5 Smart Money Habits To Practice in 2024 are money moves we all need to make in light of the current economy. Our world has been turned upside down since the pandemic and we are being hit from all sides. We are dealing with health concerns, the economy and how to manage with two incomes or loss of income. We have been thrust into unchartered territories and the uncertainty of our current daily lives can be stressful and overwhelming. This is not the time to cope with impulse spending and fear-infused actions.
Here are 5 Smart Money Habits To Practice in 2024 and everyone’s situation might look different with so many job losses or health issues many have experienced or are experiencing.
- Critically assess your cash at hand and debt balance. For many of us, the economy is forcing us to face the reality of where we are financially. We need to look at our spending and make hard choices until we get back to some kind of normal.
- Review your spending plan or budget. If you don’t have one, start one and make it very realistic because some categories are non essential as we found out during the pandemic. Eating out is non existent but eating in is causing our grocery expenses to skyrocket with rising prices.
- Eliminate debt to best of your ability. The reality is that a major number of Americans can barely meet their basic need of eating but walking through the first 2 money moves will show us to do what we can. Reach out to any company you owe and find out all the available options to trim budget, review student loans, refinance debt and for some explore investment options.
- Develop a financial strategy to build up an emergency fund. We are currently living in uncertain times and setting aside 3 months’ worth of expenses might not be doable for many of us. This is when starting where you are, doing what you can and using what you have make financial sense. Any surplus you have, small or big, can add up overtime. I am a firm believer of the wisdom of not despising the small beginnings.
- Be very smart with any extra fund earned or inherited. Some Americans are expected to receive tax fund and prioritizing what’s needed to be taken care of at the moment is what matters. Some of us will use that extra to cover essential expenses. Others may use that to pay down debt. The ones who are stable financially may use it toward emergency fund. However you plan to spend it, please be very smart about it in order to make a tough situation lighter.
5 Smart Money Habits To Practice in 2024 are a reminder that things are no longer to be taken for granted. The current economy has uncovered for many of us the shaky financial foundation we are standing on. We should no longer hide our heads in the sand but take bold steps to accept what is and make the necessary changes to alleviate any stress that comes with any crisis.
