RALEIGH, N.C. — Financial experts say now is the time to start thinking about money moves that will set you up for success in the new year. This comes after a year of increasing housing and rent costs, interest rate hikes and grocery prices.

Connor Kasten, an assistant professor of finance at East Carolina University, recommends taking three steps to set yourself up for financial wealth in 2024.

He says it’s important to define what financial success looks like for you.

“Does that mean more disposable income every month, does that mean finally starting to invest, starting a business, does that mean finally tackling the debt that’s been lingering over you, so you really need to first design a designation of where you want to go,” Kasten explained.

Kasten says it’s also important to define where you are today.

“Take a realistic look at 2023, what are some of the financial successes that you want to keep up, what are some of the mistakes that you want to learn from and what are some of the barriers that got in the way of your plan?” Kasten said.

Kasten says the final step people can take to have financial wealth in 2024 is to build out an expected monthly spending and savings plan for 2024.

Kasten says one of the biggest barriers that gets in the way of people’s financial success is getting complacent with their financial picture, such as spending habits that are costly.

“Some of the latest figures suggest that total household debt is over $17 trillion, so everyone’s financial plan should include tackling bad debt and not all debt is necessarily bad, mortgage debt can actually be a good thing as you can kind of build equity in your home, but high interest credit card debt is very rarely good for your financial health,” Kasten stated.

Kasten says realistic New Year’s resolution financial goals for 2024 include organizing your finances and simplifying your life.