10 Financial New Year’s Resolutions to Set Now and Achieve in 2023

The holidays are upon us, and with them comes a long list of expenses: gifts, decorations, and winter vacations all cost money. 

That being said, this is an excellent time of year because we get to spend invaluable moments with our loved ones. 

To decrease stress throughout November and December and prepare for 2023, you might want to set some financial new year's resolutions! 

1. PAY OFF YOUR CREDIT CARD DEBT (IF APPLICABLE) 

If you do have credit card debt, it's important to get rid of that as soon as possible so you can avoid the high interest rates. 

Ideally, you would simply pay off the entire balance with a large sum of cash but that might be difficult with all of the expenses you're carrying. At the very least, you will want to send in the minimum payment every single month. 

2. KEEP TRACK OF YOUR EXPENSES 

Sometimes, it is shocking that such small expenses add up so fast: A daily $5 cappuccino equates to about $150 per month which could be dedicated to a savings account or stock investments if you were a bit more frugal. 

You might want to purchase a small notebook—or simply use an app on your phone—to track every expenditure. You don't have to change it until you're ready, but it's important to know where each dollar is going.

3. SAVE 10% OF EVERY PAYCHECK 

A lot of people have very ambitious savings goals: $500,000 for a house or investments, $36,000 for a hefty emergency fund, etcetera. 

While this is completely understandable, it can be a daunting task to begin planning that savings journey. Instead, you might want to start small by simply allocating 10% of each paycheck to your savings account. Chances are, you'll be surprised by how quickly those dollars add up! 

4. INCREASE YOUR INCOME 

If you are strategic, there are multiple ways to increase your income streams. 

You might want to consider: 

  • Delivering takeout during your free time

  • Investing a few dollars in stocks on Robinhood

  • Starting a YouTube channel

  • Creating a blog for your business and monetizing it

  • Freelance writing

  • Creating a newsletter on Substack and monetizing it

  • Starting a podcast and monetizing it

  • Investing in real estate

There are plenty of ways to increase your earnings on your own time, and every cent truly makes a difference. Taking on a few extra gigs might also help you manage additional expenses over the holidays. 

5. INVEST 

If you have extra cash, you might want to consider investing it. Honestly, this is an excellent way to set yourself up for success financially. 

You can invest in: 

  • Stocks

  • NFTs

  • Cryptocurrency

  • Digital Real Estate

  • Physical Real Estate

  • Gold

  • Silver

There are a myriad of investment options to choose from, and it never hurts to diversify. If you play your cards right, you may even be able to live off of passive income eventually. 

Managing your finances can be extremely difficult, but taking some small steps in the right direction can honestly make a world of difference.

Please contact us at https://www.nationalfcg.com/for-better-credit for more information.  

BJC