For many, ABBA’s “Money, Money, Money” rings in their ears as they ask themselves “all the things [they] could do if [they] had a little money.” With 2023 underway, it’s time to start on your resolutions and budget better to initiate yourself into the “rich man’s world”—or at least somewhat close to it.
Whether you are saving for a new home, a big trip, a wedding, or the future, there are many ways to save and spend efficiently. Here are four different ways to meet your financial goals in 2023 and enjoy a year of lowered expenses.
Travel and Commute More Efficiently
Did you know that one of the biggest budget investments in your life is your car? Between fuel, maintenance, and insurance, owning a car comes with many added costs. Finding alternative ways to commute cuts travel expenses, leaving some extra cash in your pocket.
Opt for public transportation in large cities to avoid parking fees. Invest in an e-scooter over a car for a sustainable and money-saving commute. Ditch the car and walk when possible. Reduce the cost of travel with more efficient modes of transportation.
Give Yourself Deadlines and Due Dates
Breaking your goal into smaller steps increases your chances of success and makes it more attainable. It allows you to better pace yourself, focus on set tasks that work in tandem with your overarching resolution, and find motivation. Deadlines also reduce the risk of you putting your financial goals on the back burner. Set due dates for budget goals and spending restrictions to keep yourself on track and in better control of your financial aspirations.
Eliminate and Reduce Ties With Debt
Debt is like a financial chain that anchors you in a wormhole of money spending. It causes you to consistently take money out of your account, decreasing your savings. It especially drains your bank when the debt comes paired with interest.
Cutting your ties with any debt as soon as possible keeps your accrued interest to a minimum and releases you from any financial holds. It reduces your future spending costs, keeping money in your pocket. Prioritize paying off your credit card and loans over trips to the coffee shop, eating out, and other forms of personal spending. Once you are free from debts, you can freely and efficiently spend your money more leisurely.
Track Your Purchases and Subscriptions
Like debt, subscriptions are long-term money drainers. They consistently request and take money from your account. This year, weed out any unused subscriptions and track your purchases to save more efficiently. This step reduces unnecessary purchases and helps you more accurately monitor your spending and budget. Don’t let any purchases go unnoticed!
Meet your 2023 financial resolutions with these money-saving tips and enjoy a year with extra cash in your pocket. Improve your spending habits, reduce unnecessary costs, free yourself from financial obligations, and save so that you can meet your goals!