As we rang in the New Year, a popular resolution for folks was to help improve their financial situation.
“You have to save whatever you have. Watch every penny,” said Madona Robertson, of Windsor.
In a recent Bankrate study, nearly 90 percent of Americans have a money goal for this year.
Most common were paying down debt, landing a higher-paying job or other source of income, saving more for emergencies and budgeting better.
“In a study over six months, they found something very cool. About 42 percent of people who made resolutions improve their habits,” said University of New Haven finance associate professor Fang Chen.
Chen suggests people be wise with credit cards, not letting points sit unused, and consider investing. Even a small amount can grow over time.
“Right now, actually, the stock ownership is at a record high in the U.S. More and more people put the money in that investment,” said Chen.
He also recommends taking the time to see how much is being withheld in your paycheck for taxes, hoping to avoid a big overpayment and essentially giving the government an interest-free loan.
All helping to get more cash back in your pocket.
“I’m hoping that 2024 for all the good things that all of us want,” said Surgeon.
A lot of people told Bankrate their top financial worry this year was inflation.
The good news is the professor says the expectation is inflation will continue to decline and potentially hit two percent by the end of 2024.
