Suze Orman: Everyone Should Make These 3 Financial Resolutions for 2024
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Gabrielle Olya
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Amen Oyiboke
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No matter what your financial circumstances are, there are certain money resolutions that money expert Suze Orman believes everyone should make in 2024.
“I appreciate that every household has its own financial challenges and goals, and that would suggest having different financial resolutions — but I think there are a few universal goals that should be everyone’s priority,” she wrote on her blog.
Here are the three resolutions Orman said everyone should make this year.
1. Build an Emergency Savings Fund
Orman believes everyone should have an emergency savings fund in place, so make building yours a priority this year.
“There is just no getting around what a huge win it is to know you will be OK if a big, unexpected cost or a layoff hits,” she wrote. “The added bonus is what a stress reliever it will be.”
If you don’t have any emergency savings yet, the most important thing is to just get started.
“Set a monthly [savings] goal,” Orman wrote. “Then, every month you hit your goal, I want you to spend five solid minutes celebrating. Literally, tell yourself how awesome you are for making this progress. Because you are.”
2. Save for Retirement
Orman also believes that everyone should be saving for retirement — and if you already are, save more.
“This needs to be a priority,” she wrote. “Not just because your future older self will be so glad you did, but because delaying is so costly.”
The earlier you start, the more opportunity your retirement savings have to grow.
“Compound growth is your biggest retirement savings friend,” Orman wrote. “A dollar saved today is going to be worth a lot more than a dollar saved 10 or 20 years from now. Be kind to older you and take advantage of compound growth.”
3. Pay All Credit Card Bills on Time
Orman said no matter what, everyone should be paying at least the minimum payment on their credit card bills, and should make these payments on time.
“A recent government report said consumers paid $14.5 billion in credit card late fees in 2022. This is avoidable,” Orman wrote. “Even if you can’t afford to pay off the entire balance each month, I will not accept that you can’t pay the minimum. And probably plenty more.”
To prevent late payments, automate the process.
“Pick a set amount you know you can pay each month, and set up an automated payment for that amount three days before your payment is due. (This assumes the amount you choose is higher than your required minimum),” Orman wrote. “That’s how you avoid paying late fees. And it will help with your credit score.”
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