The new year is upon us, and it’s a great time to plan for your financial future. Here are five financial resolutions to consider for 2024.
1. GET A HIGH-INTEREST SAVINGS ACCOUNT
Interest rates are still high on savings accounts right now, especially high-yield online savings accounts. Some accounts are offering more than 5% annual percentage yield, which is 10 times more than the national average on savings accounts. Take advantage of this “free” money by opening a new account with a high rate or upgrading your current one. Just make sure you avoid fees as much as possible, and choose a bank or credit union that is easy for you to access, either through remote customer service or in person.
FILE – The likeness of Benjamin Franklin is seen on U.S. $100 bills, Thursday, July 14, 2022, in Marple Township, Pa. In preparation for 2024, you can shore up your finances by creating some financial New Year’s resolutions for yourself. (AP Photo/Matt Slocum, File)
2. FOCUS ON STUDENT LOAN REPAYMENT
For many, student loan payments resumed in 2023. If you’re feeling anxious or uncertain about how much you owe, it’s best to face the numbers head-on and see if there’s any way you can reduce your payments. For example, if you earn less money now than you did before student loan payments were paused, then updating your income in your student loan portal may change the amount of your income-driven repayment. There’s another way you might be able to reduce your payment if you’re on an income-driven repayment plan: If you have a retirement fund, you may want to consider putting some money away as a way to reduce your student loan payment.
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“If you put your money in a pre-tax retirement account, that lowers your taxable income for the year,” saysJen Mayer, an accredited financial counselor and founder of the Brooklyn, New York-based firm Fully Funded. “The percentage that you’re paying for income-driven repayment is going to be lower.”
3. BUILD YOUR FINANCIAL KNOWLEDGE AND SET SOME GOALS
Though personal finance isn’t a standard part of an American education, there are plenty of ways to learn more about budgeting, saving and investing. Whether you browse reputable sites online, check out finance books from your library, or talk to a certified financial planner or other licensed expert, there are lots of people who are eager to impart their financial know-how.
As you learn more about personal finance, you might find yourself getting inspired to create your own financial goals. Perhaps you want to retire early, save for a down payment on a house or build a healthy emergency fund. Once you’ve nailed down your goals, you can determine how much money you’ll need, then set a timeline for saving it.
4. TRY USING AI FOR YOUR FINANCES
In 2023, artificial intelligence chatbots such as ChatGPT and Bard became popular tools for research and advice. In 2024, you can experiment with using them for your finances. You can give a bot specific prompts, such as “My salary is $50,000, and I want to save $5,000 by the end of the year. How can I do that?” and it can do the math for you, calculating what you need to save and suggesting how to cut back on different expenses. You can also instruct a chatbot to find you good deals for things like groceries, school supplies, gifts and more. Just remember that AI pulls information from various sources, and those sources may not always be accurate. Be sure to double-check any information you receive by doing the math yourself, checking with an expert or going to a reputable website to learn more.
5. SET UP RECURRING DONATIONS TO A NONPROFIT
Recurring donations provide reliable income to nonprofit organizations, which allows them to plan their budgets more easily. If you’re interested in setting up recurring donations for a particular nonprofit, there are several ways you can do this.
Check with your employer to see if they match donations and if they have an online portal to do so. This can be an easy way to make your donations go further.
If you’re donating on your own, you can typically do so through a nonprofit’s website, but Shavon Roman, a personal finance expert and founder of Heal. Plan. Invest., says there are ways to make it even easier.
“Most charities will give out their information so that you can wire donations from your bank account or send them through Zelle,” Roman said. “You can automatically transfer a certain amount of money on a regular basis, and it’s within a system that you control. During tax season, you can also see exactly how much money you donated when you want to file a tax deduction.”
Before you make any donations, you may want to do an internet search for the organization to confirm that it is a 501(c)(3). These organizations are considered tax-exempt by the U.S. government, so you’ll be eligible to write off these donations when you do your taxes.
50 college majors that earn the least money
50 college majors that earn the least money
Many lucrative careers emerge from fields that may not have the highest starting salaries. While some college majors are associated with low earning potential, strategic networking and adapting skills to other industries can help bridge the gap in the early years of a career.
