With the pandemic still around, lockdown restrictions easing in many places and the economy slowly becoming resurgent, it is undoubtedly important and obvious to have some money goals entering 2023. Times have been strange and uncertain. It is good to make sure that you make smart financial goals so that you can sustain yourself and live pleasantly this year.
Here Are Some Tips for Your Money Goals
Write your budget down
Take into consideration all your recurring expenses and flexible expenses. Have a look at your bank statements and credit card statements to get a good idea about your money patterns.
Ensure you keep an eye on the recurring payments, as they often tend to eat up a large chunk of your hard-earned income. You also need to stick to your budget as much as possible. As long as you do not stray too far away from it, you will be fine.
Keep an eye out for all the automatic payment option you may have entered into. Make sure that they support your financial health and that they do not work against you.
Subscriptions
The lockdown has had most of us signing up to too many streaming services. Ask yourself if you still really need all those Amazon Prime, Netflix, Disney, Hulu, Vimeo, HBO max and other subscriptions. This could be the right time to cancel the expensive ones and the ones you don’t need. You could perhaps one streaming service at a time, say, on a month- to-month basis and enjoy yourself.
When shopping online
Make sure to compare the prices of individual items at different websites, whether you are shopping for your basic amenities or for things that you love but don’t necessarily need. Different sites offer different discounts. So, make sure you get the best deal in at least 7 out of 10 scenarios. Check out as many sites as you can. Also, these sites can give you a certain percentage of money as a cashback directly to your bank account. These sites may also provide you with gift cards.
Ensure you are not losing out on your credit card perks to using all your loyalty points and gift cards you may receive. If you are not interested in using your gift cards, it might interest you to know that there is a market for re-selling gift cards.
Sell your old items
We are all guilty of hoarding items in our homes. Old clothes, furniture, things lying around in the garage, old gadgets, CDs, DVDs and video games are things you can sell and that you may perhaps no longer require. If you have hand-made items, craft supplies, antiques or vintage items lying around, then you are in luck. Make an account at, say, the Etsy shop online, and you might surprise yourself by seeing how many people are interested in buying them and how much they are willing to pay for them.
Focus on Savings and Investment
Set some realistic savings goals. It is good to consider saving some money in a high-yield savings account and also investing your earnings very carefully. When it comes to investments, patience is key. You will reap the rewards of your patience in a few years. Also, have an emergency savings fund for possible home repairs, car expenses, health expenses, dental care, pet care and so on.
You could also hire a certified financial planner or a finance consultant to help you build a plan for 2023.
Alternative sources of income
You could also work a small side job where you turn your hobby for an art or craft into a possible revenue source. You could start your website, perhaps making hand-made jewellry or other unique crafts. You could also open an Etsy account as aforementioned. Be sure to set aside your side job earnings for the IRS as they can knock on your door at any time.
Also, if your driveway is empty, put it to good use. People need parking spaces. You could get a good, regular and small income out of renting your driveway.
Examine yourself
Determine your priorities and where you see yourself in a year. Take all the short-term needs and long-term needs into account and plan carefully.
Ensure you keep an eye on the recurring payments, as they often tend to eat up a large chunk of your hard-earned income. You also need to stick to your budget as much as possible. As long as you do not stray too far away from it, you will be fine.
Keep an eye out for all the automatic payment option you may have entered into. Make sure that they support your financial health and that they do not work against you.
Keep a good track of your expenses to get better insight into your spending patterns. This is helpful to see how you can save money by avoiding unnecessary costs. This simple habit will allow you to regain more control of your life and not feel like the wind is taking you.
Practice minimalism
Try to live within your means as much as possible. You could enjoy incorporating a simple, minimalist attitude into your mental framework. Buying clothes, books and other items second-hand from thrift shops and charity shops is not a bad idea.
Try to cook your meals at home for yourself. Ordering food online from restaurants and take-out delivery places can sum up to a good portion of your expenses in the big picture.
Cut down on your bills
Like a good percentage of the population, you have likely made the switch of working from home. Learn to save your money on the bills. Use energy-efficient appliances; be sure to turn them off when you are not using them. Make as many upgrades as you can think of to reduce your bills.
Make time for fun
There is no need to be perfect. Keep making tweaks and changes throughout the year if need be. It is good to remain fluid and give oneself some room. We all have our phases of overspending or unplanned expenditure or sudden vacation plan.
It is always good to make time for working out and having fun. Try to find alternative means of recreation that are inexpensive. You could play online games on Slotsformoney.com which can even help you save your money on commute.
All in All
Having the ability to plan well financially makes life a lot whole easier. Proper money management is a skill and an art form that every person has to master in these times. Especially with the pandemic, having reasonable money goals for the sake of your present and the future is essential.
