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Some Great Financial New Year’s Resolutions To Add To Your List

by | Jan 2, 2023 | Personal Finance

A new year is time for new beginnings and ofcourse with that comes the fresh start of brand-new resolutions for the year. In the latest Forbes New Year’s resolution survey results, 53% of people who have financial resolutions for 2023 plan on paying down debt over the next year, making this the most common financial New Year’s resolution. Saving for a major financial milestone, such as buying a car or house, having a baby, or paying for a wedding, was the second-most common financial New Year’s resolution, mentioned by 33 percent of respondents intending to make a financial resolution. Other major financial New Year’s resolutions included saving up for big purchases such as vacations or new TVs or phones (21%), cutting back on expenses (19%), and investing more (19%).

Nearly half (49%) of participants plan to save more money in 2023, while another third (33%) hope to improve their credit scores and plan to build a personal budget (31%), according to the Experian survey on top financial resolutions for 2023. Six-in-ten say they are hopeful for the future, and more than seven-in-ten are confident their finances will improve in 2023. If your focus is saving more money in 2023 and beyond, here are a few resolutions to consider adding to your list.

With the right plan, you can keep your financial resolutions, and finish the year better off than when you started. Paying off debt, contributing to a retirement plan, and creating a budget that you can stick with can help you enter the new year with better financial health.

Learning more about money management, debt, credit, budgeting, retirement, and more can not only help you now, but in years to come. Doing so can help you stay on top of progress towards your financial goals and fix any mistakes that you are making before they build up into crushing debt. Here are a few financial changes that you should make resolutions to make over the coming years. 

Whatever financial resolutions you decide to add to your list, keep in mind that making steady progress and building good habits is the goal. Many previous resolutions can help ensure that you are not taking on too much future debt, but to help with paying down existing debt. Our suggestion is to have 0% balance transfer credit cards and credit card calculators to create a plan.

If you have a too-high credit card balance, then make 2023 the year that you bring down the credit card debt to zero, so that you can pay the balance each month.

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