We’ve already put together some options to help you start your 2024 financial planning, but there are a few other things worth considering if you have the funds.

Start 2024 on the Right Foot

No matter how well you’ve done financially this year, don’t let the holidays derail your hard work. According to a TD Bank survey, almost all shoppers (96% surveyed) said they expect to overspend this season.

Don’t be one of those people. Make a budget and try to stick to it. Not only will it help you finish 2023 on a positive note, it will keep you on the right track heading into 2024 to set and achieve new financial goals.

Open a CD

If you do have some extra funds you’re looking to put somewhere other than a stocking, open a CD.

CD rates have gone up in 2023, significantly higher than historical CD rates recorded in the last decade because the Federal Reserve raised the federal funds (interest) rate numerous times in 2023 to combat inflation.

CD rates are subject to change whenever the Federal Reserve raises or lowers interest rates. The Federal Reserve is expected to begin cutting rates in 2024 which means that CD rates will also drop. While we don’t know exactly when – and there’s still the possibility CD rates rise again before that happens – now is a great time to open a CD.

Once you open a CD, the rate will stay the same for the entire length of the term. locking in a rate now will allow you to grow your savings if it isn't already in an interest-earning account.

Make High Interest Rates Work for You

The downside to the Federal Reserve raising interest rates is you’re paying more if you’re carrying debt.

“On average, it costs about $50 more per month this year versus last to carry a $1,000 balance,” said Arijit Roy, executive vice president at the U.S. Bank in Chicago.

If you can’t pay off any debts to wipe them out, there are a few more tricks to try. 

First, call your credit card company and ask if they’ll lower your rates. It may sound crazy, but if you’ve been a good customer who doesn’t have a history of making late payments and you have a high credit score, they might agree to do it.

If that doesn’t work, consolidate. Transfer your balances to a credit card with a 0% introductory APR. Then, work to pay down that debt as quickly as possible during the introductory period.

Choose a Bank you can Trust

A lot of people had to find a new home for their money this year due to the collapse of Silicon Valley Bank, Signature Bank, and several others. Whether you’re just shopping around, you’ve relocated, or your old bank is no longer in business, the first place to look is for a bank insured by the FDIC or a credit union insured by the NCUA up to the maximum allowable limits.

If you’re choosing an online financial services company — often known for no fees, high APYs on savings, and plenty of perks — make sure it’s backed by a federally insured bank.

Beyond FDIC insurance, look for a bank with a fee-free ATM network, customer service by phone or chat with generous hours, and local branches (if in-person banking is important to you).