Now is a great time to look ahead and plan for the upcoming year. Many people notoriously set New Year’s resolutions that fall to the wayside halfway through January, but we want to help you set realistic and achievable goals. Here are some resolutions you can maintain throughout 2023.
Reframe your perspective on saving
It’s easy to set large savings goals at the beginning of the year that turn out to be unattainable later. Try to reframe the way you think about saving this year. Beginning or increasing your contributions to retirement savings, emergency funds, or specific savings goals is a realistic first step for many people. Instead of trying to save a large sum of money in one pot to cover all expenses, saving smaller amounts in different areas reframes your goals and makes them more attainable. Remember, any contribution to your savings accounts no matter how small – is a step in the right direction!
Get a better understanding of your credit
In an ideal world, a year is enough time to get out of credit card debt or improve your credit score. We know that emergencies and unexpected expenses are sometimes unavoidable. Understanding how credit works is a great way to set yourself up for success!
There are plenty of tips and tricks to know about your credit. For example, did you know that you can lower your interest payment while paying the same amount each month – by making two smaller payments throughout the month instead of one single payment at the end? And did you know that closing a credit card after you pay it off, actually lowers your credit score? There are plenty more adjustments you can make that will benefit you in the long run. If your goal is to start building your credit, explore First Financial’s credit card options with no annual fees!
Build a budgeting plan that works for you
Being realistic is a great way to ensure you’re able to maintain your goals. Understand that there’s no one-size-fits-all journey to finances. Just think about all the times you tried to save by cutting out things you spend on, and ultimately failed. When you’re starting your financial planning for 2023, make sure you look into all the ways you can budget.
There are plenty of resources on the internet with budgeting options that can fit your life better than a traditional approach. Putting effort into finding a plan that works for you is the best way to ensure you can stick to your New Year’s resolutions. Need a starting point? Check out our financial resources page!
Improving your finances starts with a single step in the right direction. Start planning for financial success in 2023 and set yourself up for long-term financial achievement! To speak to an expert about tools available through First Financial, call us at 732.312.1500 or stop by any of our local branches.
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