It is important to make commitments at the beginning of the year to have vision and focus. Identifying how we start 2023 financially and having the purpose of healing our finances are two basic pillars to start on the right foot.
Here are three basic actions that will help you create a sustainable approach throughout the year.
1. Review the budget
If you were not disciplined and the budget was forgotten, I can assure you that today you are in trouble. If you don’t have the discipline to make a budget and stick to it every day, it’s time to start. Following a budget will keep you from getting into debt, if you currently already have a credit card paid off, use your credit card responsibly, apparently, the rates may continue to rise. For this reason, it is very important to use credit cards with a lot of responsibility, consider if you can make purchases with them, preferably do it totally or for months without interest and you should reflect immediately in the budget.
If you have a large debt on your cards, it is time to hide them, look for options within the market in which you can consolidate the debt to lower interest; and as long as you don’t lower the balances, don’t use them. Don’t make the mistake of cutting it down and reusing it because you’ll never get out of trouble.
If you have debts, prioritize your payment, and forget about gifts, trips, and expenses in general. If you want to close the year well, reduce your debts! That is the key. But if you have respected your budget, consider the fruit of your work, and look for options for your purchases to be able to compare with and choose the best offers.
2. Set your financial goals for 2023
Although a budget helps you put your money in order, it should not be formulated without a goal plan that will give you a vision of what you want to achieve, personally, in your family, professionally, in health, and of course in the financial area. In the best of cases, discipline and perseverance pay off, today you can have some slack and peace of mind, but most importantly, you are on your way to financial freedom, keep it up!
3. Focus on creating new and better sources of income
We have learned that income is king, it allows us to have solvency, achieve goals, create a budget with objectives, and although it does not buy happiness, it does allow us to enjoy well-being. If you are in difficulties today, do not despair, much less lose your calm, when we are under a great level of stress, we make bad decisions and more when it comes to money.
Start by offering a minimum viable product that meets the needs of your community, leverage your business with social networks, and raise a sales budget, every 100 pesos in profit counts.
We wish you a prosperous 2023, may all your wishes come true, and don’t forget to follow the plan and focus daily.