Hopefully you’re keeping true to your resolutions! However, the new year isn’t the only time to start working on yourself. You can always start now or whenever you’re ready. It’s especially important to start creating those financial goals and resolutions for the year and stay true to them.
With that in mind, here are some of my favorite financial resolutions for 2023:
Number 1: Create a budget.
The first step is really writing down your monthly income and listing out all of your monthly expenses. The next step is to create a set plan for the monthly available cash flow. There are apps that can help simplify this like mint.com and PocketGuard.
Number 2: Make an emergency fund.
If you have not created an emergency savings that has 3-6 months of expenses set aside, we would recommend creating an automatic weekly or monthly contribution to savings, start small and adjust accordingly as you learn to love without those funds.
Number 3: Review subscriptions!
These can start to add up and you can even be paying for subscriptions that you don’t even know you have. Review your checking statements to understand all recurring monthly payments. You can even download a simple app like RocketMoney to check if you have recurring payments that you don’t know about.
Number 4: Improve your credit score.
Make payments on time and in full and set up automatic payments if you tend to forget. Sign up to receive quarterly credit reports to keep track of any suspicious activity. Avoid opening additional lines of credit as these can decrease your score.
Number 5: Ensuring your retirement.
Contribute to your retirement if you are not doing so already. Specifically, take advantage of your employer match if it’s being offered.
Retirement isn't all about money though. Check out John's video below to see how you can also ensure happiness:
More than anything else create a plan, write down your goals, and follow through on strategies to achieve those goals!
When you make a financial New Year's resolution, you're not just making a promise to yourself—you're making a promise to your family and your future. You're ensuring that everyone who depends on you will be taken care of, even yourself.
So, what are you waiting for?
You can do this! Get out there and start making some real progress toward your financial goals, starting with your New Year's resolutions. From there, we'll help you keep going all year long. Set up an appointment with me here!