Thursday, February 2, 2023

How to Start the New Year Financially Strong

New Year’s resolutions are typically centered around personal or financial improvement. These areas of life are challenging, and creating intentions for them must be done thoughtfully or they are bound to fail.

If you want to stick to your most challenging resolutions this year, don’t throw the towel in—create resolutions you can honestly stick to for the year ahead. Of course, making practical resolutions is easier said than done, so here’s our advice on starting the new year financially strong.

1. Speak to Financial Advisors

If you know you are practicing smart money management already but feel that you could be doing more to get to a place of financial strength, consider speaking to a financial advisor.

Cetera investment services can guide you through managing your investments optimally. From there, you can review your income and decide where your earnings are best spent or set aside. Getting expert advice is always recommended when you’re working on meaningful financial goals, so don’t be afraid to put yourself out there.

2. Keep a Budget

The most straightforward way to keep track of the amount of money you are making consistently is to create a budget using Monarch, which you can review and make changes to regularly.

Without jotting down your earnings and contributing to the big picture, you’ll spend your money as soon as you have it and lose track of how much you could be setting aside for later.

How to Start the New Year Financially Strong-2

3. Get a Savings Account

You should be setting aside about 10% of your total earnings every week if you plan to create a sufficient savings account. If you are not able to contribute that much, just do what you can. Educate yourself on ways to save on taxes, earn passive income, and spend less overall.

As you start to save more and more, it will become easier to increase the amount you can save. Just do what you can. As you begin to save more and more, it will also become easier to discover new ways to save.

4. Stay Emotionally Invested

The most challenging part of sticking to resolutions, be they financial or otherwise, is maintaining motivation. When we are not emotionally fulfilled, it can be challenging to follow through on what we want most. We want instant gratification to feel better.

Understanding that good things come to those who wait is critical here. Find ways to remain emotionally invested. Maybe you can turn your hobby into a career to keep you going. Or perhaps daydreaming about your future house, dream car, or whatever motivates you is more your style. You’ve got this! Your savings will pay off, but it will take time to see that pay-off.

5. Don’t Shop Till You Drop

Avoid the allure of shopping and contribute to your savings instead. You can sell your unwanted items on Poshmark rather than exchange them. The buzz of the holidays will be over soon enough, and you’re better off, financially speaking, saying ‘no’ to more shopping.

The holidays and the first few weeks after are filled with sales and discounts at major department stores. You might be tempted to shop for things you like or even return gifts you don’t want for other things. In both these scenarios, you’re only choosing to spend money for temporary gain.

The Bottom Line

Here’s to a new year and a better financial future! To start the new year financially strong, consider the suggestions in this article and do your very best to maintain your commitment to your goals. By taking productive, active steps every day, the little things will add up!

Sushma M.
Sushma M.
Sushma M. is an experienced digital marketer with vast knowledge in related domains such as SEO, SMO, PPC, Google Analytics, Google Search, and Content Marketing and runs her own blog Digital Sushma.

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