Saturday,
January 6, 2024
Top Story
The week in review
• Rate cuts are anything but a done deal in 2024 the December Fed meeting minutes showed, knocking the market’s confidence a little.
• The 30-year mortgage rate rose to 6.76%, its first increase in nearly two months.
• The ADP employment report showed the U.S. added 164,000 private sector jobs in December, topping consensus estimates as well as the previous month’s number.
• The manufacturing sector declined more than expected in December, slipping further into contraction, according to one business activity survey.
For more economic news, visit On the Money — SoFi’s one-stop-shop for news, trends, and tips!
How to keep your money resolutions this year
Want to make 2024 the year you manage your money better?
It can be hard to stay focused on big goals sometimes. But setting detailed and achievable resolutions can help you stay on track and motivated.
Getting financially fit
Build an emergency fund
Experts recommend having three to six months of living expenses saved in case of unexpected events, including job loss, or hefty medical bills. But saving up so much can feel daunting.
You don’t need to get there in one go, simply find a way to contribute to your emergency fund on a consistent basis, and keep the money separate from your regular savings account, ideally somewhere it works for you, like a high yield savings account.
Tackle your debt
List out your debt obligations along with their interest rates and create a plan for what to tackle first. Here’s a primer for different debt payoff strategies.
SoFi can help you track your money and take the first step to financial wellness in 2024.
