News: Guide to Setting Financial Goals

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It’s a New Year… time to think about your goals for the year. Are you planning to buy a new house or car? Is your focus on savings? Whatever your financial goal, Texas Bay can help!

We took a look at the BMO Real Financial Progress Index which surveyed American consumers about their financial confidence going into 2024. Overall consumers have a positive outlook on their finances in 2024, with 74% of Americans confident about their financial future this coming year; up from 68% this time last year. 44% of those surveyed see themselves as better off today than a year ago; up from 38%.

USA Today Blueprint surveyed Americans about their 2024 resolutions. The top 4 are about savings; for a rainy-day fund, retirement, kids’ education, and a large purchase (car/home). Immediately behind this, at number 5, is paying down credit card debt. Americans have rated financial health goals as more important than physical or mental health ones. Their biggest fears for 2024 are an economic recession, inflation, and higher interest rates.

These surveys indicate Americans believe we are heading into more a stable economic state and we have become adept at dealing with the uncertainty over the last two years. As such, we offer this guide to help you develop your 2024 Financial Goals.

Take advantage of higher rates on term deposit accounts.

Move money out of your normal savings account and excess money from your checking accounts (yes, even interest-bearing) into a term deposit, like a Certificate of Deposit. Currently, rates on these instruments are considerably higher overall. These are available in a variety of terms; the longer the term, the higher the rate, generally. Check out our competitive rates and consider the move.

Create a budget and stick to it.

If you don’t have a budget, now’s the time to put one in place! This should be based on your paycheck cycle – so weekly, bi-weekly, monthly, etc. Tip: Estimate your paycheck low and your bills high. Do this, and you’ll always have a few dollars to spend on fun things. Need help? Check out our Budget Calculator!

Upgrade your financial knowledge.

It is said, “Knowledge is power.” So power-up your financial knowledge with books, YouTube videos, and online courses, and take advantage of our FREE Zogo financial education app. You can even earn money by learning on the app… it’s a win-win.

Review and update your insurance policies.

Texas Bay Insurance Group, LLC can help with a FREE review of your insurance policies – life, auto, home, and others. You never know, you might be able to save some money on the premiums. Get a FREE review and quote today!

Consolidate to lower-interest debt.

Many of us come out of the holidays with a load of high-interest credit card or personal loan debt. Shop around. Find a lower interest rate credit card to balance transfer to or a personal loan with a lower rate and consolidate. You’ll get a lower interest rate, lower monthly payment, and only one payment. For credit cards, look for no annual fees, a lower interest rate than the average you’re consolidating from, and balance transfer special offers. For personal loans, look for no closing or early repayment fees, as well as a lower interest rate than the average you are consolidating.

Get a financial wellness checkup.

Texas Bay offers a FREE look at your finances, credit, and goals. We can help you build or rebuild credit, lower your debt, increase your savings, and more. Make an appointment today!

While we are not guaranteed an economically smooth 2024, the prospects do seem to be looking up! Let Texas Bay help you set and achieve your financial goals this year!