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Financial Goals for 2024

Happy New Year frugal readers! A new year has begun and there's no better time to set some financial goals. Here are some goals to consider for the new year:

  1. Pay off your credit card debt. If you have credit card debt, you're likely paying a lot of interest on your balance each month. Try to make extra payments in 2024, even if it's just a little bit. Try to make it a goal to never pay the minimum. If your credit score is above 700, consider applying for a 0% interest credit card. You can do a balance transfer and avoid paying interest for anywhere from 12-18 months. Chase usually has really good offers and only charges a 3% balance transfer fee, which isn't bad. You'll have to do the math but it's typically smart to pay the fee and transfer the balance so you're not paying high interest every month, which eats away at your payment. It can be very rewarding to watch your balance go down dollar for dollar when you make a payment, which can happen when you have a 0% interest rate. Remember that the goal of transferring the balance is to pay off the debt, not rack up more! If you're struggling with using credit cards, now is the perfect time to just cut them up. Make 2024 be the year you tackle your credit card debt!

  2. Save up an emergency fund of at least $1000. If you don't have an emergency fund, this is the perfect time to start working toward that financial goal. I'm going to challenge my readers, friends, family, and co-workers to save just $5 at a time up to a grand total of $500 in a special column I'll be sharing with you all soon. I hope you try the savings challenge with me, which would make a great starter emergency fund if you don't already have one. An emergency fund can keep you from having to use a credit card or borrow money when your car battery dies or your washer quits working. Remember when that happened to this frugal teacher over the summer? My emergency fund came in quite handy, I assure you.

  3. Try doing grocery pickup, if you haven't already. Making a grocery order on an app on your phone is so incredibly easy, especially week after week since most apps remember your regularly purchased items. My favorite feature of doing a grocery pickup order is that it forces me to stay within my grocery budget. You can see the total as you add items to your cart so there's no impulse buys or going over your budget because you're in total control! I strongly encourage you to give it a try if you've been putting it off. I recently tried a pickup order at Sam's Club over the holidays, and it was easy, too! The app made it effortless, and I was able to stay within my budget. I will point out that making a grocery pickup order is much easier if you have a meal plan for the week. Having a plan and knowing what your family will be eating all week not only makes your life easier, but it also helps you budget your grocery expenses and make your weekly grocery pickup order. I hope you give it a try!


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