4 Effective Tips to Achieve Your 2024 Financial Resolutions

There are 4 tips that you can do so that your 2024 financial resolutions can be achieved. What are the tips? Come on, let’s discuss it!

The end of the year is usually the right time to make new financial resolutions. But before discussing your financial resolutions for 2024, what about your resolutions for 2023? Has it been achieved?

In living your daily life, having financial resolutions can be a wise step to achieving long-term financial freedom. However, the reality is not that easy. However, financial planning requires a mature strategy and consistency in its implementation. 

There are still many people who are reluctant to make financial resolutions because of the trauma of previous years, financial resolutions are often not achieved. Are you one of them? 

Don’t worry, in this article, we will discuss some practical tips that can help you achieve your 2024 financial resolutions.

1. Note Every Detail Carefully

The first step that needs to be taken is to record all expenses, income, assets and debts in detail and thoroughly. Financial recording needs to be done in detail because this is the main ingredient for planning financial strategies for the next period. 

For example, you regularly record your finances from January to March 2024. Then it is known that your average routine investment capacity per month is IDR 5 million. From there, you can formulate what financial goals are realistic to pursue until the end of 2024. 

2. Create SMART Goals

After you have successfully recorded your finances regularly and have got an idea of ​​what your current financial condition is like, then you can start to formulate financial goals. How do you formulate financial goals?

Of course, formulating financial goals is not arbitrary. Indeed, it is necessary to be an optimistic person and have lots of dreams. But remember, realizing dreams must be adjusted to our financial capabilities. Therefore, the SMART formula for planning financial goals was born.

What is SMART? SMART is an abbreviation for Specific, Measurable, Achievable, Relevant, and Time-bound .

  • Specific

Your financial goals must be specific. For example, you want to continue your education towards Master’s level. Where? Is it in Indonesia or abroad? If in Indonesia, which campus? What major do you want to take? Do you want to take an employee class so you can work while you work, or do you want to take a regular class? How much is the initial fee? How much does UKT cost per semester? So how much living costs must you cover each month while studying?

Creating specific financial goals will make it easier for you in the process of formulating cost targets later. With in-depth research, you can get an exact number of the total target costs you need to save. Don’t forget, also calculate the possibility of inflation in the future!

  • Measurable

In preparing targets and plans, you must have a unit of measurement so you can track progress while fighting. For example, you have a financial goal of wanting to continue your Masters education with a total cost of 100 million in the next 2 years. If we detail it, it means we need to save a minimum of IDR 4,200,000 every month in order to achieve these financial goals on time.

  • Achievable

Make sure your financial goals can be achieved realistically according to your abilities. For example, you have a financial goal of wanting to continue your Masters degree with a total cost of IDR 100 million in the next 2 years. So that means you need to set aside around IDR 4,200,000 every month. If it turns out that currently you are only able to set aside IDR 2,000,000 every month, then this financial goal can be said to be not achievable . You need to adjust your expectations (looking for another campus with lower fees), or you need to adjust your financial capabilities (looking for additional income).

  • Relevant

Financial goals must be relevant to your life goals, needs and values. For example, you are single and want to continue your education towards a master’s degree. You must have a strong goal. For example, so that your career doesn’t stagnate, so that in the future after you start a family and have many dependents, you have a lot of power to pursue your family’s various financial goals in the future.

  • Time-bound

What is the difference between dreams and plans? Yes, plans have specific and clear deadlines. 

Even when making financial resolutions, you must be able to make clear time targets. For example, in 2024 you have a resolution to start saving for the costs of continuing your master’s education with the target goal to be achieved by mid-2025.

By setting a clear time target, you can automatically measure approximately how much money you need to save regularly every month in order to achieve your financial goals on time.

3. Consistent and Disciplined.

Next, what is no less important is consistency and discipline. Because it’s useless if you have prepared a plan very neatly and realistically, but along the way you can’t be consistent and are even easily tempted to spend your money on things that are not related to your target. Agree, right?

4. Improve Financial Literacy

Improving financial literacy is a very worthwhile long-term investment. According to the World Bank, the financial literacy index in Indonesia will only reach 38% in 2022. Therefore, it is important to diligently attend various seminars on financial planning, read financial books, and follow developments in various financial products in order to increase your understanding in managing personal finances. .


By following the tips above, you can increase your chances of achieving your 2024 financial resolutions. A good financial plan requires the ability to develop realistic strategies, coupled with discipline, patience and knowledge of financial planning science that is kept up to date.

Leave a Comment