New Year New Life. Decide today who you will become, what you will give and how you will live in 2023. This is where financial education plays a crucial role in our daily lives. I would like to give you 5 financial resolutions that you can set for the coming year and thus achieve healthy finances that give you economic peace.
Having a good financial education can bring many benefits in the long run. So here we leave you a list with some of them.
- It will help you better understand the financial products offered by the market (cards, loans, mortgages, credits, etc.)
- It will help you better plan your personal finances.
- You will learn to prioritize within finances
- You can easily manage debts.
- You will become more prudent when buying, investing or requesting a loan
- You will be able to understand much better the value of money and savings
- You will achieve a better lifestyle, since by managing yourself better you will be able to optimize your resources.
5 purposes to achieve healthy finances
The December season is the perfect season in which we decide to improve in all possible habits so that in the New Year we establish goals that will help us make the coming year “ours” and make a radical change in our lifestyle to begin to create our better version.
Generally among the most requested wishes are: Health, Love and Money. About the latter we want to talk to you so that you can achieve it in this coming 2023. But what financial goals should we have to achieve it?
1. Get informed, plan
Nowadays there is no longer an excuse to inform you and many institutions have free Financial Education programs, it is only necessary to take the importance of the subject and spend time acquiring the knowledge to plan your finances through a monthly budget that you must follow at the bottom of the letter.
2. Control expenses better
Even if we don’t like it, we must start thinking about controlling our expenses to have better finances in 2023. It’s time to leave behind those typical phrases that we use when making impulsive purchases such as: “that’s what I work for” or “I deserve it”. And no, it’s not that you don’t deserve it, it’s that you need to stop spending on everything, think about what you like and above all know if it will be useful for you.
In order to control your expenses, you only have to prioritize and eliminate or at least reduce those purchases that are not so necessary, in case you do not know how or what types of expenses you make, consider the ant, the ghost, the vampire and those that you cannot pay but that you buy with your credit card as if it were an extension of your money.
3. Save
It is probably the most common financial practice that exists because it can be done by anyone from children to adults and to some extent it is the easiest. In order to correctly plan your savings, you can define the % that you can save and be constant throughout the year.
Savings can help us meet goals, whims and even support us in an emergency, however, with rising inflation we have to look for other ways to protect our money –how to invest it–, since savings cannot give us this facility.
4. Invest
It is the solution if what you would like is to make your money grow and, on top of that, protect your income from inflation, since this tool can help you build wealth in the future or have extra help.
Unlike savings, investments are more useful in the long term, although we must not forget that without savings there can be no investment. Normally when we invest our money, we cannot dispose of it until a certain time, therefore, saving is better for an emergency situation.
Before investing, I recommend you evaluate the investment instruments that call your attention as well as make an investment plan.
5. Be disciplined
Be constant and disciplined so that in a short time you can improve your finances. Achieving financial freedom will only be achieved if you meet all financial purposes together, in short, follow a series of goals for a satisfactory end result. Seek your financial health!
Faced with an uncertain economic situation, you may not fulfill all your New Year wishes, but the most important thing is that you establish some habits to improve your present and future. Without a doubt, we hope that you can approach each of your financial resolutions next year, without leaving behind your financial health and good personal finance habits.
david agmon David Agmon is Founder and Co-CEO of Monific, the first Fintech specialized in the tourism sector in Mexico. He has 18 years of experience and more than 10 created companies. Over time, David has formed within himself a creative spirit and a human warmth that allows him to support people to become entrepreneurs. He has always sought to generate financial inclusion in Mexico, achieve equity and human relationship, with the philosophy: “Union is strength.”