Make 2024 Your Best Financial Year Ever by Doing These 3 Things Now

At this point, we're winding down 2023. And if you didn't quite meet your financial goals this year, well, that's understandable.

This year, inflation has remained stubbornly high. The cost of borrowing has also been very high on the heels of the Federal Reserve's numerous interest rate hikes. So if you had to borrow money in any capacity in 2023, you probably got stuck with a higher interest rate than you normally would've received, which no doubt hurt your finances.

If you're not so thrilled with your financial picture at this stage of the year, that's understandable. So if you'd like to close out 2024 feeling differently, here are some moves to make in the coming weeks.

1. Boost your emergency fund

Recent data from SecureSave found that 63% of Americans couldn't cover a $500 unplanned expense with savings. If you can say the same, it's really time to focus on boosting your emergency fund.

If you can spend the coming weeks putting a bit of money into your savings account, you'll have more of a financial cushion going into 2024. That could make it easier to avoid costly debt in the new year.

2. Map out a credit card debt payoff plan

If you're carrying debt on your credit cards, you surely want to get rid of it as quickly as possible. And that may be possible in 2024 if you come up with a game plan in the next few weeks.

Research your options to see what makes the most financial sense for you. A balance transfer might light a fire under you to get your debt paid off by the end of 2024, since many of these offers have a limited-time 0% introductory period. But that also puts a lot of pressure on you.

If you're more invested in whittling down your debt in 2024 without necessarily committing to having it paid off in full, a personal loan could be a better bet. You won't have to worry about an introductory rate running out on you. Rather, you'll sign a loan that you make the same monthly payment on until your debt is paid off.

3. Set up automatic transfers to your IRA

Will 2024 be the year you finally start saving for retirement, or the year you finally manage to max out your IRA? If you get into the habit of contributing to that account now, it might be.

In the coming weeks, set up an automatic transfer so that money lands in your IRA every month after every paycheck hits your checking account. And if you're not sure how much you can afford, err on the side of a smaller amount, but then aim to ramp up if you see that you're able to.

As of now, we don't know what next year's IRA contribution limits will look like. This year, they're $6,500 for savers under 50 and $7,500 for those 50 and over.

If you're 30 and want to max out your IRA for the first time in 2024, you'll need to set aside a minimum of $541.66 a month -- more if the limit rises in the new year. If that's not doable for you, don't sweat it. Figure out what amount is manageable and go with that.

The moves you make in the coming weeks could set you up for major success in 2024. Whether you're bummed about the state of your finances now or are reasonably happy but have even loftier goals for the new year, it pays to make that effort.