Here's How to Save $3,000 by the End of 2024

As we near the end of 2023, you may be trying to decide what financial goals you want to tackle in 2024. Saving more money is a common financial goal for many people. With extra cash in the bank, you can feel more comfortable and be financially prepared for when an unexpected expense pops up. If you hope to save $3,000 in 2024, achieving your goal may be easier than you realize. I'll share with you what steps you can take to reach your savings goal by year's end.

Do this to make your savings goal more manageable

Saving $3,000 can sound intimidating, especially when you're first getting started. If you're feeling overwhelmed with the thought of saving that much money, finding a way to make your larger goal more manageable can be beneficial.

An easy way to do this is to calculate a smaller savings goal that will get you to your year-end goal. If you want to get into the habit of saving every month, setting aside $250 every month will get you to your savings goal by the end of 2024. That's a more manageable number to focus on.

Keep your cash in an interest-earning bank account

Before you tackle your financial resolution, you should consider which bank account to store your extra cash in. Most checking accounts don't earn interest, so there's little benefit to keeping your savings in your primary checking account. Plus, you might get confused and accidentally spend your savings thinking it's your regular spending money.

Instead, keeping your savings in a bank account that earns interest is smart. Opening one of the best high-yield savings accounts is an excellent option. As your money sits in the bank, you'll earn interest. Every cent earned in interest is a win for your personal finances.

Automation can ensure you stay on top of your savings goal

Many people hope to save more money, but they get forgetful or spend all their money before they have a chance to save. Do either of these scenarios sound familiar to you? If you're worried about falling behind on your savings goal, you should consider automating the savings process.

The best banking apps have built-in automation capabilities that let you automatically transfer money from your checking account to your savings account as often as you'd like. You can also enable automated transfers after logging into your account through your bank's website.

This strategy can save you time and ensure you don't get forgetful along the way. It's easy to fall behind when life gets busy. I use automation to stay on track and it has proven effective.

Give your finances a fresh start

A new year is the perfect time to start making changes to improve your finances. Whether you want to pay off credit card debt, establish an emergency fund, or save up for a big financial goal like buying a home, it's not too late to start. Taking the time now to determine your financial resolutions for 2024 is an excellent way to set yourself up for success before Jan. 1 arrives.