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2024 is less than a month away. Here is a quick 5 step plan to win with your money this upcoming year.

January is always a great time because everyone is trying new things, starting on their New Year’s resolutions & making changes. So why not take 30 minutes & make sure your finances are on track for the rest of the year. I have created a very simple 5 step process on how to win with your money in 2024.

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Step 1: Write down your money goals.

You have to know what you are aiming for. NFL teams start the season with one goal in mind, to win the Super Bowl. Companies start the new year with goals for the business. Your finances are your business, set goals.

Maybe it is to buy a new house. Maybe it is to pay off your car. Maybe it is to pay for a vacation in cash. Maybe it is to pay off a student loan. Maybe it is to invest a certain amount. You can have more than one goal, but knowing where you want to be helps you work backwards to set up a plan to get it done.

Step 2: Review your 2023 finances.

This takes a little time (unless you have already been tracking), but how did you do in 2023. Did you spend more or less than you made? Did you achieve the money goals you set in 2023? Why not?

What are your fixed expenses going into 2024? What are your variable expenses going into 2024? Knowing these things helps us in the following steps.

Step 3: Make necessary changes.

Once you know your spending habits from 2023, depending on how you did, you may need to make some changes. If you ended up spending MORE than you made in 2023, you need to make a change. If you had money left over but didn’t put it to work, you need to make a change.

Real quick, my podcast called The Decade Investor Podcast releases a new episode every Monday & Wednesday. This week I dropped two new episodes:

1. How to Balance Life & Investing

2. The Best $400 I Have Ever Spent

You can listen to them on any podcast playing app here: https://thedecadeinvestorpodcast.buzzsprout.com/share

Step 4: Create a 2024 budget & plan.

Now that you know your expenses & income from 2023, set up a budget for 2024. You set your goals in step 1 so in your budget you can account for those. If your goal was to invest $200 a month, put that in your budget. If your goal was to pay off your $8,000 student loan, put that in your budget.

The key isn’t creating the budget, anyone can do that. The key is sticking to it. Most people don’t do that. But if you can create a winning budget AND stick to it, you are on the right path.

Step 5: Update as changes happen.

Life happens. Things change. You get a new job. You pay off a debt. A money plan is constantly changing. You have to allow for changes to happen in your plan & once they do, redirect the budget to work the new inputs.

If you can be adaptive with your budget, while also working to make it fit your money goals, you are doing great. If you follow these 5 steps for your money plan in 2024, you are waaaaaaaay ahead of most & are on the right track! Hope this helps 🙂 

I want to help you too. I will be able to help you… soon. Stay tuned, I have something coming in the beginning of 2024 that will revolutionize the game for Decade Investors.

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There is power in who you surround yourself with!

Thank you so much for reading & I will see you next week! Until then, keep buying assets.🙂 

- Decade Investor