#1: Start a Budget
Creating and sticking to a budget is critical for your financial success. Even though it’s not necessarily fun, there are several apps on the marketplace that can help you reach a successful outcome. Below are the three most popular budgeting apps:
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- Mint. Free of cost, this app can seamlessly sync to all your accounts from checking to savings, credit cards, loans, investments, and bills. Additionally, you can get monthly bill payment reminders, transaction notifications, your monthly credit score, and your estimated net worth.
- Personal Capital. Also free of cost, this app allows you to sync multiple account types like cash, credit cards, loans, and investments. With all information pooled together, you will be able to see your net worth, assets, liabilities, and more. There is also a built-in retirement planner that accounts for major life expenses like going to college, having children, or buying a home.
- PocketGuard. Free for the basic version, and only $7.99 per month for the Plus version, customers are raving about the PocketGuard app. You are able to link your banks, credit cards, loans, and investments all in one place. Budgeting is customizable from this app and there are even smart algorithms available to analyze your transactions and help you identify how much you can save by lowering your bills.
#2: Cook in Bulk
Every extra trip to the grocery store can easily add to your overall grocery budget rather quickly, especially considering the high inflation on groceries we experienced in 2022. Cooking in bulk also lends itself to meal planning throughout the week, which can reduce overall food costs. Americans spend about 11 percent of their take-home income on food (1), so it is definitely a significant part of the budget that can be modified to save dollars.
#3: Reduce Car Debt
Although lending experts generally recommend that the public spend no more than 10% of their income on a car loan, Consumer Reports (2021) found that about 1 in 4 people spends over this amount (2). You can lower your monthly car payment by renegotiating your loan terms with your lender, selling, or trading in your car, or making extra payments above and beyond what’s due when possible. Focusing on reducing car loan debt is a great way to position yourself for financial success in 2023.
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#4: Start a Side Hustle
There is no doubt that one way to accelerate your savings this year is to pick up a part-time job. Today, it is easier than ever to find a work-from-home job that can easily be completed in your pajamas from the comfort of your own home after a long shift at your main gig. Popular side hustles include starting a blog or YouTube channel, creating an online course, online tutoring or teaching English, delivering for Uber Eats, InstaCart, or DoorDash, and becoming an online reseller.
#5: Find Cheap Ways to Have Fun
Frugal people know how to have fun for free or less money! Luckily, with the world wide web, it is easy to find free events around town, and there is always the option of going to the park or the beach (depending on where you live), having a picnic, or visiting the library, to name just a few things.