15 Ways to Boss Up Your Finances in 2023
We are in the first half of January 2023! So, where are you when it comes to money? Here are 15 ways to celebrate the New Year and boss up your finances:
Check your credit report - not just your credit score. Your credit report contains the following:
A list of businesses that have given you credit or loans
The total amount for each loan or credit limit for each credit card
How often you paid your credit or loans on time and the amount you paid
Any missed or late payments, as well as bad debts
(Source: annualcreditreport.com)
Obtain a free report today - https://www.annualcreditreport.com
Review your current auto/homeowner's insurance policy rates. Did they increase? In December, I saved $480 for 2023. Here's how I did it:
I called multiple insurance agencies and reviewed the policies
I asked others in the area what insurance company they used, their rates, and how they liked the service
Schedule a money conversation quarterly.
Find an accountability partner or a friend and schedule to have a healthy money conversation.
Here are some prompts:
What were your money goals for 2022?
What did you learn about money last year?
What habit did you want to break?
What worked in 2022?
What didn't work in 2022?
What are some money changes you want to implement in 2023?
How much do you plan to save? Invest? Pay off? Etc.
What are your 2023 goals? 3-year goals, 5-year goals? Retirement?
This conversation doesn't have to be long; 30 mins should suffice. If you liked the dialogue, schedule another one a month from now. Then keep planning them until you reach your goals.
Plan a No-Spend Month! Hear me out. A no-buy month is when you don't buy anything outside your expected expenses - housing, groceries, utilities, and other bills. I learned about the no-buy month from Natalie McNeal's book, The Frugalista Files. I'm planning my no-buy month in February or March. Want to do it with me? The goal is to aggressively save as much as possible.
Print out the last three months of your credit/debit card statement. This event might be a shocking experience, but ripping the band-aid off helps us see the truth. Where are you spending your money?
Compare your yearly expenses. Compare 2021 vs. 2022. Compare 2020 to 2022. Is it more or less? Where did you spend your money?
Open a brokerage account. If you still need to start investing, it's time. Set up a brokerage account to begin the new year. You won't regret it.
Need help creating one? Here are a few steps to one up.
Research brokerages (I copied this graphic from Investingsimple.com - I highly recommend you do your research - I recommend Vanguard, Ameritrade, Fidelity, E*Trade, and I personally have accounts at Charles Schwab)
Select a brokerage
Open an account (takes between 10-20 mins)
Deposit funds
Select funds
Find ways to give. The more I give, the more opportunities open up for me. So incorporate giving into your 2023 Money Game Plan.
Open a High Yield Savings Account. A high-yield savings account is an account that produces a higher rate of interest. This savings account is not like a regular savings account; there are limits to withdrawals, so be careful. Rates are currently at 3.30% with American Express. If you put $10,000 into a high-yield savings account at 3%, you could earn $300 for the year. Not a super amount, but way better than your savings account. Check out these below:
Expand your network to grow your net worth. I recommend attending a few free events to meet new people. Why? Because new perspectives will help you learn more. I remember hanging out with a few co-workers. They would not usually be someone I would hang out with. But they were investing in real estate. Those conversations helped me buy my first house.
Get healthy! A clear mind allows you to think better! I joined the YMCA this year to take advantage of group exercise classes. While I enjoy working out independently, I wanted to try aqua fitness for my joints. In addition, working out allows me to sleep better, which promotes more creativity and organization!
Meal prep or try the Too Good to Go App. Let's try cub inflation by organizing our meals for the week. As a single gal, I'm not too fond of food waste, so I also try to cook for a friend. I spent about $50/week on prepped meals early last year. It was helpful and needed during my busy summer season! Now that I have some time back, I have incorporated meal prepping.
The TooGood2Go App combats food waste by slashing restaurant meals at night's end. This resource allows patrons to enjoy unsold food while not breaking the bank.
Become a Boomerang Kid. A boomerang kid opts to return home after living independently for several years. According to Pew Research Center, in 2020, over 50% of young adults (defined as 18-to-29-year-olds) in the U.S. lived with at least one parent. (Wealth, 2022) I once thought moving back home at 25 was embarrassing, but it was the best financial decision for me. I was single, had no kids, and had paid off my student loans two years prior. I also had a rental property while I made a move back home. Although it was a short-term decision, I moved out a few months later and purchased a second property.
Sacrifice Expensive Habits (temporarily). Take inventory of all non-essential expenses. Essential expenses include housing, food, transportation, internet, school expenses, etc. What areas can you sacrifice for the short term to pursue financial independence? It was learning to say no to events and items that didn't help me on my financial journey. For example, I love to travel but put my trips on hold for a year to pay off my debt. Once I paid off my debt, I visited Mexico, Barbados, and Italy the following year. However, a temporary sacrifice can lead to years of fun and excitement - no obligation included.
Split a food basket. Bulk distribution services will distribute tons of produce and fruit for $30 or less. If you have a few adults, this is excellent to save $$$ on produce. Each city is different; I recommend Googling your location to see if they exist near you.
I am challenging you to select one item off this list to incorporate into your New Year to jumpstart your finances today! If you do choose one, let me know in the comments below.