9 financial New Year's resolutions to set now and achieve in the new year

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New year, new financial goals: If you're starting the new year with a list of resolutions, consider adding some financial to-dos, like improving your credit score and making a plan to pay off your credit card debt.

The top three financial resolutions for Americans are to save more money (41%), pay down debt (38%) and to spend less (30%), according to Fidelity's 2024 Financial Resolutions survey. Financial expectations are high for the new year with two out of three people believing they'll be in a stronger financial position in 2024 compared to 2023.

Determining your goals is a great starting point for improving your finances, and the next step is to take action. Below, CNBC Select shares some of the most popular financial New Year's resolutions and how you can achieve them.

1. Save more
2. Improve my credit score
3. Create a personal budget
4. Pay off credit card debt
5. Pay my full credit card balance each month
6. Track my credit card applications
7. Check my credit score more often
8. Check my credit report more often
9. Sign up for a credit monitoring or identity theft protection product

Unsurprisingly, one of the top financial resolutions is to save more money. There are countless ways to go about this — you can increase your 401(k) contributions, set up automatic transfers to a high-yield savings account and cut back on recurring subscriptions you no longer use.

There are several high-yield savings accounts currently offering APYs of 5% or close to it, including UFB Portfolio Savings, the Bask Bank Interest Savings Account and LendingClub LevelUp Savings.

You can also use a credit card to your advantage for charges you can't cut back on. Many of the best cards offer competitive rewards and statement credits that can earn you cash back, points or miles that can be used to offset purchases. For example, the Wells Fargo Active Cash® Card offers unlimited 2% cash rewards on purchases. Earning 2% cash rewards on purchases is a highly competitive rewards-earning rate, and also means you don't have to keep track of multiple bonus spending categories that other cards may feature.

If you have a less-than-stellar credit (scores below 670), make it a priority to raise it in 2024. You can improve your credit score in several ways, including paying your bills on time and in full (setting up autopay can help), paying off debt, limiting how many new accounts you open and cutting back on spending. You may also want to consider signing up for *Experian Boost®, which is a free service that lets you get credit for paying utility, cell phone, streaming and other eligible bills that usually aren't included on credit reports, on time.

For some, a budget can feel constricting, but tracking your spending can be a helpful tool to better understand where your money goes each month. A clear budget can help you set guidelines for what you can afford to spend and help you identify areas where you could cut back.

Start by writing down all your fixed expenses, such as rent/mortgage, cell phone, groceries and savings, or by downloading a budgeting app. You Need a Budget (YNAB) is a useful resource for those interested in the zero-based budgeting method: It lets users connect their bank account or manually enter their balance info and attribute every single dollar to an expense.

In addition, many credit cards allow you to review your total annual spending by category, which is very helpful when you're setting up a budget for the new year.

If you're struggling with credit card debt, you're not alone. In fact, the average credit card user carries a balance of $6,088, according to TransUnion, the highest total in 10 years. So it's not surprising that so many people want to pay off credit card debt in the new year.

If you have credit card debt, consider consolidating it on a balance transfer credit card, which offers no interest for up to 21 months. The Citi Simplicity® Card, for example, has a 0% intro APR for 18 months on balance transfers and purchase (after, 17.49% - 28.24% variable APR) from date of account opening. Balance transfers must be completed within four months of account opening. There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).

While balance transfers can help you get out of debt, you get the most benefit if you pay off your balance before the intro period ends. Before you make a balance transfer, take time to familiarize yourself with the terms associated with your offer. That includes the expiration date of the interest-free period.

Once you know when your intro 0% APR period ends, create a plan to make significant payments toward your debt throughout the intro period so you're on track to be debt-free by the time it ends.

Payment history is the most important factor of your credit score, which makes it essential to pay your credit card balance on time and in full every month no matter what kind of card you have. Paying your whole balance not only helps improve your credit by reducing your utilization rate (the amount of credit you're using compared to the amount of credit you have available), but it also reduces interest charges or fees that may result from carrying debt from month to month.

You may not always be able to pay in full each month, so you should at least make your minimum payment on time. This helps you avoid late fees (which can be up to $41) and penalty interest rates.

While there's no one-size-fits-all answer to how many credit cards you should have, the average consumer has roughly three cards. That doesn't mean one card is too few or six cards is too many. It all depends on how many credit cards you can manage responsibly.

However, it's important to note that every time you apply for a credit card — whether you're approved or denied — the card issuer pulls your credit report. These inquiries can negatively affect your credit score, but it will bounce back over time. Spacing out credit card applications can help spread these credit checks over a longer period and help reduce the overall impact on your score.

Numerous resources allow you to check your credit score for free, such as Chase Credit Journey (no Chase account required), CreditWise® from Capital One (no Capital One account required) and Discover ScoreCard (only available to Discover cardholders). You can receive an updated credit score every month and see the factors that influence your score. Some sites may even have a simulator that shows you the potential effect of certain actions, like missing a payment or paying off debt.

Rest assured, checking your credit score does not lower it, so don't let this credit myth stop you from building up your financial health.

In addition to your credit score, it's important to regularly check your credit report. Reviewing your credit report can help you spot fraud early and ensure the correct information is reported to the major credit bureaus — Experian, Equifax and TransUnion. You can also access one free credit report from each of the main credit bureaus at annualcreditreport.com, which is authorized by federal law.

Credit monitoring and identity theft protection can help alert you of possible fraud, but many come with monthly costs. If you don't want to pay for credit monitoring services, there are free services available, such as CreditWise® from Capital One. CreditWise tracks your social security number and scans the dark web for your personal information, then sends automatic alerts so you have the latest information and can better protect yourself.

There are many ways to achieve your financial goals, but remember to tailor them to your personal situation. Paying down debt too aggressively, for example, may leave you cash-strapped.

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 personal finance 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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*Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.