Plus, any major is better than no major—a bachelor’s degree in any field yields nearly $1.2 million more in a lifetime over no college education at all. Often, a degree is just the first step in a career that evolves and grows into unimaginable places. Regardless, choosing a major involves carefully balancing career interests with the prospects of the field and awareness of potential financial challenges.
Using PayScale’s 2021-22 College Salary Report, Stacker researched the 50 college majors that earn the least money. This report surveyed 3.5 million college graduates and 82,735 bachelor’s degrees ranked by mid-career median salary, what a person earns after working in the field for over 10 years. These earnings include the base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime, and other forms of cash earnings. Ties are broken by early career salary levels.
Stock compensation was not included when considering the annual salary of each college major, but can be a significant portion of pay for specific executive and high-tech jobs. Further, a wage for the noted college major does not include the cash value of retirement benefits or the amount of other noncash benefits, including health care and other ancillary benefits. PayScale’s salaries do not directly reflect those of the Bureau of Labor and Statistics. For most of the majors, BLS data shows higher salaries, even though the level of education required is the same.
#49. Ceramics (tie)
– Early-career pay: $42,200
– Mid-career pay: $58,300
Students looking to major in ceramics will learn about the science behind materials, plus sculpture and drawing skills. Courses in personal style development, wheel-throwing techniques, firing and kiln operation, oxidation, ceramic murals, mixed media, and slips and glazes are usually required to graduate. Many with a degree in ceramics become professional potters, teachers, artists, or sculptors.
#49. Parks and recreation management (tie)
– Early-career pay: $42,700
– Mid-career pay: $58,300
Parks and recreation workers typically work for the government, which means they may see fewer pay raises than other workers. In August 2023, President Joe Biden authorized a 5.2% pay raise for federal workers, the largest since 1981.
#47. Pastoral ministry (tie)
– Early-career pay: $38,700
– Mid-career pay: $58,000
Pastoral ministers help people in spiritual distress and lead religious organizations and communities. But people don’t pay for spiritual counsel—other than donations or tithes—and therefore, there are no typical ways to drive up earnings.
#47. Vocal performance (tie)
– Early-career pay: $42,600
– Mid-career pay: $58,000
While some vocal performance majors may go on to perform sold-out arenas, many end up working in less lucrative careers. These include positions at churches, such as worship pastors and directors of music ministry, which come with decidedly lower salaries.
#45. Bible studies and theology (tie)
– Early-career pay: $40,000
– Mid-career pay: $57,500
All jobs depend on having clients, and this includes religious jobs. Bible studies and theology professionals face challenging headwinds in the United States in this respect. About 1 in 5 Americans, a record-high share, report themselves as having no formal religious identity.
#45. Art teacher education (tie)
– Early-career pay: $40,300
– Mid-career pay: $57,500
Art teacher education majors most often go on to help nurture the next generation of creative minds, often at the elementary, middle, and high school levels. Those who pursue this course of study may also find career opportunities in museums or as textbook illustrators.
#44. Forensic accounting
– Early-career pay: $48,300
– Mid-career pay: $57,200
Forensic accountants are integral in solving crimes like insurance fraud or money laundering by carefully tracing and examining the flow of finances. Advanced degrees and CPA certification can increase employment opportunities for forensic accounting majors.
#42. Legal assistant studies (tie)
– Early-career pay: $38,100
– Mid-career pay: $57,100
Legal assistants may hope to become lawyers, who typically earn significantly higher salaries. However, without a law degree, legal assistants are only legally allowed to perform certain tasks, which caps the value of their services.
#42. Communication sciences and disorders (tie)
– Early-career pay: $43,300
– Mid-career pay: $57,100
Communications sciences and disorders specialists address an array of issues that technology may be rendered less reliant on therapy. For example, cochlear implants are covered by most insurance plans, and while there are some ongoing costs for maintenance, they reduce the need for hearing therapy because the technology helps patients hear.
#41. Special education
– Early-career pay: $41,300
– Mid-career pay: $57,000
There are several special education career paths to take after majoring in the subject, aside from teaching. The prospect of becoming a residential manager, preschool director, or direct support professional is why some choose the undergraduate major, and then get their master’s degree. Workers who assist disabled people are in high demand both because more students need help and because more teachers are leaving the profession.
