Embarking on a journey towards financial well-being is a deeply personal endeavor, shaped by individual experiences, challenges, and triumphs. As I reflect on the milestones of the past year, I find myself setting new financial goals for 2024 – a year dedicated to elevating my financial standing and nurturing a future of stability and prosperity.
In this article, I want to share the 9 financial goals I have set for 2024. This is a way to keep myself accountable and also inspire you to set your own goals. I have an article dedicated to different financial goals ideas you can consider.
My 9 Financial Goals for 2024
1.Build an emergency fund of $24k
There’s a peace of mind that comes with knowing you have a safety net. This year, I took strides in the right direction, building an emergency fund of $10k, which is roughly 3 months of living expenses for me. Recognizing that this falls on the lower end of recommendations, my primary goal for 2024 is to bolster this fund to $24k, ensuring a robust six-month cushion for any unexpected twists life may throw my way.
2. Save up $25k to buy an investment property
Homeownership is not one of my immediate goals, mostly because I still don’t know where I want to live long term. However, the dream of acquiring my first real estate investment property is firmly on the horizon. To transform this dream into reality, I’ve set a short-term objective: save $25k for the down payment. This endeavor represents more than just a financial transaction; it’s an investment in my future and a step towards building lasting wealth.
3. Pay off student loan
I graduated in 2019 with a student loan of over $120k. During my first three post-graduate years, I was just making the minimum payments, so I didn’t make much progress towards paying off my debt. This year I was really focused on changing the course and I brought down the balance to $70k. My goal for 2024 is to finish paying off this loan.
4. Read one money book a month
In the pursuit of financial literacy, knowledge is the cornerstone. Reading more is one of my general life goals for 2024, but I want to include one money book a month as part of my broader reading goal. A few books I have on my to-read list are: “The Intelligent Investor”, “The Richest Man in Babylon” and “Think and Grow Rich”
5. Get a 800 credit score
I think I need to share more about my background before I talk about this one. I migrated to the US in 2017 to get my MBA degree. When I got here, I had no credit history, so the first credit card I got was a student credit card with $500 of credit. Since then I have come a long way and have been working on building a credit history and improving my credit score. At the moment it is at 750 and my goal for next year is to finally achieve an excellent score of 800. To me, it’s not just a numerical achievement; it’s a testament to overcoming financial hurdles and establishing a solid financial foundation.
6. Make $50k with my side hustles
I have been in the world of side hustles, specially online side hustles, for more than a year now. The year is not over yet, but so far I have made about $10k through my multiple side hustles.
I still have a lot to learn and improve in the world of side hustles but I feel confident that I can continue growing in 2024. My goal is to leverage creativity and determination to turn my side hustles into a sustainable revenue stream, aiming to make $50k throughout the year.
7. Limit my non-essential expenses to $500 a month
Confronting personal spending habits is an ongoing journey. Having conquered a shopping problem with the help of budgeting, my focus for the upcoming year is to shop intentionally, adhering to a strict monthly budget of $500 for non-essential expenses. It’s a commitment to financial mindfulness and an exercise in responsible consumption.
8. Learn about investing and building a diversified portfolio
While already engaged in investing through robo advisors and employer-provided stocks, in 2024 I want to take an active role in shaping my investment portfolio. Learning about the intricacies of investments and diversification is not just a financial goal; it’s a strategic move towards building wealth that stands the test of time.
9. Keep $3k in my vacation fund
Vacations usually involve a good amount of money. I want to enjoy going on vacation while having the peace of mind that this is not impacting my monthly budget. Therefore, I have decided to start putting money towards a vacation fund. Whenever I go on vacation I will take money out of this fund and replenish it afterwards to be ready for the next vacation. It’s a commitment to creating lasting memories without compromising long-term financial goals.
Final Thoughts
As we get closer to 2024, I embrace the challenges and opportunities that lie ahead, confident that these financial ambitions will not only shape the year but lay the foundation for a future marked by financial freedom and prosperity.
I hope you have enjoyed reading about my financial goals and that this has inspired you to set your own goals. I’d love to read in the comments what are some of your financial goals for the new year.