As 2023 rapidly approaches, it’s only natural to think about waving goodbye to bad habits and starting fresh. A great way to do this is to prepare for the new year with a general review and update of your finances.
Next Year, Consider Doing Things a Bit Differently
Did you have a financial plan for 2022? If so, did you stick to it?
No matter how well you think you have done with your finances this year, there is always room for improvement. Giving this year’s financial records a thorough review is a good thing to have wrapped up before January rolls around. It’s like checking your list twice to see where you’ve been smart with financial decisions and where you could improve.
Think of the new year as an opportunity to celebrate your financial achievements and learn from your mistakes. Head into the new year financially prepared by following these tips.
Take Control of Your Finances in 2023
After reflecting on your finances for 2022, use what you’ve learned to make positive adjustments for 2023. How frequently do you need to keep tabs on your finances? Have you set financial goals that are specific, measurable, and attainable?
Moving forward, you may want to consider a goal structure that breaks up objectives into a series of smaller and more attainable benchmarks that you can hit on your way to your final target. Schedule regular times to review your financial situation on specific dates of the 2023 calendar. Although you may need to adjust your goals and expectations as the year progresses, you should resolve to hold yourself accountable for your finances.
Start the New Year Off Right
A new year means new possibilities. While people tend to make New Year’s resolutions to improve their physical health, you should consider paying equal attention to your financial health. After all, it is just as important.
People generally have as much trouble finding the motivation for a financial assessment as they do when they are trying to exercise. Like a fitness plan, a financial plan takes time, dedication and motivation to follow through. Keep your goals firmly in mind so you don’t forget just how vital good financial health actually is.
Create a Monthly Budget and Stick to It
Looking at your records from 2022, determine where you can cut costs and generally spend less money. Remember to keep your cuts reasonable. Moderation is key, because if you deny yourself too much, you will inevitably have trouble sticking to any monthly budget you set.
Kick off 2023 by tracking your finances month to month. This way you will see exactly how much money is coming in and where it is going out. Use Digital Banking tools to help manage your financial health and keep tabs on your progress. Set up Bill Pay to ensure you never miss payments and monitor your credit health using Credit Sense. Setting up account alerts, managing your spending, and diligent monitoring can help you stay on track with your goals for the new year.
Learn More to Earn More
Give yourself the tools you need to improve your financial health by making financial literacy part of your planning process. Knowledge is power in all areas of life. After all, the more you know about something, the more likely you are to make more thoughtful decisions.
Educating yourself about money matters is a great way to get a handle on your finances. With the help of our team of experts at Lakeland Bank, you can stay up to date on current financial trends, rapidly evolving financial markets, and key financial policy changes. Register for our upcoming interactive educational events and webinars.
Read from an array of topics on our Simply Speaking Blog and check out our other tools and resources including our financial calculators.
It’s Full Speed Ahead!
Becoming more financially savvy will pay dividends that keep giving. Prepare to ring in the new year right by setting the stage for financial success. Need some guidance or assistance? We’re here to help. Speak with one of our financial advisors today.
