“Price is what you pay, value is what you get.” 

—Warren Buffett

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:

  1. Build a three-month emergency fund.
  2. Start funding your retirement plan (if you haven’t already).
  3. Follow a budget.
  4. Check your credit report once every quarter.
  5. Maintain your home (to prevent costly repairs). 

Wallet Hub offers a dozen suggestions for Financial New Year’s Resolutions:

  1. Save more money.
  2. Repay 20 percent of your credit card debt.
  3. Improve your credit score.
  4. Fight back against inflation.
  5. Make a realistic budget and stick to it.
  6. Pay bills as soon as your paycheck deposits.
  7. Use different credit cards for everyday purchases 
    1. Maximize points and rewards; pay off balance monthly
  8. Get an A in financial literacy.
  9. Sign up for credit monitoring.
  10. Assess your insurance and make sure you have enough coverage for a catastrophe.
  11. Focus on physical health, given its strong connection to financial health.
  12. 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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