Here are 4 money moves you should make to set yourself up for financial success in 2024

With the end of the year approaching, it may be time to reevaluate your finances. 2023 has been marked by record-breaking housing prices and numerous interest rate hikes. As the Fed attempts to rein in inflation by raising interest rates, people are beginning to feel that the US economy is at a pivotal moment.

If you're concerned about the economy, you're not alone. While consumer sentiment is up over 8% year-over-year, it still dwindles considerably lower than in many years past. Though personal finance advice is unlikely to save you from inflation or a market downturn, CNBC Select shares some monetary tasks and tips to complete before 2024 to help you save some money and plan for the future.

• Check the APR on your credit card debt
• Take advantage of a high-yield savings account
• Consider maxing out your 401(k)
• Use up your FSA money

When it comes to getting your finances in order, you'll want to consider how rising interest rates affect how much interest you pay on your debt. When the Fed increases the interest rate, or the federal funds rate, it alters the interest rate on interbank lending. This, in turn, affects how much interest you pay on your credit card debt. Credit card APRs are tied to the federal funds rate. 

As of November 2023, the target Federal Fund's rate is 5.25% to 5.5% which is the highest it's been since June of 2006. The first signs of reprieve came at the start of the month when the Fed announced it would be holding rates steady after increasing them 11 times in a row. This means credit card APRs have been on the rise too. According to the Federal Reserve, the average APR is 22.7% for credit cardholders paying interest, up over 6% from five years ago.

If the Fed decides to resume rate hikes in the coming future, it's likely to get even more expensive to revolve a balance on your credit card in the coming months. Of course, paying it off is easier said than done, but you may consider getting a 0% balance transfer card to help avoid paying a lot in interest.

With a 0% balance transfer card, consumers transfer their credit card balance to a new card for a small fee, usually 3% to 5% of the balance. Cardholders then pay 0% interest on that balance before the 0% introductory period ends. 

If you think this might be a good choice for you, you'll likely need a good credit score (a FICO score of 670 or above). You'll also want to make sure the balance transfer fee doesn't exceed the amount you'd be saving in interest with the new card.

The Citi® Diamond Preferred® Card has a 21-month 0% APR introductory period on balance transfers within 4 months of account opening, after that the variable APR will be 18.24% - 28.99%. The card's $0 annual fee can help you cut down on recurring costs as well.

The Wells Fargo Reflect® Card also has a 0% introductory APR for 21 months from account opening on qualifying balance transfers. After this period there is a regular variable APR of either 18.24%, 24.74%, or 29.99%. Balance transfers made within 120 days from account opening qualify for the intro rate with a fee of 5% or a minimum of $5.

The Fed's moves make it more expensive for consumers to borrow but rising rates also encourage people to save. When the Fed increases rates, annual percentage yields (APYs), or the interest you earn on your deposits, increases.

High-yield savings accounts differ from traditional savings accounts because they typically offer significantly higher interest rates. The national average APY on savings accounts is 0.46% as of Nov. 20, 2023, according to the Federal Deposit Insurance Corporation (FDIC). So, if you deposited $1,000 dollars with .46% APY, you'd earn $4.60 over a year. If you deposited that same amount in a high-yield savings account offering a 5% return, that initial $1,000 could have earned $50 in interest in the same period of time.

One of CNBC Select's top high-yield savings accounts, UFB Secure Savings, offers up to a 5.25% APY — over 10 times higher than the national average. The account also features no minimum balance requirements or monthly fees as well as free transfers between direct deposit accounts.

Another top pick is LendingClub High-Yield Savings, which earns 5.00% APY for all funds in your account. This account carries no monthly maintenance fees and doesn't have a minimum balance requirement. All you need is a $100 deposit to open the account.

If you have access to a 401(k) through your employer, you'll have until the end of the year to contribute up to the $22,500 limit for 2023. Starting in 2024 that limit will increase to $23,000. People above the age of 50 can make additional catch-up contributions of up to $7,500. 

401(k) contributions are considered tax deductible. This means 401(k) contributions reduce your taxable income and therefore, the amount you pay in taxes. If you're able to invest more in your 401(k), you may consider increasing your contribution amount to further reduce your taxable income. 

FSAs are flexible spending accounts that allow people to use pretax money for out-of-pocket medical expenses. These accounts are offered through your employer, and the money is 'use it or lose it'. This means that you must spend the money before the end of the year or risk losing it. The contribution limit for FSAs is $3,050 in 2023 and $3,200 in 2024.

Note that some employers offer grace periods of a few months after the year ends, but you should check with your employer. If you have an FSA, you can use your funds on everything from out-of-pocket doctor's expenses to prescription medications to sunscreen.

With 2024 around the corner, there are some steps you can take before year-end to get financially organized. From managing your debt to contributing to your future retirement, take some time to kickstart your financial goals.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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