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Nine Financial To-Dos to Help You Stay on Track in 2024

Nine Financial To-Dos to Help You Stay on Track in 2024

It may be hard to believe, but it’s 2024. You probably have a lot going on, so time passes quickly. You spend much more time earning money than thinking about how to make the most of it. Financial planning and making the right money decisions are an ongoing task. If you don’t take time to review your financial health regularly, you may find yourself in a position where it is too late to make corrections.

If you’re looking to safeguard your hard-earned assets and ensure they’re protected for the future, it’s essential to consult with a skilled lawyer about protecting your assets. Our team of highly experienced Las Vegas attorneys that understand how to safeguard assets can assist you in creating a plan that works for you.

Here are nine suggestions for your 2024 financial health to-do list:

  • Evaluate Your Goals

Think about and map out your financial expectations for the new year. If you did so last year, take out that list and make the necessary changes. If you want to boost your savings by $10,000 before the year ends, how will you achieve that goal? What spending will you cut? How much will your income grow? 

  • Create and Stick to a Budget

Establish a detailed budget with your monthly income and expenses. Include savings goals, debt payments, and discretionary spending. Once it’s done, don’t put it away and forget about it. Regularly track your spending to make sure you’re staying within your budget and make needed changes.

  • Build an Emergency Fund

Your goal should be to have enough money set aside to pay for at least three to six months of living expenses in case you face unexpected financial emergencies, like a sudden illness or job loss. You can set up automatic transfers to a high-yield savings account to build this fund gradually.

  • Invest for the Future

Take advantage of retirement savings accounts such as IRAs or 401(k)s and save for your long-term financial needs. You may need to diversify your investments to effectively manage your risks. Regularly review and rebalance your investment portfolio to match your risk tolerance and financial objectives.

  • Pay Down Debt

Focus on paying down high-interest debts, like personal loans and credit card balances, as quickly as possible. Make extra payments to reduce the amount owed to become debt-free sooner. Once these obligations are gone, you’ll have more to save or invest.

  • Review and Update Insurance Coverage

Review your insurance policies, including health, auto, home, and life insurance, to ensure you have enough coverage at the best rates. Have there been significant life changes in the past year that may impact your insurance needs? Shop around for competitive quotes to save money on premiums. 

Depending on what you need and the local insurance market, you may find a carrier aggressively pricing coverage to build its market share, saving you a substantial amount of money.

  • Take Time for Accountability

Improving your financial well-being can be like losing weight. At the start of the year, you’re committed and motivated to live a better life. After weeks, maybe days, old, bad habits raise their ugly heads again, and you’re back to square one.

Block out time monthly and commit to assessing your progress towards your year-end goals. Share that time with someone who will hold you accountable. Taking time to build momentum to reach your 2024 financial goals or adjusting them, if needed, will make reaching them far more likely.

  • Work with a Tax Professional

If you do your taxes, consider hiring an accountant, especially if you own a business, are self-employed, or own rental property. You may be missing tax deductions or credits that may lower your tax liability this year and in the future.

  • Check Your Credit Reports and Scores

Your credit score impacts whether you can get loans or financing and, if so, what rate you’ll pay. You can obtain a free credit report from each major agency each year. Look to see if there are any mistakes that may drag down your credit-worthiness and scores. If there are, you can submit information to correct them. This is especially important if you plan to apply for a mortgage, second mortgage, home improvement loan, or car loan this year.

Contact an Estate Planning Lawyer in Nevada

Considering all you do to improve and protect your financial health, don’t overlook the need to ensure your assets are planned for and protected in the event of an untimely death or circumstance where your assets may be put at risk.  Whether in Henderson, Las Vegas, Carson City, or Reno, contact the team of attorneys experienced in planning for and protecting assets in Nevada at LKP for a free consultation. Use our online contact form or call us at 702-333-1711.

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The information provided on this website is not legal advice and no attorney-client or confidential relationship is formed by use of the site or by submitting a contact form. None of the content on this website constitutes a guarantee, warranty or prediction regarding the outcome of any legal matter.

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