Managing your money: 4 New Year Financial Resolutions for 2023

It's a new year, and that means setting ambitious financial goals that you can actually achieve. Making sensible financial decisions, such as drafting an estate plan and investing wisely in the right places, should be at the top of your list of resolutions for the new year. Saving money is easier once you go into it with a plan in mind.

In 2023, we're making smarter, more responsible decisions with our money. From future planning to budgeting better in the present, here are some tips to help you manage your money better this year:

Take a look at your long-term budget

The rising cost of living this year makes it all too easy to rack up credit card debt trying to make ends meet. If you've been living in the moment, making a resolution to think about the future might be the motivation you need to make a positive change in 2023.

Take a look at your bank and credit card bills from the end of the year to get a sense of your spending habits and pinpoint any wasteful expenditures. After you've established a spending plan that gives high investment priority, you should start putting as much money as possible into a retirement account like a 401(k) or Roth IRA.

Create a savings account specifically for medical expenses

One thing we've learned from the COVID-19 pandemic is that unexpected health crises can't be ignored. This is especially true for the elderly, who face a higher risk of illness and a lower ability to pay for treatment. Saving for healthcare now will ensure that you can focus on your health rather than worrying about money, should such an issue arise.

While many people have heard of retirement savings vehicles like 401(k)s and Individual Retirement Accounts (IRAs), few are as well prepared for healthcare costs should they arise. Start putting money aside for healthcare in 2023 to ensure you can enjoy retirement without worrying about covering unforeseen medical costs.

Read up on financial literacy

Make 2023 the year you start learning more about personal finance so you can be smarter with saving and investing. Given how easily fake news spreads these days, it is becoming increasingly crucial to learn about money management on your own.

Acquiring a greater understanding of personal finance is the first step in this direction. You can start by reading a book about personal finance or enrolling in a financial literacy class.

In fact, the importance of financial literacy is already on the agenda for Florida lawmakers. This year, the state passed a law that requires students to learn about personal finance as part of their high school curriculum.

The purpose of this regulation is to ensure that young adults are aware of the repercussions of their financial choices, such as taking on excessive debt, failing to maintain a reasonable budget, or owing back taxes.

Plan your estate while you’re in good health

While the primary goal of investing is to increase your net worth, it is equally important to take measures to safeguard the money and property you have earned after years of hard work. To make up for lost time, aim to create an estate plan in 2023.

Approximately 67% of adults in the United States do not have a will. A well-thought-out estate plan can help you leave a lasting impact on the people and causes that mean the most to you after your passing.

It's better to finish your estate plan while you're still in good health than to rush through it when your health starts to decline. This buys you more time to think things through and less chance of making a hasty decision that you'll later come to regret.

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About the AuthorSara Paul is a is a full-time accountant and financial advisor who helps businesses and individuals with everything from tax planning to investing ad saving their money responsibly. They often share budget tips, good money habits, and other financial advice through advice columns on Calle Ocho News.

Sara Paul is a renowned freelance Seo copywriter with over a decade of experience in Seo copywriting.