#40. Conservation biology
– Early-career pay: $42,800
– Mid-career pay: $56,900
Conservation biologists play a critical role in preserving species and ecosystems. Many important roles in the field are with government agencies or nonprofit organizations, meaning they may not have great earning potential, despite the hard work, which often involves long hours and physical labor.
#39. Family studies
– Early-career pay: $39,200
– Mid-career pay: $56,800
Family studies professionals help tutor, develop, and supervise children. Some competition they face in commanding high salaries? Teenage babysitters, whom parents may feel more comfortable paying lower wages.
#37. Christian ministry (tie)
– Early-career pay: $38,100
– Mid-career pay: $56,400
Christianity has been on the decline in the United States for years. This means fewer Americans are attending church or giving to their churches, which means fewer resources to support the salaries of Christian ministry workers.
#37. Speech and hearing (tie)
– Early-career pay: $43,300
– Mid-career pay: $56,400
Speech and hearing professionals’ salaries suffer from improved technology. Hearing aids have become increasingly sophisticated, reducing the need for administrative assistance after purchase.
#36. Health and human services
– Early-career pay: $43,500
– Mid-career pay: $56,300
Health and human services encompass a vast array of jobs. On the higher end of the pay scale, these include jobs such as public health directors. But many other jobs in health and human services typically have lower pay rates, such as social workers and correctional officers.
#35. Musical theatre
– Early-career pay: $43,500
– Mid-career pay: $56,100
Musical theatre’s mix of acting, music, and dance attracts people with multiple talents. Careers in film, television, and stage performance are highly sought after and limited, however, meaning many graduates go on to work as teachers or in non-performance production roles. Still, the discipline is gaining popularity, with 6% more degrees awarded in 2021 than in 2020.
#34. History teacher education
– Early-career pay: $47,700
– Mid-career pay: $55,600
Majoring in history teacher education likely means most graduates will teach the subject in elementary, secondary, or postsecondary schools. Being a history teacher, like other instruction degrees, typically requires those who major in the subject to become state-certified after student teaching. History teachers may work with special education teachers to make learning more accessible for students with learning difficulties and can work with debate teams, for example, because of their knowledge of current events.
#33. Developmental psychology
– Early-career pay: $38,200
– Mid-career pay: $55,000
Developmental psychologists study how people change throughout their lifetime from various perspectives, including biologically, socially, emotionally, and cognitively. Advanced degrees, licensure, internships, and certifications can mean the accrual of significant debt before a person can even begin working and practicing in the field.
#32. Therapeutic recreation
– Early-career pay: $39,500
– Mid-career pay: $54,900
Therapeutic recreation specialists work with patients to improve the minds, bodies, and spirits of those with diseases or disabilities. This demographic may be less likely to have resources to pay therapists significant sums, which may play a role in driving down salaries.
#29. Social work (tie)
– Early-career pay: $38,600
– Mid-career pay: $54,600
Although social work jobs may not have the highest starting salaries, job prospects for social workers are actually quite positive. As health care spending continues to increase, the Bureau of Labor Statistics projects that social work jobs will continue to enjoy a rise in demand for workers.
#29. Applied behavioral science (tie)
– Early-career pay: $40,500
– Mid-career pay: $54,600
Applied behavioral science is essentially the study of why people behave in certain ways. If it sounds broad, that’s because it is. Graduates often pursue career opportunities in the fields of human resources, human services, and consumer science, among others.
#29. Community and human services (tie)
– Early-career pay: $42,400
– Mid-career pay: $54,600
Community and human services workers endeavor to improve the lives of their communities and the individuals who work in them. And even though salaries are not as high as those from other majors, the BLS has noted that job growth in this field is projected to remain high in the next decade.
#28. Office administration
– Early-career pay: $38,700
– Mid-career pay: $54,500
Graduating with a major in office administration opens doors to many career paths, including medical office manager, staff specialist, executive assistant, management secretary, and purchasing consultant. The U.S. Bureau of Labor Statistics details other career opportunities that do not require a degree but have comparable and higher annual salaries for those who major in the field. Among those occupations are police, fire, and ambulance dispatchers, who make $46,900 annually, and administrative assistants, who annually make $44,080.
