5 Money Tips For 2023
Welcome to our Hoyes Michalos Debt Free Digest where we round up personal finance topics from around the web to help you live, and remain, debt free.
To close 2022, we’re sharing 5 things you can do to plan for next year and ensure stability no matter what life throws out way. We wish you a safe and lovely holiday season.
Good Reads From Around the Web
Setup Your Money System
Do you know where your money goes after you’re paid and it’s deposited into your bank account? Do your dollars have a purpose beyond just paying the bills? If not, it’s a good time to create your money system.
You can do so easily with the help of this post by Desirae Odjick. With just a pencil and paper, she will help you map out your own personal system, figure out any gaps along the way, and show you how to evolve it as you go.
A strong money system helps you avoid spending funds you don’t have and lets you step back and see your entire financial picture.
Choose Your Spending Priorities
It’s important to know where your money is going and you should also know why. Think about your personal wants and needs. If you’re budgeting for the whole family, think about everyone’s priorities and spend accordingly.
For example, do your children play sports? Do you need to budget for fees? Do you wish you could do more family outings? Do you want to save more money for the long-term? These are all important things to consider so that you spend more mindfully.
Build Your Money Buffer
With inflation making everything expensive, it’s more important than ever to have a money cushion to deal with unexpected expenses. We recommend you prioritize having a money buffer of at least $1,000 so you can pay for common repairs on an appliance or on your car, for example, with cash instead of relying on credit.
Make it a habit to keep contributing small amounts here and there as part of your money system so it’s always available even after you’ve dipped into it.
For more advice on building your money cushion, this post by Leo Babauta gives some advice.
Learn How To Say No
It’s equally important for your finances to have the confidence to say no when spending isn’t within your limits. Otherwise, social pressures can hamper your spending intentions. But we understand it can be hard to speak up.
Build resistance with the help of this post and learn how to say no to money requests and other pressures like expensive gift-giving and dining plans, for example.
Have a Long-Term Goal For Your Money
Your long-term goal can be retirement, a sizeable emergency fund (think: a year’s worth of living expenses saved), home ownership, or buying a car, as just a few examples.
Have you considered where you want to be in a few years? What are the steps you can take today to meet your long-term money goals? Where can you cut back or redirect funds and incorporate this goal into your money system?
$50 Walmart Gift Card Giveaway
Enter for your chance to WIN 1 of 10 free $50 Walmart gift cards!
Save on the cost of groceries and other household needs by entering our $50 Walmart gift card giveaway.
Enter soon. Giveaway ends December 29, 2022 at 11:59 p.m.
Share with friends and family!
Do you like our Debt Free Digest? Sign up to receive it directly to your inbox each month.
Please enter valid email.
You cannot continue without providing consent. Please put a checkmark in the checkbox above.
Get A Personalized Debt Free Plan
"*" indicates required fields
SignUp For Our Newsletter
Please enter valid email.
Sign up for our newsletter to get the latest articles, financial tips, giveaways and advice delivered right to your inbox. Privacy Policy