2024 MONEY RESET: How I'm managing my money in the new yearJan 25, 2024
Today I'm diving into the intricacies of my personal finance journey and how I plan to manage my money in 2024. I'm pulling back the curtain and and excited (and scared) to bring you along for the ride. In this post, I'll be discussing my financial goals, the tools I use to manage my money, and the strategies I've implemented to ensure a prosperous year ahead.
Embracing Financial Transparency
I've made a commitment to be open and public about my financial journey. It's not just about the numbers; it's about the real, raw experiences that come with managing money—the good, the bad, and the ugly. I believe in the power of transparency, especially when it comes to separating personal and business finances. For those of us with side hustles or businesses, this distinction is crucial for a clear financial picture.
Life Choices and Financial Freedom
As a childfree woman in a relationship, I fall into the "double income no kids" (DINK) demographic. This lifestyle choice affords my partner, Zach, and me more expendable income for travel, investments, and savings. While I acknowledge the high cost of raising children, my aim is to showcase the financial possibilities that come with different life paths.
Setting Financial Goals for 2024
This year, I've set some ambitious financial goals. I'm aiming to earn my full bonus from my day job, save a substantial amount in my high yield savings account, max out my Roth IRA, and continue investing 30% of my salary into my 401k and HSA. On top of that, I'm targeting $25,000 in earnings from my side hustles. To keep everything on track, I'm implementing a monthly budget and bookkeeping system.
The Ultimate Wealth Dashboard
To manage my finances, I rely on a tool I've dubbed the "ultimate wealth dashboard." This spreadsheet is where I categorize all my financial data: income, bills, expenses, savings, investments, and debt. It's a comprehensive system that allows me to see the full picture at a glance. Zach and I maintain our financial independence, splitting joint expenses down the middle while keeping our personal expenses separate.
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Budgeting and Expense Tracking
I meticulously track my expenses, which include rent, insurance, utilities, groceries, dining out, and those unpredictable miscellaneous costs. It's essential to categorize and monitor these expenses to stay aligned with my financial goals. My savings targets are diverse, covering a future house, emergencies, gifts, and vacations. I also keep a close eye on my investment accounts and am actively paying down my student loans.
Managing Subscriptions and Net Worth
In today's subscription-based economy, it's easy to lose track of recurring costs. I've developed a system to manage these subscriptions effectively, ensuring I only pay for what I truly use and value. Additionally, I regularly track my net worth to gauge my financial health and progress.
The Monthly Budgeting Process
Each month, I set projections for my expenses and track my actual spending. This practice helps me stay on course and make adjustments as needed. It's a dynamic process that keeps me engaged with my finances and allows me to make informed decisions.
My 2024 financial reset and planning is more than just a set of goals; it's a commitment to a lifestyle of mindful spending, diligent saving, and strategic investing. By sharing my experiences, I hope to inspire you to take a closer look at your own finances and perhaps even adopt some of the practices that have worked for me. Here's to a financially fruitful year ahead!
Watch the full episode here:
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