Press Release
☷Improving your finances in 2024 – out with the old in with the new
U.S. Army ( By Press Release office)
Jan 14,2024
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Translate the following from English to English:How well were you doing financially in 2023? Find out how you can do better in 2024 . FORT KNOX , Ky . – How well did you do financially in 2023? Were you able to save more for retirement? Have you set up an emergency account or paid off existing debts? With the New Year just around the corner , some Americans are eager to restructure their financial plan to achieve their financial goals . Every new year brings with it a “new beginning . ” We typically resolve to achieve better results in everything from eating healthier to exercising more to giving up a bad habit . However , studies show that despite our commitments to make improvements , resolutions come and go . Experts say change is a process and processes take time . If we make the process too cumbersome , we may not stick to our plans . Remember that changes can always be made throughout the year to become a better money manager and improve your financial well - being . As one source put it: "You could be on the verge of disaster or in great shape , but the bottom line is you have to think about where you are now and where you need to be to take complete control . " . ' ' So let ' s put the past behind us and start again . Who knows: smart financial decisions could lead to 2024 being our best year ever . Here are some financial tips to help you start your New Year ' s planning: Review the past year . · Were your financial goals achieved in 2023? · Is your debt repayment current? What did you do to fix the problem? · Is the interest you are paying too high? · What areas do you need to focus on in 2024? · Are you ready to file your 2023 taxes now? Monitor what you spend . · Break the habit of “wasteful spending . ” · Develop a realistic written plan . The best way to create a budget is to collect your bills and make a list of recurring expenses . Rank them in order of importance . Priorities should be placed on truly essential items such as housing , food , utilities , insurance , cell phones and gasoline . · Track what you spend . Save receipts , record and review what you spend weekly . · Look for patterns , define your spending habits , and then adjust them . · Consider using financial apps like Mint , YNAB ( You Need a Budget ) , and Every Dollar . However , avoid apps that charge a monthly fee . Spend less and save more . If you wanted to lose weight , you would eat fewer calories , exercise more , and keep track of your calorie count . A similar scenario concerns money . · We all have different spending habits , including spending leaks – money spent without a plan . These include impulse purchases , paying unnecessary fees and for services we don ' t use , going to supermarkets , gym memberships we don ' t use , social media apps , games or monthly subscriptions . Think about what applies to you . · The key is to watch what you spend: don ' t spend more than you earn . · Implement a “no - spend day . ”· Question: Can you cut three to six months of your expenses each month?· Build your plan based on your goals , not your expenses . · Don ' t forget to put money aside for emergencies . Increase your retirement savings . · There is a difference between saving and investing . Savings are intended for emergencies and include money that you can access quickly when needed . It is also insured by the FDIC up to $250 , 000 . Investing is money you put away long - term for retirement , Thrift Savings Plan , 401 ( k ) plans , or other brokerage investments . · Determine what dollar amount you can invest . Can you invest 10 - 15% of your net income every month? Do it if so . · How long do you have left until you retire? Can you take more risks?· Consider an automatic withdrawal from your paycheck directly into the investment . · Benefit from employer matching that means FREE MONEY . · Consider tax - deferred growth . · Can you fully utilize your investment contributions for 2024? The IRS limit for TSP this year is $23 , 000 ( $884 . 62 per paycheck ) per year . · If you are over 50 , can you contribute a “catch - up amount” to your Roth IRA? Be aware of the changes in Secure Act 2 . 0 . · Redirect raises or bonuses to your retirement account . Not only will you lower your taxes , but you ' ll also build a healthy nest egg . · Be aware of the fees that financial institutions charge you . Check your insurance costs . · Check insurance coverage for your vehicles , mortgages and life insurance . · Do your policies cover what is important to you? Are there any additional features that you think you can live without?· Have you conducted a comparison with other competing companies?· Look for discounts: multiple insurance , good driver , number and age of drivers , etc . · Adjust your deductible: The higher the deductible , the lower your premium . Estate plan . · Have you updated or made personal changes to your estate plan and will? This could include adoption; birth of a child or grandchild; Wedding; Divorce , which includes reasons to update your life insurance policy; last will and testament; bank account; and investments that meet your needs . · Health savings or flexible spending accounts . · Inquire about a tax - advantaged health savings account that you can set up through your employer . · These accounts play a critical role in managing your health care . · Purchase taxpayer - available medical savings plans that cover qualified expenses – eyeglasses , dental and other health care costs . · Social Security . · Social Security is designed to replace 40% of your pre - retirement income . · You can start drawing benefits at age 62 or full retirement age . Determine what is in your best interest . · If you claim Social Security at your FRA , your money will grow at 8% per year . · If you wait and collect at age 70 , there is a bonus . The bonus would increase by an estimated 8% each year .
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