3 Small Changes That Could Have a Big Impact on Your Finances in 2024

A lot of us could surely use more confidence around money. To use the youngest adults as an example, the Ernst & Young Gen Z Segmentation Study from last year found that 52% of Gen Zers surveyed were very or extremely worried about not having enough money — and 39% of them were very or extremely worried about making the wrong choices when they manage their finances. Luckily, there are small, easy ways to get better with money management — and feel better as a result. Give these a try in 2024.

1. Stay on top of your balances

When it comes to your money, knowledge is power. How much money do you have? And how much do you owe? If you’ve been sticking your head in the sand on this topic until now, 2024 could be the year you stop and face the music instead. Resolve to check your bank account and credit card balances at least once a week this year. Knowing how much money is in your checking account will help you avoid overdrafts (and see if your bills are coming out of the account like they should be). Keeping an eye on your savings account balance helps you assess the state of your emergency fund or how close you are to your savings goals. And watching your credit card balances can ensure you’re not spending more than you can afford to pay off without incurring interest.

2. Automate saving and investing

Some people like to put their finances on autopilot as much as possible, and I’ll tell you right upfront that I am not one of those people. I have a long (long) history of living paycheck to paycheck, and that has absolutely given me the drive to be more hands-on with paying my bills and moving my money around. That said, I recognize how much autopay helps people and lessens their stress around money — if you know the rent will be auto-paid, you don’t have to worry about forgetting it or being late. While you can certainly set all your bills to come out of your bank account automatically, if you’re more like me and would prefer to be a bit more hands-on with paying the bills, you still have the option to automate some of your personal finances. In particular, if you struggle to carve out money to save and invest, it’s worth automating the process. Set up transfers from your checking account to your savings and investment accounts, scheduled for when you get paid. This also falls into “paying yourself first,” which means treating savings like an essential bill that can’t be put off. I do it manually, but I used this technique to save money to buy a house this year — it really, really works.

3. Take a peek at your credit score every month

It might be overkill to check your credit report every month (unless you’re going through a big financial change or suspect you’re the victim of fraud or identity theft). But it’s a darn good idea to view your credit score monthly. FICO® Scores are updated every month, and if you’ve been making some positive financial changes, like paying your bills on time and paying down debt, it can be encouraging to see your credit score climb. But if you see your score slip, you can also investigate to see what went wrong — and how you can fix it. You want to look at your FICO® Score specifically, because it’s the one used by 90% of lenders. And you can get access to it for free via your bank or a credit card issuer — if not, this is a credit card perk that is absolutely worth pursuing. Getting better with money is a journey, not a destination. Consider making these small changes to improve your personal finances this year.