Whether you make resolutions for the new year or not, there are some practical and relatively painless things you can do to start your financial year on the right note. According to Fidelity, January is an ideal time to conduct an annual review of your finances to evaluate your savings, investments, budget, and assets. As part of the process, set short- and long-term goals and consider some simple ways to help you reach them.

Modify or set your monthly budget‍

Make paying off debt a priority – particularly those with high interest rates. Two common methods for clearing debt from your household ledger are the snowball method and the avalanche method. With the first, you clear the smallest balance first, with the idea that the psychological benefit acts as a great motivator for continued success in your debt-free challenge, thus creating a “snowball effect.”

The avalanche method tackles debts carrying the highest interest rates first. Because chipping away at the higher interest balances is your priority, you will save money over time by reducing and then getting rid of those interest charges.

Try a “no-spend January” challenge‍

You’ve heard of “dry January?” How about a no-spend January – not spending money on anything but the essentials? This can be a fun way to test both your determination and your willpower to control your spending – as well as see tangible evidence of what you can save by reducing coffee shop runs, clothing purchases, and other non-essential or impulse buys.

Automate your savings

If possible, also open a high yield savings account. High yield savings accounts can earn close to or even over 5% APY – annual percentage yield – on your savings dollars. If your bank or credit union doesn’t offer one, check out the many other options, including online accounts, that are available today.

Increase your retirement contribution

Even a small 1% bump in your retirement contribution can make a difference over the next 20 years without being a burden on your monthly budget. Login to your Transocean Savings Plan on NetBenefits to ensure your contribution elections makes sense for you.

Finalize your tax prep

Make a list of questions to ask your tax preparer or accountant on anything you can do differently in 2024 to reduce your tax obligation.

Save money through your Discount Marketplace

‍Remember, while you can get great deals on non-essentials, you have plenty of options in the Discount Marketplace for things you need every day, like cars, mortgages and pet insurance. Use referral code KWVC9V.

Taking concrete steps to start 2024 on an organized and clear financial path can set an optimistic and less stressful tone for the year.