#26. Ministry (tie)
– Early-career pay: $36,700
– Mid-career pay: $54,300
Ministry graduates prepare to be clergy members at religious organizations and institutions. Some students may pursue seminary school upon completion of a ministry degree or may pursue a specialization like working with youth. But church attendance is falling as the number of Americans with no religious affiliation continues to rise.
#26. Family and community services (tie)
– Early-career pay: $42,200
– Mid-career pay: $54,300
Family and community services careers often involve helping people with little capital or power, including the impoverished and disabled citizens accessing social services. Because these services are offered free of charge, there is a limited capital base with which to reward workers.
#25. Youth ministry
– Early-career pay: $37,400
– Mid-career pay: $54,200
Youth ministers work with children and teens to coordinate related activities at a church or religious organization. Churches typically operate as nonprofits, and therefore the salaries of their workers, including youth ministers, cannot respond to the wider market and offer higher salaries.
#24. Elementary education
– Early-career pay: $40,000
– Mid-career pay: $53,800
Majoring in elementary education means teaching and instructing young students. Majors in the program must choose a specific subject to study, such as math, history, science, or English. Some who major in the subject consider careers as guidance counselors, juvenile correction officers, long-term substitute teachers, online instructors, preschool teachers, or adjunct professors.
#23. Voice and opera
– Early-career pay: $34,500
– Mid-career pay: $53,300
Voice and opera students preparing to perform professionally after graduation must learn theatrical techniques and stage repertory through courses such as diction, foreign languages, music theory, and humanities. While receiving private instruction during the undergraduate curriculum, students also perform in choral ensembles. Students who choose not to sing opera after studying the major can easily transition into other careers, including teaching art, drama, music, or becoming a musical director or composer.
#21. Christian education (tie)
– Early-career pay: $38,700
– Mid-career pay: $53,200
A degree in Christian education prepares students to work in ministry and service in practicing and spreading the Christian worldview. Graduates often go on to work in churches, religious organizations, or other educational settings. According to the Bureau of Labor Statistics, 58% of those who major in philosophy or religious disciplines go on to earn their master’s degrees.
#21. Conflict resolution (tie)
– Early-career pay: $44,400
– Mid-career pay: $53,200
Whether on an international scale or between two individuals, where there is conflict, there is a need for conflict resolution. Conflict resolution specialists and mediators often require advanced degrees and many years of experience to be established in the field.
#19. Baking and pastry arts (tie)
– Early-career pay: $37,500
– Mid-career pay: $53,000
These days, it seems everyone is a food blogger. This means that more people than ever are likely to be trying their hands at baking and pastry-making at home, reducing the need for specialized bakers.
#19. Human services management (tie)
– Early-career pay: $45,600
– Mid-career pay: $53,000
Human services management jobs are a specific role for those interested in helping or managing others in social work or related fields. Although the average salary is not extremely high, these positions pay more than nonsupervisory roles in the same field. Some of these roles require additional licensing.
#18. Hospitality and culinary arts
– Early-career pay: $38,800
– Mid-career pay: $52,900
Some career choices for holders of a hospitality and culinary arts degree include restaurant manager, food service director, chef, caterer, and food safety specialist, among others. But the hospitality industry, particularly in the wake of the COVID-19 pandemic, is notoriously understaffed, underpaid, and undervalued.
#17. Human services
– Early-career pay: $38,700
– Mid-career pay: $52,500
Although careers in human services vary widely, their common denominator is that they help people who are likely unable to help themselves. As such, these jobs, which include family court advocates and crisis support workers, serve a population with limited resources that may be unable to compensate them highly.
#15. Recreational therapy
– Early-career pay: $38,400
– Mid-career pay: $51,600
Recreational therapists help many Americans, especially older adults, deal with disabilities, injuries, and illnesses—typically via arts and crafts, aquatics, games, and other activities. Although the pay is not high, these professions are projected to increase in demand as an aging generation of Americans looks to the future.
#14. Child development
– Early-career pay: $37,400
– Mid-career pay: $51,400
Childcare workers have an average hourly wage of just $13.71. Some advocacy groups and politicians have advocated paying these workers more to meet growing demands for a $15 minimum child care wage.
