Here Are The Fastest Ways to Reach Your New Year's Financial Goals

Before you know it, you’ll be ringing in a brand-new year. Before the final days of 2023 are here, you may want to sit down and think about what financial goals you want to tackle next year. January is the ideal time to start making significant changes, like improving your finances.

Having an entire year to focus on your goals can be exciting. But you may be looking for a way to reach your goals quickly to reap the benefits of your hard work sooner. Here are a few pointers so you can achieve your New Year’s financial goals faster.

Get comfortable following a budget

Many people fear the idea of budgeting because it sounds restrictive. But you can improve your financial situation significantly by following a budget. You will have a better idea of how you're spending your money and may find areas of improvement. For example, you'll be able to see your unnecessary purchases and make a plan to tighten up spending and free up more cash for your goals. You may also be able to reach your financial goals faster with this information. If you're a budgeting newbie, consider using one of the best budgeting apps.

Break your bigger goals into smaller ones

Big financial goals can quickly become overwhelming. Breaking your goals down into smaller ones can feel much more manageable and achievable. This strategy can also help you reach your goals much faster because you’ll feel more motivated, and there will be less risk of you giving up or delaying your timeline. Give it a try if you’re feeling stuck.

Increase your income

Many people resolve to pay off debt or save more money in the new year. These are excellent goals to set for 2024. But your progress may be slow if you have minimal extra income to put toward debt payoff payments or stash in your high-yield savings account.

One way to reach these financial goals sooner is by boosting your income. When you have extra money, you can do more with it. Earning more money could be helpful, so you might consider getting a side hustle, asking for a raise, or finding a new job that pays more.

Consolidate debt

If you’re working to reach your goals quickly and your primary goal is to pay off debt, it can be beneficial to avoid further debt. Consolidating your existing debt can help you eliminate additional interest charges so you can tackle your debt faster.

If interest continues to accumulate, you’ll have more debt, and it can take much longer to pay it off. If you have credit card debt, one option is to open a balance transfer credit card and transfer your balance from an existing credit card.

These cards offer extensive introductory 0% APR periods on balance transfers, so you can take advantage of no additional interest during the promotion period. But be sure to pay your balance off before the no-interest period ends to avoid credit card interest charges.

Track your progress

Tracking your progress can help you achieve your goals more quickly. You'll be more motivated when you can see all the hard work that you've done and the progress you've made. Financial apps can be helpful here, too. If you want to eliminate debt in 2024, using one of the best debt payoff apps is a good technique to try. You can also track your progress the old-school way by using a pen and paper to keep track of your wins. This simple strategy can make a huge difference.

Don't give up

It's never too late to make big changes in your life. Even if you have a lot of work to do to improve your current financial situation, it's possible. Whether it takes six months, a year, or several years to reach your goals, you're taking steps to improve your circumstances. Review our free personal finance resources for additional tips and guidance.