This Simple Move Can Ensure You Meet Your 2024 Savings Goal

Many people commit to financial resolutions at the start of a new year. You're not alone if you plan to make positive changes to improve your financial situation. According to The Motley Fool Motley Fool Money's Financial New Year's Resolution study, two-thirds of survey respondents plan to make a financial resolution for 2024.

The study found that saving is a common goal, with 16% of people hoping to save for a significant financial milestone, while 12% plan to save for a large purchase. If you hope to stash more money in your savings account in 2024, discover what you can do to be more successful.

Automation can eliminate forgetfulness

Whether you're building an emergency fund, saving up for a down payment to buy a home, or saving up to buy yourself a new television or laptop, even if you have good intentions, you may forget to save when your life gets busy.

Many people intend to save more but end up spending the money they plan to save before it gets transferred into their savings account. Additionally, some people with savings goals make excuses or use the money for unplanned purchases instead.

If either of these situations happens to you, it could take much longer to reach your 2024 savings goals. But I have some good news: One way to ensure you stay on top of your savings goals is to use automation. You can automate the process so there's no more forgetting. Doing this can also keep you from making excuses.

When you automate your savings, money will be transferred from your checking account to your savings account on a set schedule of your choosing. Whether you do this weekly, bi-weekly, monthly, or quarterly is up to you. Automation can save you time and reduce stress.

If you want to ensure you tackle your savings goals this year, consider setting up automatic transfers through your bank now. Do this by logging into your online bank account using your bank's mobile app or website. You can edit or pause your automatic transfers at any time if your financial situation changes later. I highly recommend this strategy to boost your savings in 2024.

Boost your savings account balance with interest

If you're committed to saving more this year, keep your extra cash in an interest-earning bank account. Most checking accounts don't pay interest, so keeping your savings in your primary bank account is not ideal. You'll miss out on the chance to be rewarded for saving money.

Instead, consider opening a separate high-yield savings account. With this account, you'll earn interest as your money sits in the bank. This banking solution offers an easy way to boost your bank account balance with no extra work once you set up the account.

Use financial apps to stay on top of your goals

As you navigate your financial goals in 2024, don't ignore tools that can help you. Many free and low-cost financial apps make tracking your progress easier. These apps can also help you stay motivated. Many people use budgeting apps to minimize overspending and set spending limits to free up extra money for their savings goals. For additional tips to help you take charge of your finances, check out our free personal finance resources.