I’m a Financial Expert: These Are the 4 Money Resolutions I’ll Be Making for 2024
Written by
Gabrielle Olya
Edited by
Levi Leidy
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As you start to think about your resolutions for the new year, it’s a wise idea to include some financial goals in addition to personal and professional ones. If you’re not sure where to start, consider taking cues from a certified financial planner.
GOBankingRates spoke with Julian Davis, CPA, CFP, director at Homrich Berg, about the money resolutions he is personally making for 2024. They might inspire some resolutions of your own.
Increase My Net Worth By 12%
“At the end of each year, I set a goal to increase my net worth for the next year,” Davis said. “That’s probably the overarching goal. Personally, for 2024, my goal would be to increase my net worth by 12%. I like putting an actual percentage on it so that I can have something to strive toward.”
While increasing his net worth is Davis’s main goal, he is also setting smaller goals to help him get there, he said.
Rebuild My Emergency Fund
“In 2023, I had unexpected expenses that thankfully, I did have emergency savings to cover — but it’s still not fun having to spend that money on unexpected bills,” Davis said. “Part of that net worth goal is replenishing my emergency savings.”
Davis advises his clients to have between three and six months of expenses in emergency savings.
“Right now, I strive for three months,” he said. “Both my wife and I work so in theory, we can afford to have a little less in emergency savings than if we only had one income. Eventually, I would like to get that closer to six months, even with both of us working.”
Davis plans to funnel any bonuses he and his wife get toward rebuilding their emergency savings fund.
Set Aside Money for Fun Spending, Like a Vacation
Once Davis’s emergency fund is replenished, he plans to redirect a portion of his income toward saving for “fun” expenses.
“A more fun aspect is trying to save for bigger purchases or a vacation,” he said. “[I want to] have money set aside ahead of time for a vacation so that when it comes time to actually take the trip, I’m not worried about having to pay for it when we come back.”
To build up his “fun” funds, Davis has a part of his paycheck directly deposited into a separate account. He plans to up this contribution in 2024.
“It needs to be increased in order to actually be able to take a real trip off of it,” he said.
Create an Estate Plan
“The last thing is to get my estate planning in order,” Davis said. “I have two young children now so it’s even more imperative, and I still haven’t gotten it to the point where it needs to be.”
To create your own estate plan, Davis said you can start with the small things — make sure the beneficiaries on your retirement plan and other accounts are correct. Next, you may want to work with a financial advisor, who can help you create a plan and also direct you to a trustworthy attorney. An estate planning attorney can help you get the necessary legal documents prepared, including a will and/or trust and power of attorney.
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