In this article, we will take a closer look at three financial resolutions you should consider making for 2023.
Even when your financial health is something you feel satisfied with, as the new year approaches, it is important to review your finances to ensure that everything remains on track. After retirement, your want to make sure you have enough money to live the life you want, so make it a habit to look at your financial plan at least annually.
1. Financial Resolutions to Prepare for the Unexpected
When it comes to managing your finances effectively, you don’t only need to cover the expected expenses you have throughout the year. Unexpected things happen and can cause a significant setback if you are not fully prepared.
This is why you should consider preparing for the unexpected as one of the financial resolutions you make for 2023. Many professionals suggest opening a savings account and putting money into this account to ensure you have money set aside should you need it. It’s easy to open a savings account, and at this time, you should decide how much money you will put into the account every month.
2. Improve Your Portfolio
Your financial portfolio is something you are proud of, as you have spent years building it to the point it is now. As you are making your New Year Financial Resolutions, consider how you can improve your portfolio.
It’s a good idea to look at your savings and any existing investments that are part of your portfolio. If you have excess funds available, consider strengthening your portfolio by investing the excess funds.
If you notice that some of your investments are not performing as well as you expect them to, consider moving the funds to a different investment opportunity. Our wealth advisory services can help you along the way.
3. Manage Debt You Have
Studies show that Americans 65 years old have an average amount of $66,000 in debt that they still need to pay off. Thus, you likely still have some debt you need to pay off.
As you make your financial resolutions, consider any debt you have in your name. Now is a good time to consider how to manage the debt and pay it off faster. When you pay off your debt faster, you’ll usually have less interest and other fees that continue to accumulate on the account.
Take a look at your budget and consider whether there are any areas where you can save some extra cash. Perhaps you are spending too much on eating out or vacations. Cut back and use the funds to pay your debt.
Financial resolutions are important for everyone, regardless of their finances, age, and position they find themselves in. By making these resolutions, you can set goals for yourself, which can help to keep your motivation levels up. Start with the three financial resolutions discussed above as a foundation for the coming year. If you’d like help accomplishing your financial resolutions for 2023, please get in touch with the professionals at Quantum Strategies Wealth Advisory.
Advisory services are offered through Quantum Strategies, LLC dba Quantum Strategies, a Registered Investment Advisor in the State of Pennsylvania. Insurance products and services are offered through William Rizzo, Sole Proprietor.