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Saving more, spending less, and paying down debt: more Americans are focusing on money moves in 2024

Financial New Year's Resolutions
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Posted at 2:56 PM, Jan 04, 2024
and last updated 2024-01-04 16:56:12-05

Are you looking to make positive changes to your personal finances this year? If the answer to that question is yes, you aren't alone. Many Americans are looking to make the most of their money in 2024.

Cassie Happe is an analyst for Wallethub. She says almost half of Americans made a money resolution.

"Financial resolutions are exceptionally important this year."
Cassie Happe

While these kinds of goals are popular and common, many people are worried about sticking to their goals long-term. "25% think that financial resolutions are the most challenging ones to keep," said Happe. Still, she points out that most people are feeling optimistic and expect to make the resolution last all year.

At the top of the financial priority list: saving more and spending less. "Both of which kind of feed into just improving your debt and improving your credit score," Happe said.

When looking at the economy as a whole and the way it impacts the finances of the average household, Wallethub's survey found most Americans are feeling cautiously optimist about what's ahead for 2024, with some caveats. "Nearly two in three Americans are feeling anxious about the future of their finances," said Happe.

While high inflation and recession fears are the top concerns, economists are hopeful that neither will be a major issue in 2024, as the Federal Reserve looks to pull off a soft-landing and bring inflation down without triggering a recession.

"We've seen enough positive indicators that there's hope there too."
Cassie Happe

To make any financial goal come true, financial experts suggest starting small and budgeting for everything. If your resolutions are realistic, you'll be more likely to stick to them.