New Years Habits for Better Money Management this 2023

Oftentimes, we'd see people make new year's resolutions as a way to make that first step in changing up something in their life. For some, it is about fitness and health, and for others, it is on improving their finances and having proper savings.

For me, I would say that instead of having resolutions that lead to disappointment after breaking it for a couple of weeks, why not change up your money habits instead? With that, here are three habits to insert in your daily life that I am sure will help you achieve your financial independence.

List down daily expenses

You can start small with listing down what your expenses for the day have been. And keeping or filing your receipts whenever possible. Before you know it, you will be a budgeting expert in no time. It is important because it helps you track your spending, save more money, and reach your goals faster.

Use the technology at your fingertips for your weekly or monthly check on finances

You can definitely make use of tools that are available online to manage your money more effectively. For example, you can use online tracking and budgeting tools to keep track of your spending, and see where you can be saving money instead if you cut back on something like that extra drink of coffee or milk tea. Another is you can use online calculators to help you decide whether to rent or buy a home, or how much money to set aside for retirement.

Start small with weekly goals, then invest in monthly goals

Once you're familliar with listing things up, you're a step closer to learning how to budget for your goals. Having a proper spending plan that takes into account both current and future income, expenses and your financial goals, like that upgrade from renting to owning your own home. 

But you have to start small. Maybe doing something monthly, and investing your monthly savings into an emergency fund for medical expenses. By breaking your goals down into smaller, more manageable tasks, you can be sure that you won't be disappointed. If you have an overflow on that, you can move on to bigger goals. 

With inflation progressively reducing the value of your money, it is essential to make your money work for you and to be wise with your expenditures. And it does not have to be in a form of a new year's resolution that you might disappoint yourself later since it is too big of a goal. By doing these little habits regularly, you can be sure to be on the road to the goals you have prepared in life. Don't forget to celebrate your achievements along the way. Also, don’t be discouraged if you encounter setbacks as they are all part of the learning process.