All of these deserve a prime location.
Key Point
- It’s common to start a new year with a list of resolutions.
- Addressing these money issues can help you achieve both short-term and long-term financial success.
- Review your credit report quarterly, start retirement planning, and consider maintaining your home to save money on repairs.
Many people want to use the start of the new year as an opportunity to commit to doing better in some way. It may mean exercising more than once every day. It may also mean working on money movements that you may have neglected in the past.
If you’re planning your New Year’s resolutions for 2023, it’s a good idea to focus as much on your personal finances as you do on health-related issues. And here are five important items to add to your to-do list:
1. Build a 3-month emergency fund
There’s no way to know if 2023 will be the year you get fired, or if the car you once trusted decides it doesn’t want to drive anymore. That’s why we need a safety net. It’s money that you can use when you’re in financial trouble. Therefore, you should aim to build yourself an emergency fund with enough cash to cover your necessities for at least three months. That way, if life doesn’t go your way, you can put money into your savings account instead of relying on debt.
2. Start funding retirement plans
You need savings to pay your retirement bills, and an IRA account or 401(k) won’t magically fund itself. So make this the year you carve out money each month for long-term savings. The sooner you contribute funds to your retirement plan, the sooner you can start investing your money, so it can grow to a larger amount over time.
3. Stick to your budget
You might think that budgeting is boring, boring. However, the good news is that you don’t have to actively work on your budget every day. Sign up for a budgeting app that links your checking account and credit cards so you can track your spending without counting numbers all the time.
4. Check your credit report once a quarter
Consumer credit reports will be free weekly in 2023. However, generally speaking, he doesn’t have to check his credit report once every seven days. Rather, quarterly check-ins are sufficient. This gives you a snapshot of your financial situation and also helps you spot errors and fraud early.
5. Maintain your home to avoid costly repairs
It’s easy to underestimate home maintenance when things seem to be working well. It can be costly and costly.
Developing a financial solution is a good thing, and having it in writing can help you stay on track. By pledging to do these five things, we can end 2023 in a financially strong place, so it’s worth the commitment and effort.
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