According to a 2022 study, the most popular New Yearโs resolutions are centered around 1) healthier lifestyle and 2) personal improvement and happiness. In fact, 91% of Americans make New Yearโs resolutions tied to fitness, health, and wellness. While physical health is a valuable resolution, so is financial health. Check out our suggestions to commit to being financially fit in 2023:
Digitize your budget: Itโs time to put an end to the excuses for overspending. By making your budget digital, youโll have access to your financial plan anytime, anywhere right on your cell phone. Consider making your own chart that accounts for every factor, from grocery shopping to entertainment, and automatically deducts each transaction from your monthly allowance. Or, use a budget app with easy-to-use templates. What better way to stay on budget in 2023?
Read or listen to one personal finance book per month: Make the one-book-a-month resolution even more impactful this year by adding a personal finance book to the rotation. A book can provide you with a tidbit of information that could be life-changing to your financial well-being. Donโt like to read or canโt find the time? Thereโs tons of audiobooks and podcasts available. No excuses!
ย Do one frugal thing a day: This is a small, extremely manageable way to make a big impact over the course of a year. Maybe itโs opting for a medium instead of a large coffee, packing your lunch any extra day of the week, or using a coupon at the grocery store. Doing one frugal thing a day is a great way to stay consistent, build a routine, and create some extra savings.
Reward your consistency: Piggyback on another New Yearโs resolution by rewarding yourself for your consistency by putting money in savings. For example, every time you go to the gym, reward yourself by transferring a designated amount towards savings. Make it manageable, such as $1 to $5. It will add up!
ย Check-in with a financial advisor: Just like going for a check-up at the doctor or getting an eye exam, meeting with a financial advisor is crucial to your well-being. If youโve been putting it off, make this year the end of the excuses. Being vulnerable with a stranger about your finances can be difficult, but it will pay-off when you see your finances are in the best shape theyโve ever been.
Wishing you a happy, healthy, and prosperous New Year! For more financial tips, visit www.penncommunitybank.com.
