iCrowd Newswire
24 Nov 2022, 03:02 GMT+10
It is never too early to start thinking about which New Year financial resolution will work best to improve your financial health. Here are five financial resolutions you should make in 2023.
Being able to stick to a budget is one of the most important steps you can take in your financial journey. By creating a budget, you will be able to understand where your money is going, and you will be more motivated to save and invest.
With inflation at record-high levels and student loan forgiveness up in the air, it's critical you spend 2023 taking control of your finances and getting out of debt. By paying off your debts, you will have more money to put toward your long-term savings and investments.
The first step toward getting serious about becoming debt-free is to make a plan. There are dozens of debt payoff methods, but many choose to work with the Snowball or Avalanche methods as both play off different motivations.
The Snowball method works by organizing your list of debts in order of amounts owed. In this strategy, you'll make minimum payments on your debts except for the least-owed debt. For the least-owed, you'll put extra money toward that until it's paid off, then move on to the next lowest, and so on.
If you're someone who needs quick wins to stay motivated, try the Snowball method.
If you're more pragmatic and can wait for the long-term benefits, look into the Avalanche method instead, as it will save you more money in the long run.
The Avalanche method lists your debts in order of interest rates instead of amounts owed. For this strategy, you'll make the minimum payments on your individual debts, but focus on knocking out the debt with the highest interest rate first, then moving down the list once that's paid off.
Education is always considered an appreciating asset or a "good" debt because it will give you lifelong value. Investing in your education by taking classes or getting certified will help you improve your finances and give you the skillset you need to get ahead in the workforce.
As your income grows and bills get paid on time, it's crucial to automate as much of your finance as possible. This means setting up automatic payments for your bills, transferring money from one account to another, and investing in software that can help you manage your money more efficiently.
Too often, we'll get complacent about our finances, especially regarding retirement contributions, health insurance premiums, etc. Instead, commit to making 2023 the year you sit down and review where your money goes and if it could be better optimized.
Start looking into the different tax-advantaged retirement accounts, see if there's a better employer-match rate you could be getting for your contributions, and review your health insurance plan to see if it's still the best for your health or if there's a better option out there. Who knows, you could end up saving even more money that can go toward paying off debt or even treating yourself once in a while.
Making these financial resolutions will not only improve your quality of life but also put you in a better position to achieve your goals and dreams in the future.
See Campaign: https://www.credello.com/
Name: Michael Bertini
Email: [email protected]
Job Title: Consultant
Tags:Google News, Go Media, CE, PR-Wirein, ReleaseLive, Financial Content, Reportedtimes, IPS, iCN Internal Distribution, Extended Distribution, EnglishGet a daily dose of New York Telegraph news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to New York Telegraph.
More InformationNEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
NEW YORK, New York - Monday's trading session saw mixed performances across U.S. and global markets, with several major indices posting...
WASHINGTON, D.C.: The U.S. government has granted GE Aerospace permission to resume jet engine shipments to China's COMAC, a person...
DUBAI, U.A.E.: Saudi Aramco is exploring asset sales as part of a broader push to unlock capital, with gas-fired power plants among...
MILAN, Italy: Italian regulators have flagged four non-EU countries—including Russia—as carrying systemic financial risk for domestic...
NEW YORK CITY, New York: With just weeks to spare before a potential government default, U.S. lawmakers passed a sweeping tax and spending...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
NEW YORK CITY, New York: Paramount has agreed to pay US$16 million to settle a lawsuit brought by U.S. President Donald Trump over...
(Photo credit: Kevin Jairaj-Imagn Images) Sami Whitcomb had 29 of her career-high 36 points in the first half, Alyssa Thomas had...
(Photo credit: Kamil Krzaczynski-Imagn Images) A common refrain during the Toronto Blue Jays' best winning streak in a decade has...
(Photo credit: Bruce Kluckhohn-Imagn Images) Byron Buxton has solidified his status as a two-time All-Star for the Minnesota Twins....