6 Best Personal Finance Changes to Make in 2023


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If you want to spend less, save more, and still enjoy your life, then there are a few important financial changes to make this year. You don’t need to pinch pennies and hold your purse strings, but you do need to be smarter about how you handle your finances, spending, and outgoing costs.

6 Best Personal Finance Changes to Make in 2023

1. Stop Paying Back Multiple Debts

One of the best ways to get on top of your finances in 2023 is to consolidate your debts into one easy-to-pay repayment. A great way to do this if you’re only just starting to feel the pressure of repayments is to get IVA debt relief. IVA debt relief essentially lets you pay one lower sum each month that’s then dispersed to all of your creditors. You’ll need to have a qualified insolvency practitioner supervising, and at least 75% of your creditors will need to agree, but if you can get it, then it’s the most straightforward way to make your debts manageable.

2. Wait Before Making Any Non-Essential Purchase

The world is designed to encourage impulse shopping, so stopping the habit can be a true test of will. One of the best ways to remove yourself from that panic when you shop is to make it a point to wait before you buy anything. This could be a short period, like 48 hours, or it could be a whole month. If you still want or need to buy something after a month, then the item in question is likely a good investment and not just something you want to buy for that short-term thrill.

3. Put Savings Away at the Start

Everyone should have an emergency savings fund. However, this fund can keep growing to help you with big purchases or even your retirement, so there’s no reason not to keep feeding into it. To help that account grow, put your chosen sum into it at the start of every month. This way, it’s out of your spending budget.

4. Take Things Slow to Save

Taking things slow and doing them yourself can help you save upfront and get great results later. This applies to food prep, gardening, and even hobbies. Taking things slowly, being patient, and doing things from scratch can help boost your well-being and help you make your money go further by either being patient or reducing waste.

5. Get Into Better Energy-Management Habits

With the cost of electricity going through the roof in many places around the world, it’s important to get into some good energy-management habits. Some can be done once and forgotten about, like lowering the maximum temperature on your boiler. Other habits can include washing your clothes at cold or at 30°, air drying your clothes, waiting for the dishwasher to be full, and putting these on at night when your rate is lower.

Wear more clothes and use blankets in winter to save on heating. Use a lattice or interspersed brickwork outside of your windows to help cool your home better using wind. These age-old methods can help you save big on your utilities.

6. Shop Second-Hand

Shopping second-hand is a great option when you want to get a long-term investment piece for less. This can even include big purchases, like a car or a fridge. Keep in mind that when buying second-hand electronics, you’ll need to go through proper channels, so you know for a fact they’re in proper working order.


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