Credit Sesame’s list of money management resolutions for 2023. Make this the year of financial improvement.
You’ve got 12 whole months ahead of you. The start of a new year is the perfect opportunity to set financial goals and put your plans into action.
Setting money management resolutions is easier than you might think. It’s also fun. As you begin following your resolutions, you’ll grow in new ways. Good money management has a way of spilling into other areas of life. When you get intentional about your money, you might also pay more attention to the goals you’ve set for your career, relationships and other areas of life.
Here are 10 New Year money management resolutions to ensure 2023 is an unforgettable season of financial growth.
1. Live on less than you make
This one can be especially hard to see as we exit the spending-heavy holiday season. Yet it’s true: When you set aside a portion of your income to cover recurring expenses, unexpected financial needs or big future purchases, you’ll have greater peace of mind. Remember that part of your credit score depends on using some – but not all – of your available credit. Apply this resolution to both your credit card and your checking account.
2. Invest for the future
Setting aside money for your retirement or, if applicable, your children’s education might seem like too much. After all, those things are years if not decades away for many of us. But here’s where the power of compound interest comes into play. Even a few dollars set aside monthly can pick up interest like a rolling snowball. Many years from now, you’ll be glad you made the effort. It might hurt a little today, but the rewards you’ll reap later will be well worth it. Think of it as taking care of your future self. Focus first on opportunities with financial instruments such as 401(k)s and Roth IRAs. Then consider how an interest-bearing savings account might also add a little extra bread for the future.
3. Build your credit
An excellent credit report can be the ticket to competitive interest rates on auto loans and credit cards. To start building your credit in the New Year, get the free Credit Sesame app. You get ongoing access to your credit report and credit score plus tons of practical information to boost your credit and be the best money manager possible. Other ways to build your credit include paying bills on time, using the right amount of credit and reviewing your credit report to ensure it’s accurate. (And if you’re a student building credit on a budget, we’ve got you covered, too.)
4. Make your money work smarter, not harder
Look for ways fresh out of the gate to make every dollar earn its keep in your wallet. Search for coupons before going shopping. Scout gas stations along your commute for the cheapest fuel rates. Consider purchasing annual subscription plans for streaming video and other services you use, as these often are cheaper than paying month-to-month.
5. Find a financial adviser
You might need an investment expert for retirement and college planning. Perhaps you’re seeking basic guidance on money management. There are free and fee-based options available to you. Do a simple Google search for “free financial adviser near me” or similar phrases. Another option is Cooperative Extension, a system of educators including financial professionals connected to public universities in many U.S. states. Yours might be among them. Extension posts free information about financial management, and they sometimes offer low- or no-cost classes. Ask staff at your public library for other community resources on money management.
6. Read a money management book – or get the audiobook version
You can learn just about anything from the hundreds of thousands of books published annually. If you’re ready to take your money management to the next level, resolve to get a book that interests you and read it. If you hate sitting and looking at pages for hours, grab the audiobook instead. Short attention span? Use the speed feature on your audiobook app to play back the audio at 1.5x or 2x the original speed to get through content faster. Self-help classics include “Think And Grow Rich” by Napoleon Hill and, if you like a good biography about money management masters, “Buffett: The Making of an American Capitalist” by Roger Lowenstein. Insider’s list of top 2022 personal finance books is a great resource for more recent works.
7. Get to know your banker
These days, many people use a banking app. You might not ever need to visit a physical bank. There are times, though, when it can help to get to know the people behind the app or those monthly statements. In 2023, you might consider a new credit card or a loan. You might consider opening a business. There are all kinds of reasons to get to know your banker on a first-name basis. You don’t even need to schedule a meeting. Drop by your neighborhood bank to say hello, introduce yourself and thank your banker for managing your accounts. Who knows? Later this year, you might build on this business relationship to take your finances to the next level.
8. Learn from a money-smart person you trust
Don’t just leave it to the academics or the bankers to guide you. Become a student of money management. Talk to various people to learn what they’ve experienced with money. Ask about horror stories and big wins. Listen for habits or strategies they’ve applied to manage money responsibly, grow wealth and give generously. Figure out how they learned to manage money. See if there are people in their circle you should get to know. Visit with people 10, 20 or even 30 years older than you. What has helped them most? What do they wish they had done differently? Apply these learnings to your money journey in 2023.
9. Use technology to your advantage
You don’t need to lock yourself in a room each month to balance your accounts. Instead, you could rely on the bounty of technology available to you. To start, get the free Credit Sesame app. That keeps your credit report and credit score information in one easy-to-access location. Another easy step is to place the services you use on autopay. This could include utilities such as electricity and water, mowing and streaming video services, and more. Autopay guarantees the money in your account goes toward its intended uses rather than on expenses above and beyond your budget. As the saying goes, out of sight, out of mind.
10. Celebrate those monthly statements
No set of financial resolutions are complete without parties (real or imagined) as you become a better money manager. Setting and working toward goals takes time and energy. Take confidence. Every step you take in 2023 in the right direction represents a stronger and more resilient approach to your money. When unexpected things happen, or you get that coveted promotion at work, you’ll be ready to shepherd your finances on purpose.
Keep going, and keep up the great work!
If you enjoyed Ten New Year Money Management Resolutions for 2023, you may also like:
- Five Tips on How to Become Financially Independent
- How to Develop Good Financial Habits for Stress-Free Living
- Tactics for a Debt-Free Life and More Control Over Your Money
Disclaimer: The article and information provided here is for informational purposes only and is not intended as a substitute for professional advice.