“Price is what you pay, value is what you get.”
The past year has been a rocky one for the economy with soaring inflation and increased market volatility.
Sound financial habits are more important now than ever, and the new year is a perfect time to take stock, assess, and move forward with a better strategy.
A study by Bankrate says, “Financial health consists of being able to pay for living expenses as well as setting money aside for future goals such as getting married, buying a house or paying for an education.”
The average household in our neighborhood is balancing dozens of financial tasks in any given day, including juggling the costs and benefits of:
- education and higher education for their kids;
- health, medical, and elder care for Seniors in the family;
- wealth management and investments;
- real estate;
- retirement planning; and
- daily cashflow budgeting and expenses.
The Motley Fool finance column recommends these Top 5 New Year’s Resolutions for 2023:
- Build a three-month emergency fund.
- Start funding your retirement plan (if you haven’t already).
- Follow a budget.
- Check your credit report once every quarter.
- Maintain your home (to prevent costly repairs).
Wallet Hub offers a dozen suggestions for Financial New Year’s Resolutions:
- Save more money.
- Repay 20 percent of your credit card debt.
- Improve your credit score.
- Fight back against inflation.
- Make a realistic budget and stick to it.
- Pay bills as soon as your paycheck deposits.
- Use different credit cards for everyday purchases
- Maximize points and rewards; pay off balance monthly
- Get an A in financial literacy.
- Sign up for credit monitoring.
- Assess your insurance and make sure you have enough coverage for a catastrophe.
- Focus on physical health, given its strong connection to financial health.
- Look for a better paying job.
And don’t forget the little things when it comes to the big financial picture. Shop around for the best interest rates on financial products. Look for no-fee credit cards with rewards you’ll use.
This article appears on page 5 of the January 2023 issue of HJ.
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