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2023 New Year’s Resolutions: Budgeting Your Money

2023 New Year’s Resolutions: Budgeting Your Money

If one of your New Year’s Resolutions is to get a hold of your finances, now is a good time to check in and make sure you are on the right track to tackle your budget. Here are five tips on how to get ahead of your money-saving goals for 2023.  


Have a Goal

Having a budget goal is the number one thing that will help you track your finances. You will be much more likely to change your spending habits with something specific in mind.  Whether you are wanting to save for a new car or a down payment on a house in 2023, setting a goal will greatly help you achieve your financial dreams.  


Track Spending

In order to successfully hit your financial goals, you will need to see where your money is going. Tracking your spending habits is the best way to do so. This is a great habit to keep not just the first few months of 2023, but the entire year. In the first month, you may want to physically write down each purchase you make in a spending tracker. Many budgeting apps allow you to enter each transaction as you make it. You can record it in both the account and the category so you can stick to your budget and recognize your budgeting weaknesses.    


Get Rid of High-Interest Debt

Paying down your student loans or credit cards will help you achieve your financial goals faster. These types of debt tend to have a higher interest rate than something like a mortgage would. It’s best to try to be completely debt-free, but if that is not possible, set a goal of how much debt you want to pay off this year, then work backward and calculate how much money you'll need to put toward that debt each month. You can also use a Credit Card Repayment Calculator to determine how much money you will want to put away each month. 


Turn on Automatic Payments

Turning on automatic payments is a great way to make sure that you are paying your bills on time and you can see what you are set up to spend for the month. Most billing sites will give you the option to turn on automatic payments and some will even give you a discount for doing so! You should also consider scheduling a recurring amount of money to be transferred regularly from your checking account to a linked savings account⁠. This is a great way to ensure a portion of your paycheck will be put into savings each month and help you gain interest. 


Don’t Spend “Found Money”

While we would all like to buy new clothes, household items or purchase a trip, it’s best to save any “found money”! The money you receive from gifts, tax returns, raises, or a stimulus check should be put straight into savings. You didn’t have that money before so you won’t miss it in savings. This is an easy way to quickly build up your savings for an emergency fund or even a down payment on a home!


Whether your goal is to save for a new house or just have a steady emergency savings account, setting budget goals is the way to do it! With these five tips, you will be well on your way to achieving your 2023 financial resolutions.