January is a great time to reflect on the past and make positive changes for the good of your financial future. Whether you’re looking to save up for a big purchase or want to reduce your monthly bills, here are six financial New Year’s resolutions to incorporate into your routine in 2023.
1. Comparison Shop
One of the easiest ways to save money is by comparison shopping before making purchases. Research products, services, and prices before you commit. Not only will this help you find the best deals, but it will also help you avoid the high cost of impulse buys.
2. Develop a Budget
Take some time to look through your last few months’ worth of bank and credit card statements to see where you’ve spent money. Once you understand your current financial situation, create a budget that works for you by setting realistic spending limits in each category. Search for popular budgeting apps that make keeping up with your new budget easy.
Keeping your spending on track can help you reach your financial goals throughout the year.
3. Track Your Spending
Tracking your spending can help keep you aware of your financial habits. Many apps allow users to track their expenses in real time and get notifications when they exceed their monthly budgets or hit financial milestones. These tools can help provide valuable insight into how much money you have left after paying bills each month so that it can be put towards savings or used to pay off debt.
4. Make More Money
If your income isn’t high enough to cover your regular expenses plus the additional money you spend each month and cutting back isn’t an option, increasing the amount of money you make can help ease the pressure. Even if you aren’t ready to change jobs, adding a side gig can give you a much-needed financial boost.
5. Eat at Home
There are many valid reasons to eat out, but doing so often can be expensive. Even though grocery prices are climbing, it’s still cheaper to cook a simple meal at home than to eat out constantly. Plus, leftovers from an excellent home-cooked meal can be a welcome treat the next day.
Grocery and restaurant costs can claim a large percentage of your available cash, so pay attention to the amount of money you spend on food. Do research online to find proven recipes for economical meals and try working them into your weeknight rotation.
6. Cancel Unnecessary Subscriptions
Chances are you have subscriptions you signed up for but don’t use anymore. Canceling them is one of the easiest financial New Year’s resolutions you can make! This can help stop the unnecessary and pointless money flow from your bank account. Get rid of unused and unwanted subscriptions immediately, funnel the money into savings, or use it to pay down high-interest debt. Remember, if you miss it, you always re-subscribe.
When It’s Time To Get a Personal Loan, Check Out Tio Rico
Unexpected events may mean you’ll need a personal loan sometime during the coming year. At Tio Rico, we specialize in helping people get the funds they need to remain financially stable. You can apply for a new loan or transfer a loan to Tio Rico from the comfort of your home or office in minutes.