#13. Educational psychology
– Early-career pay: $36,900
– Mid-career pay: $51,200
Educational psychologists study how people learn, which can inform various teaching methods, classroom strategies, and ideally, improve academic outcomes. But as many schools struggle with shrinking budgets, professionals in this field are either unaffordable or underpaid and are often expected to work beyond a reasonable capacity.
#12. Middle school education
– Early-career pay: $41,200
– Mid-career pay: $50,800
After majoring in middle school education, graduates teach students in grades five through nine. Preparing to teach that specific age group entails taking undergraduate courses in various subjects, including English, science, mathematics, and social studies.
#11. Mental health counseling
– Early-career pay: $36,100
– Mid-career pay: $50,000
Becoming a licensed mental health counselor requires time, study, and practice—years of it. Professionals can focus on working with specific populations, like children, military veterans, or people with addiction. And there is no shortage of need for these services. More than 156 million people in the U.S. live in areas with documented mental health care professional shortages.
#10. Early childhood and elementary education
– Early-career pay: $38,000
– Mid-career pay: $48,400
Students who major in early childhood and elementary education prepare to teach in both preschool and after-school programs, as well as kindergarten through sixth grade. Graduates must usually become certified to instruct students in whatever state they choose for work. With further schooling, some graduates of the major go on to become administrators, such as principals, superintendents, directors of curriculum, and college deans.
#9. Equine studies
– Early-career pay: $35,700
– Mid-career pay: $47,100
An equine studies major prepares you for just about any career pertaining to horse training, breeding, or showing. While the equine world is often equated with wealth, workers in this field are among the lowest paid on this list. For those working with horses competing in major races and events, the purse earnings divided among winning team members can be very lucrative.
#8. Addiction studies
– Early-career pay: $38,000
– Mid-career pay: $47,000
Addiction studies majors can typically expect to work as addiction counselors or drug or alcohol treatment specialists. There is a large pay range for those who work in the field, with salaries dependent largely on the level of education attained, geographic location, and the type of setting in which treatment is performed.
#7. Child and family studies
– Early-career pay: $36,400
– Mid-career pay: $46,500
Childcare is one of the lowest-paying professions in the United States. One reason may be that many teenagers and other younger adults will work as babysitters and tutors to make side money, which makes it more difficult for professionals to demand higher wages.
#6. Rehabilitation counseling
– Early-career pay: $39,200
– Mid-career pay: $46,400
Rehabilitation counselors typically work to serve people living with disabilities. These services can range from mental health to physical health to practical life-skills training and can be performed everywhere, from detention centers to unemployment offices. Recipients typically do not pay for such services, and as such, the salaries of rehabilitation counselors are limited by the budgets of the government or nonprofit agencies that employ them.
#5. Outdoor education
– Early-career pay: $37,400
– Mid-career pay: $46,300
Outdoor education professionals help people enjoy the great outdoors. However perfect they may be for the outdoors enthusiast, some of these jobs are run by the government, which means they are capped within a certain pay bracket.
#4. Early childhood education
– Early-career pay: $36,100
– Mid-career pay: $45,400
A child’s cognitive, emotional, and language development occurs in the first five years of life, making early childhood education critical in an adolescent’s academic career. However, it is one of the lowest-paying majors on the list, indicating that those who enter the field are likely more concerned about the community than salary.
#3. Mental health
– Early-career pay: $36,900
– Mid-career pay: $45,000
Mental health is a field that encompasses many different settings. Some mental health specialists may work in assisted living facilities, helping residents with dementia, while others may work with working professionals stressed and depressed about their jobs. Those working in private practice theoretically have no salary caps, while those working in institutions may be more constrained by salary caps.
#2. Medical assisting
– Early-career pay: $36,000
– Mid-career pay: $44,800
Medical assisting wages may be low partly because it’s a job that requires fewer qualifications than other health care jobs and because of high turnover.
#1. Metalsmithing
– Early-career pay: $40,000
– Mid-career pay: $40,300
Many workers with degrees in metalsmithing find work as jewelers. Those working in the retail trade tend to make the most, but it’s still not very much.
Additional writing by Colleen Kilday. Story editing by Jeff Inglis. Copy editing by Robert Wickwire. Photo selection by Ania Antecka.
This column was provided to The Associated Press by the personal finance website NerdWallet. Chanelle Bessette is a writer at NerdWallet. Email: [email protected]. Twitter: @crbessette.
