UNITED STATES—For many Americans 2023 was not a great year financially, hell, some would argue 2022 was far worse with the massive gas prices amongst other things. I actually feel 2023 was a lot worse because the inflation seemed to reach a level of stability where it hit American’s wallets in the worst possible way. You may have made more money, but with each penny earned it seemed like you were spending it on other things, not to mention we just wrapped up the holidays and spending may have hit an all-time high.
So the first thing you have to do is realize, 2023 is over, and we have a fresh slate in 2024. You really have to start asking yourself some tough questions. What are my financial goals for this year? Are you looking to save more money? Are you looking to spending less money? Pay off debt? Pay for the kids college? Are you looking to cut back on bills that are unnecessary? Do you want to travel more? How about save more money for retirement? The list can go on and on.
The goal is to figure out what you want to accomplish and start to implement a plan. For me, the goal is to pay off debt and save more money. If the goal is to pay off debt and save, I have to cut back on spending. That means those unnecessary and impulse buys that I did in 2023, I have to shift that focus on a massive scale in 2024. I was a bit flippant on spending habits a bit in the past year, spending money that I should have spent.
That is the thing about a New Year, you get the opportunity to reflect on the past year and when you realize all the mistakes you made, you realize, “Oh, I have to make some serious changes and I have to start now.” I am ok with a budget, but I know plenty of Americans who hate that word because it locks them into not being free with their money and what they can spend. However, I am starting to realize what you save now is something that you can utilize for the near future. Delayed gratification is what I call it. It is so much sweeter when you achieve something that you have worked towards versus having it immediately.
When it comes to grocery shopping, there will be a budget and I plan to stick to it. I’m not going to allow those impulse food buys to get me in trouble because I went to the supermarket starving and everything looks tasty to me. I’m not going to venture into the stores and purchase items for the sake of just purchasing them because it is on sale. Just because something is on sale doesn’t mean you actually need the item and it is going to bring you the joy you suspect it will.
Retirement, so many Americans never get the opportunity to enjoy life after working relentlessly. The goal is to not only retire, but to retire and not have to question whether you can live a comfortable life without having to go back to work to supplement your income. The plan is to place $20 per paycheck into a rainy day fund, in addition to other money that I plan to put away. A lot of us argued we were going to be better with money after the pandemic that changed so many lives, but many of us went on a spending binge instead.
It may seem like a little now, but each dollar that you put away adds up in the long run. As for debt, you pay off what debt you have and you MAKE IT A MISSION to not incur more debt. How do you do that? You put that plastic away and you don’t use it. No matter how tempting it becomes, you refuse to allow yourself to be tempted by your mind or the universe. A lot of time the things we need are actual wants, if we can realize that we’ll be in a lot more control when it comes to our finances.
Written By Jason Jones
