How to Make Jefa Moves with Your Money in 2024

How to learn from your spending habits in 2023 to manage your dinero in 2024

Money management 2024

Photo: Pexels/ Pavel Danilyuk

Life in 2023 was expensive, and as we look toward the new year, it’s time for all of us to do a financial review. I’m sorry to say it, but I think 2024 is going to be expensive too. There’s still not enough housing inventory, so prices for buying and renting homes will probably stay high. Even the government expects food prices to rise a little next year too though inflation is expected to slow over the next two years, from an estimated 2.9 percent in 2023 to 2.1 percent in 2024 before jumping back up to 2.2 percent in 2025. Having a money plan is giving yourself the gift of power and the freedom. Being in control of your financial choices is a major jefa move. Our community has buying power, the numbers don’t lie: the Latinx purchasing power grew to $3.4 trillion in 2021. Collective purchasing power of U.S. Latinxs grew between 2.1 and 2.4 times faster than non-Latinx counterparts, according to a report by the Latino Donor Collaborative released earlier this year. So how do we manage our spending to thrive not just survive in 2024? Read on to learn how to do a 2023 financial review, and how to plan for big money moves in 2024.

How to Do a Financial Review

Before we look ahead, we have to know what we’re working with. That means looking at what happened with your money this year.

Step 1: Review major “needs” expenses.

Look up the most expensive things you spent money on in 2023. I’m talking rent, healthcare, childcare, car, metro passes, etc. The things that you need to stay alive and get to work! These costs are important to review because we HAVE to spend money on them. The lower they can go, the more we can save.

Now, which of these can you negotiate or change? Can you negotiate with your landlord for lower rent? Can you switch childcare centers for a better price? The key to BIG savings is to lower long term costs like these areas. If nothing can be changed, no worries. We’ve got other areas to explore.

Step 2: Highlight spending that makes you feel bad

We all have it — the Target clothes we spent $200 on and never wore. The Amazon items that we never returned. Look back over your credit card and debit spending and see if you can highlight areas of spending that make you feel negatively about yourself. These are the areas that you can cut back in in 2024 without sacrificing joy. Getting rid of this kind of spending means more money in your wallet, and less shame or embarassment around money in your life.

Step 3: Review the 2023 money goals you made and if you reached them

What were you working on this year? And more importantly, how did it go? Review the progress you made this year and really dig into HOW you were able to move forward on goals. What did you change? What tools or support did you use? If you didn’t reach a goal or two, review why. What was hard about accomplishing it? Do you need assistance in 2024? What needs to change to actually reach that goal?

Pero Like…Everything Costs More?! What Do We Do?

When the price of everything goes up, there are three major ways to make money work for you, instead of against you. Let’s start with the most obvious, and the hardest to do: earn more money.

Firstly, you can pick up a side hustle, where you earn more money by working more hours at a part time gig. I used side hustles to pay off my student loan debt eight years ago. Side hustling is a personal finance classic, because there are endless ways to do it. From making money online, to bartending a few nights a week, to freelance writing, to dog walking. Find something that fits your skill set and schedule, and you’re good to go!

Number two: Make the money you already have go further. Sounds hard, but it’s easy to do. For example, you can open a high yield savings account (HYSA) where you earn interest in the money you have in the account.

If you have a savings account at Chase, Bank of America, or Wells Fargo, your earning about .10% interest on your savings so basically nothing. If you transfer to a HYSA like Live Oak Bank or One Path FCU, you can earn 4 percent interest on your savings which would help you make really money moves. If you have $1000 in savings, that’s $40 totally free.

And finally, remember all that hard work we did with our 2023 review? Put that information to work!

If you know there’s areas that you overspend, try to put a block between you and the spending. Like deleting your credit card information off Amazon, or unfollowing influencers that make you want to buy 14 new tops every month. If you know there are areas you can negotiate, try it out! Ask your landlord for a discount on rent if you help them set up their website, or do your own lawn work. Lowering expenses when things get pricey is a solid way to keep your money in check.

Kara Pérez is the founder of Bravely Go, a financial platform focused on feminist economics and inclusive personal finance.

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2024 finances Finances financial advice financial literacy Financial Planning Financial Strategy financial wealth kara perez latina finance coach money management
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