Written by Spotloan

Creating New Year's resolutions can feel overwhelming, especially if you throw finances into the mix. However, your financial wellness resolutions do not have to be huge to help you get started in the right direction. Taking small steps to better your financial future is a responsible move and can help you tackle bigger financial hurdles down the road. These financial New Year's resolution ideas for 2023 can help to guide you and give you some inspiration.

Revisit Your Budget

Creating and adhering to your budget is a major feat, which should be celebrated. However, you will want to revisit your budget from time to time. This is especially true if you have recently experienced major life changes, such as switching jobs or moving to a new location. While for many people, the changes they make to their budget may be small, for others the changes could be drastically different. Changes in income means reevaluation is necessary to determine that your money is going where it needs to be going. In order to help with your budgeting concerns, follow the 50/20/30 budgeting system. This process helps you determine how much of your income you can allot towards your needs, wants, and investments. In the coming year, try not to compare your spending to anyone else. Your budget and spending should be customized for you.

Reevaluate Your Subscriptions

Streaming services have put the power of on demand viewing at our fingertips. Even still, you might be subscribed to other things such as meal boxes or music streaming. All these subscriptions can rack up a pretty hefty bill. What's even worse is that you might not even be getting your money's worth. It is worth it, however, to go through all your subscriptions and determine if or where you can make some cuts. This will help you eliminate the subscription services you don't use to keep more money in your pocket!

Repurpose and Reuse What You Already Own

Everyone likes brand new items. But, chances are you already have something around your house that can get the job done. Whether that be decor or something to wear, check out what you already own. You can also try to DIY something to help you save money. While you think you need to be a creative person to DIY, just about anyone can do it. You can even look up DIY inspiration for just about anything on Pinterest. If you can't find what you are looking for or can't create something from the materials you currently have, consider utilizing a secondhand shop. Thrift stores and secondhand stores can provide you with quality goods at a discounted price.

Shop With a Plan

Treating yourself to a random shopping trip every now and again is nice, but shopping with a plan can help you save money. Shopping with a solid plan in place should be one of your financial resolutions because going into a store with an intended goal in mind can help you stay focused. Before you even step foot inside a store, be sure to make a list of exactly what you need and even your budget for that shopping trip if applicable. This will help your mind from wandering off or keep you from forgetting what you even came into the store for. If you are grocery shopping, consider looking out for some coupons or money-saving coupon apps for items that you need or seeing if there are any online deals you can apply at checkout.

Spotloan: A Better Way to Borrow

A new year means a chance to make smart New Year's financial resolutions. Incorporate these New Year's resolutions to give you a jump start towards better financial wellness. Our team understands the importance of having access to lending options that work for you; not against you. Our quick and easy application process can get you a decision within minutes. Fill out the application today to see if you qualify!