3 Money Moves To Make In 2024

Americans are becoming more optimistic about where the economy will go in the new year. consumer confidence index (CCI) has risen nearly 10% since last month, hitting its highest since July.

of monthly report It surveyed 5,000 U.S. households about their savings, unemployment, and overall economic outlook for the next six months. The latest CCI released on December 20th reached 110.7, up from 101.0 in November 2023.

“It’s been a really steep rise. Almost every indicator has been positive throughout the study,” said Dana Peterson, chief economist at . conference board, a nonprofit think tank that calculates the CCI. “What was surprising was not just the amount of increase, but also the breadth of the improvement.”

Peterson credits slowing inflation and recent declines in mortgage rates with a positive outlook for consumers during the holiday season.Despite some economists still Predict a gradual economic slowdown Even in late 2024, most respondents did not believe the U.S. would enter a recession next year.

He said economic optimism was felt across all age groups and income levels, but the growth was greatest among households with incomes above $125,000. According to his post, consumers’ biggest issue remains rising prices, while concerns about interest rates, politics and global conflict have all receded.

If you’re bullish about the economy in 2024 and expect to have some extra money in your coffers, there are some smart monetary policies to seriously consider.

Before you do anything else, it’s wise to save up for a rainy day. An emergency fund is a savings account with money that you can easily access when the unexpected happens.

Experts recommend having three to six months worth of expenses in an emergency fund, but anything you can contribute regularly is a good place to start.

a Wells Fargo Way2Save Savings Account You earn 0.15% annually and only need $25 for your first deposit. Being able to access your emergency fund without incurring penalties is important, and your Way2Save account includes 6 free withdrawals each month.

Additionally, Wells Fargo has the most brick-and-mortar locations, including branches and ATMs, of any U.S. bank. within 2 miles More than half of U.S. households. How about convenience?

There is a $5 monthly maintenance fee, which is waived if you maintain a $300 balance or set up automatic transfers from your linked Wells Fargo checking account. (There is also an exemption if the account holder is under the age of 24.)

High-yield savings accounts are great for emergency funds. A typical savings account has an annual percentage yield (APY) of less than 1%, but a HYSA can reach 5% or more.

At a solid 4.65% APY, LendingClub High Yield Savings is one of CNBC Select’s leading choices for HYSA. You can make unlimited withdrawals without penalty, and there are no minimum balance requirements if you open your account with at least $100.

Interest rates are expected to fall in 2024, but are likely to remain at historically high levels. It’s a smart move to use any extra money you have to pay off credit cards, especially those with high annual percentage rates (APRs).

If you can make regular payments, transferring your high-interest credit card balance to a 0% APR credit card is a great way to get out of the red.of amex everyday credit card We offer 15 months of no interest on purchases and balance transfers (variable annual percentage rate of 18.24% to 29.24% thereafter).

There is a $5 or 3% fee for balance transfers, whichever is greater, but the Everyday card has no annual fee. Cardholders can also earn his 3% cash back at US supermarkets and gas stations (up to $6,000 annually, then 1%).

Another way to take advantage of a strong economy and make money is to work towards long-term financial goals, such as home ownership. Certificates of Deposit (CDs) are a great opportunity to save up for milestone purchases you don’t plan on making right away. Some CDs have APYs above 5%, and penalties for early withdrawals are a good incentive to stay away from your account.

Ally Bank CDs have no minimum balance requirements or monthly fees, APYs ranging from 3% to 5.15%, and terms ranging from 3 months up to 5 years. If you renew after the expiration date, you will automatically receive a 0.05% loyalty reward from Ally, which will slightly increase your APY.

Americans are becoming increasingly optimistic about what next year’s finances will look like. Make the most of your financial tailwinds by increasing your savings and paying off high-interest credit card debt.

At CNBC Select, we work with experts who have expertise and authority based on relevant training and experience. In this article, we interviewed Dana Peterson, Chief Economist at The Conference Board.

CNBC Select’s mission is to provide quality service journalism and comprehensive consumer advice to help readers make informed decisions about their money. All personal finance articles are based on rigorous reporting by a team of expert writers and editors with extensive knowledge of financial products.. While CNBC Select earns commissions from affiliate partners on many offers and links, we create all content without input from commercial teams or outside parties and adhere to journalistic standards and ethics. We are proud of our products.

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