Some Financial Resolutions for your New Year

With the start of the New Year, are you making some resolutions about your finances? Here are a few tips that might help you reach some goals for 2023:

Plan ahead for the coming year.   

Is your car going to need some major repairs, or will you need to purchase a new one? Don't put off thinking about large expenses till the last minute. Make some decisions now, and look for alternatives too. Perhaps the gym membership isn't affordable this year, but a thrift store bicycle might well be the answer.  

Change the way you think.  

Before you make a purchase, figure out how many hours of work are required to pay for it. Are you still willing to splurge?  

There are studies that show that people are willing to pay 30% more for an item when they're paying with a credit card. Having to fork over that hard-earned cash might deter you from spending so much of it!

Splurge sensibly.  

There's nothing wrong with having a few financial vices, because they can keep the others in check. Food, clothing and entertainment are often our weaknesses. So pick the one you can't live without—will it be the exotic coffees, or the designer shoes?  

A few changes can make a big difference in your financial state, so spend wisely in the New Year.