Blog , Health and Wellness

Achieving Fiscal Fitness in 2024

Posted on Monday, January 22, 2024
by AMAC, D.J. Wilson
hand holding dumbell and cash

Sensible people seek ways to be financially fit. Read on to benefit from these tips!

Now that we’ve entered a fresh new year, there’s no better time to get financial affairs in order. With a little effort, achieving fiscal fitness in 2024 is entirely possible. When folks think of finances, general categories come to mind – including income, spending, and short and long-term saving. Let’s examine these broad categories to determine ways we can increase financial health. The goal is to achieve working harmony and balance between the categories.


This is loosely defined as money received, especially on a regular basis, for work or through investments. A financial expert explained to a client in a low-paying job that to gain more income, she’d have to work harder or different, change jobs for one offering higher income, or get her money to work for her better.  Working longer hours, taking a second job, finding new employment, or making financial investments with higher returns may be beneficial options depending upon individual circumstances. A person may also create new job opportunities such as starting up one’s own company, but financial risks must be carefully considered before doing so.


Spending loosely refers to an amount of money paid for a particular purpose or over a particular time. Income, money coming in, should ideally be higher than expenditures, money going out. When a person fails to curb spending, and income is less than what they spend, they encounter debt. Debt is an obligation that requires a debtor to pay money borrowed from a creditor. It’s important to note that debt can be good and bad. Most people encounter debt for major purposes such as buying a home or going to college, so debt is not necessarily bad in those cases. Reckless spending, on the other hand, related to buying things that are unnecessary, can lead to debt. Being unable to meet debt obligations can destroy credit history. As a main rule, people are encouraged to not borrow more money than they can adequately manage. Additionally, to save more, spending likely needs to be carefully evaluated and curbed.


Short-term saving allows folks to set aside money for a rainy day, a special event such as a wedding or vacation, or other financial situations that may arise such as a house plumbing crisis. Short-term saving is usually done via a savings account which offers immediate access to money deposited for said situations. Long-term savings differ from this, for they allow people to secure their financial future over a long period of time via investments. One may invest in stocks, bonds, mutual funds, real estate, commodities, and more. Most people use long-term investments as a pathway for the future such as for retirement. Investing can be scary due to associated risks, thus seeking the advice of a seasoned financial planner is a solid step toward proper investment.

Understanding the delicate dance to achieve fiscal fitness in 2024

There is a delicate dance between earning, spending, and saving. Per Investopedia, many people follow the 50/30/20 budget whereby 50% of money is spent on needs, 30% on wants, and 20% on savings. People may apply this template to help manage money for emergencies and retirement. Following this or another simple and practical rule allows people to get down to the details such as setting up automatic deposits and payments, as well as tracking changes in income. To get financially fit in 2024, reviewing finances is key. Facing this reality of your financial situation and creating a plan for income, spending, and saving, is key to getting fiscally fit in 2024. 

For more information on home finances, click here.

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1 month ago

David Roger Webb’s “The Great Taking” describes what we are about to witness financially in a world full of fiat currencies. The 1 hr documentary is worth watching and I might add a bit scary.

27 days ago

How the heck am I as a taxpayer supposed to achieve “Fiscal Fitness”, when the dorks in DC don’t know or won’t achieve the same promise for the country? If any of use taxpayers were to write a check for $100 that we did not have, where would we be spending the next couple of years?

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