and budgeting. To stay up on recent financial news, listen to podcasts, read financial content and speak with a financial professional regularly. Take the time to evaluate your financial situation and what you would like to learn more about to improve.

Improve your credit score

Did you know the average credit score is 716? That’s great news considering a score between 690 and 719 qualifies as good. However, maybe you are among the many who would like a higher credit score, whether yours falls below 716 or you would just like to qualify for lower interest rates. Here are a few specific goals to set this year:

• Don’t use more than 30% of your available credit limit.
• Refrain from filling loan applications often.
• Check your credit report frequently.
• Have several types of credit.

Understanding credit scores can be confusing, but taking the initiative to better your score can be beneficial. Your credit score can qualify you for things like lower insurance rates and a wider selection of housing and vehicle options.

Reduce your debt

Is your New Year’s resolution to lower your debt? You’re not alone. The average U.S. household debt in Q2 of 2023 was $103,358. Luckily, there are simple ways to climb out from under the heavy weight of debt. Begin reducing the amount you owe by doing the following:

• Holding off on unnecessary expenses.
• Plan for a second payment.
• Apply extra money toward your debt with the highest interest rate.
• Utilize debt-relief programs.

With a good plan and consistency, you can make progress toward lowering your debt.

Build your savings account

Do you want to thrive in 2024? Having the peace of mind of knowing you have funds to lean back on if needed can make a world of difference. Take these actions to build your savings account:

• Move your money into a high-yield savings account.
• Put a set amount of money each month into your savings account.
• Negotiate your salary or take up a second job.

Staying within your means allows you to manage your money effectively and can take away the stress that comes along with living paycheck to paycheck.

Start investing

Be smart with your precious time by having your money earn money. That’s right – by investing the money you already have, you can make a profit. Consider putting your funds into stocks, retirement plans or bonds. Be sure to explore your options beforehand since there are several to pick from.

After a few months of practicing smart spending habits, you will be meeting your goals in no time. The first step is to understand your financial situation and how to advance from there. Regardless of whether you want to grow your credit score, bring down your debt balance, build your savings account or invest, the new year is an ideal opportunity to start.

Lindsey Certonio is a project manager at Fullcast, a Silicon Slopes-based, end-to-end RevOps platform that allows companies to design, manage and track the performance of their revenue generating teams.