Getting your finances organised in 2024

The end of a year is always a great time to review your finances and think about a plan for upcoming year. To help you, we’ve created this list of actions you should consider.

  1. What state are your finances in?

To create an effective financial plan for 2024, the first step is to really understand what your current situation is. A relatively easy way to do this is to start by calculating your net worth. This means adding up the value your assets; things like your house and your retirement savings and then subtracting whatever debts you have. The difference between the two is your net worth. You might want to get assets like your home valued by a professional to ensure you have a true picture of your current financial position.

  • What are your goals?

Once you know what your net worth is, you can start to look ahead. Make a list of the things you would like to achieve during 2024 and beyond. Think about that list and prioritise so that you focus on the things that matter most to you and are actually achievable.

  • Review your spending habits.

Many people feel like their money just disappears by the end of each month. This happens because without a budget or a clear understanding of your spending habits, it’s very hard to keep track of where your money is going. Take a look back through your bank and card statements from 2023 and work out what your monthly commitments are and how you are spending your money. You can also check whether you are getting the best deals on things like insurance or subscriptions. Do the spending patterns that emerge make sense and are they sustainable, keeping in mind your income? What can you change to maybe improve your financial situation in the year ahead?

  • Manage your debts.

The new year is also a good time to take stock of your debts and think about whether it’s possible to get rid of any of them. Debt is the biggest headache for many people and if the review of your spending habits reveals an opportunity to reduce spending, then you could potentially use the extra cash to create an advanced repayment schedule on a loan or a credit card.

  • Create an emergency fund.

With better management of your spending and debt, you can then also start thinking about building wealth. Before you start investing, however, it makes sense to spend a few months saving up to create an emergency fund which can cover between 3 and 6 months of living expenses and be used to cover any unexpected expenses.

  • Investing

Investing is a key part of creating financial security but this also involves taking on some risk. Take the time to understand how much money you can afford to invest and how much risk you want to take. Keep in mind the goals you have set yourself for 2024 but also your longer-term aspirations for financial independence. Again, its important to seek advice if you need it to better understand what the best options for you are, given your current situation and your goals.

  • Understanding your emotions.

Money is an emotional subject and people react differently to different situations. Think about big financial decisions you have made in your life and how these made you feel. For example, does the idea of borrowing money to pay for a big event like a wedding make you nervous or anxious or is it something you would be comfortable with? Is your instinct to put any extra money in a savings account or risk it on an investment which could potentially deliver even greater returns? Understanding how you react emotionally to certain financial situations can help you plan and take steps to ensure you avoid unnecessary stress and anxiety.

We hope the above points will help you to plan for a more financially successful 2024. Our team at MeDirect is always on hand to provide help and advice and our contact details can be found here. In the meantime, we hope you enjoy the festive season and wish you all the best for the year ahead.

MeDirect Bank (Malta) plc is licensed to undertake the business of banking in terms of the Banking Act (Cap.371) and investment services under the Investment Services Act (Cap.370).


We strive to ensure a streamlined account opening process, via a structured and clear set of requirements and personalised assistance during the initial communication stages. If you are interested in opening a corporate account with MeDirect, please complete an Account Opening Information Questionnaire and send it to

For a comprehensive list of documentation required to open a corporate account please contact us by email at or by phone on (+356) 2557 4444.