A new year is the perfect time for reflection. People commonly think about their personal and financial goals, and make resolutions that will improve their future. Some New Year’s resolutions are notoriously difficult to maintain, however, our team came up with a few simple, achievable resolutions that can significantly benefit your financial goals next year.
Check out six financial resolutions that are certain to help you hit your goals in 2023.
Take Control of Your Spending
It sounds simple, but many will estimate how much they spend on a certain category instead of tracking the specific numbers. This can lead to rounding down or underestimating how much you are spending. To take control of your finances, you need complete information about where they stand. In 2023, set a goal to accurately track your spending, so you can make informed decisions about your finances.
NerdWallet recently named the eight best budget apps for 2023. As a client of Merchants & Marine Bank, your mobile banking app offers tools to accurately and efficiently budget and track your expenses!
Create a Household Budget
If you and your household do not already have a household budget in place, 2023 is an ideal time to establish a budget. Reflect on your current spending habits and financial priorities to build a sustainable budget for you. At the start of the year, our team compiled a few tips for establishing a budget that are sure to help.
Prioritize Your Emergency Fund
Unexpected expenses, like car repairs and medical bills, can cause a lot of stress if you are not prepared. Creating a dedicated emergency fund ensures that you can pay for unexpected costs when they arise. Generally, your emergency fund should be able to cover about three to six months of your typical expenses.
We know that finances all our clients’ financial situations are different. This is exactly why we offer products like personal lines of credit and home equity lines of credit.
Pay Off Debt
Whether you have credit card debt, student loans, or other debt, paying off debt with high interest rates can help you have better control over your finances. This year, take a look at all the debt you have and make a plan to begin paying off the balances. One approach that we recommend is the snowball method, where you pay off your lowest balance first and then move on to the next highest balance afterwards. This helps you to build momentum and decrease your total debt.
Build Your Credit
While carrying the balance on your credit card can negatively impact your credit score, using a credit card responsibly can build your credit. Using a credit card to pay for expected expense has additional benefits such as cash back and fraud protection. Regardless of where you are in your credit journey, Merchants & Marine Bank has a credit card solution for you!
Establish a Retirement Account
It is never too early to start planning for your retirement. In fact, the earlier you begin to save, the better! Establishing a long-term savings plan like an Individual Retirement Account (IRA) is a great way to secure your financial future. Both Traditional and Roth IRA Plans offer safe and secure retirement options.
Take Advantage of Mobile Banking Benefits
No matter which financial resolutions you want to prioritize this year, you’ll need convenient financial tools to help you keep track of your progress. Mobile banking options offer free money management tools and eStatements, so you can access all your financial information quickly and easily.
As you plan for your 2023 goals, make sure you know what tools are at your disposal to empower you to make the best financial decisions!
Merchants & Marine Bank is a Bank that Works for You
Our associates at Merchants & Marine are committed to helping our clients reach their financial resolutions next year. If you’re looking for useful financial advice and expert guidance as you plan for 2023, reach out to an associate near you.