C.J. Braden • 3 Minute Read
Making smart decisions with your finances is the key to taking them to the next level this year. With a few simple steps, you can start building financial security and setting yourself up for future success. This post looks at six ways to help you make the most of your money in 2023.
Learning to manage your money can improve your finances
1) Learn how to manage your money:
The first step in taking your finances to the next level is learning how to manage them properly. This means understanding how to develop a budget and track your spending, as well as understanding what financial products are available and which ones make the most sense for you. It also means being aware of any tax or loan benefits so you can maximize your return.
Try creating an emergency fund to improve finances
2) Create an emergency fund:
Emergencies happen, and having some extra cash on hand can help alleviate financial stress when they do. Take a portion of each paycheck to create an emergency fund that will cover at least 3-6 months of expenses should the need arise – this could be anything from medical bills to job loss. Setting aside emergency funds allows you to have security in unexpected situations such as layoffs, natural disasters, and other surprises.
Invest your money to boost returns
3) Invest:
Investing is a great way to make your money work for you. Whether it's in stocks, mutual funds, or even art, investing your money wisely can benefit you in the long run. It's important to do your research and understand what you're getting into before investing, so make sure you get familiar with different types of investments before making a commitment. For example, if you want to invest in art, read this article by Brian Thuer to get a sense of the options available.
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Start an automatic savings account with your bank
4) Automate your savings:
One of the best ways to take your finances to the next level is by automating your savings. Setting up automatic transfers into a savings account or investment fund will help you save without thinking about it. This will also ensure that you don't accidentally spend more than you budgeted, as the money is already out of reach.
5) Seek expert advice:
If you're serious about taking your finances to the next level this year, seek out financial advisors and other professionals who can offer detailed advice on how to manage your money better. Financial advisors can help create personalized plans and provide valuable insight into how to make the most of your money. It's a good idea to shop around for the right advisors and make sure that they have the right credentials and experience.
Review your finances often
6) Review your progress:
As you move through the year, make sure to review your progress regularly. Take time every month or quarter to assess whether you're meeting your financial goals, and adjust accordingly if needed. This will help keep you on track and ensure that you stay focused on taking your finances to the next level.
Taking your finances to the next level this year is all about making smart decisions with your money, and these six steps will help get you there.
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C.J. (Carolyn) Braden is a regular contributor and editor for Carolyn’s Blooming Creations. She has been featured in numerous media publications such as InStyle Magazine, on HGTV, on Bustle.com, and more. She is the author of the books Georgia McMasters in Amethyst Lake Cemetery, How To Be Yourself: 3 Ways To Help You Being You, and the illustrator for the children’s book Bridging Connections. She is a former classroom teacher that now dedicates her life to educating others on how to live their most healthy, creative and happy life. Learn more about her visiting our About Us page.
This is a collaborative post and may contain affiliate links. All opinions and ideas expressed in this post, however, are based on my personal point of view.