A survey conducted by Statista has found that saving more money was the top New Year’s resolution for 2024. Financial experts have provided tips for managing personal finances, including creating a budget, paying off credit card debt, and opening a savings account. It is also suggested to cut down on unnecessary streaming and subscription services. Saving for retirement and opening an account with a credit union are other recommendations for better financial management.
Managing personal finances can be challenging, but there are several tips that can make the process easier. According to a survey conducted by Statista, saving more money was the number one New Year’s resolution for 2024.
Financial planner Savon Gibson suggests that one of the key tips for managing personal finances is to create a budget and avoid unnecessary miscellaneous expenses. This can involve cutting down on subscriptions and streaming services that are not being fully utilized. By reducing the number of streaming channels and subscription services, individuals can save a significant amount of money every year.
Paying off credit card debt is another important aspect of managing personal finances. By prioritizing debt repayment, individuals can save money on interest payments and improve their financial situation.
Contributing money into a retirement plan is another recommendation made by financial experts. Building a retirement fund from an early age can ensure financial security in later years.
In addition, opening an account with a credit union is suggested for better financial management. Credit unions often offer lower fees and better interest rates compared to traditional banks. By utilizing the services of a credit union, individuals can save money and improve their overall financial situation.
Overall, managing personal finances requires discipline and careful planning. By following these tips, individuals can save money, pay off debt, and secure their financial future.