Finding Financial Success in 2024 | St. Johns Bank

A new year brings many opportunities for change, improvement and the formation of new habits. This isn’t only in health or wellness, but also finances.

One of the most important components of setting yourself up for long-term financial success is planning ahead and setting goals. Whether you have an established financial plan or are just getting started, make 2024 the year you find great financial success!

Here are some tips on getting started in the new year:

Utilize digital resources and tools. We are in the digital age, so use many simple and helpful tools to find financial success. There are many budgeting apps out there to make staying on budget and saving money effortless.

We also offer many financial calculators to plan and get estimates for mortgages, auto loans, retirement planning and more. Use these resources to plan ahead before making any large purchases so you can budget effectively.

Maximize retirement contributions. Ensuring a comfortable retirement requires strategic planning. Maximize your contributions to retirement accounts such as 401(k)s or IRAs.

Take advantage of employer matching programs to boost your savings. Consider consulting a financial advisor to align your retirement strategy with your long-term goals. While this is long-term financial planning, the sooner you get started, the more money you will have when you’re ready to retire.

Make 2024 the year you reach your emergency fund goal. Emergencies can arise at any moment, so it’s essential to be prepared. The general rule of thumb for emergency funds is to have three to six months’ worth of living expenses available.

If you’re just starting your fund, try aiming to save $500 a month to reach a modest goal of $3,000 in six months. If you’ve already reached your emergency fund goals, great! Consider lowering your contributions and putting that money elsewhere in your savings plan.

Make the new year great by implementing these tips into your personal finance habits to build a secure future for yourself and your family.

Contact us today for more finance tips, to open a checking or savings account or to get help with your financial goals for 2024.