6 minute read
Patricia Allen, CRPC®
9 SMART MONEY MOVES TO MAKE 2023 YOUR BEST FINANCIAL YEAR YET
PATRICIA ALLEN, CRPC®
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Inflation has been the party pooper of this year. But you don't have to let it steal your cheer. If the crazy high cost of everything has you more than a little worried, you are not alone. In the face of mounting inflation, now is the time to be smart with your money and make 2023 your best financial year yet.
HERE ARE 9 SMART MONEY MOVES TO SET YOURSELF UP FOR FINANCIAL SUCCESS
AVOID HOLIDAY SPENDING
Despite meticulous planning, the holidays are the time when many consumers do the most damage to their debt loads by buying presents for family and friends now and figuring out how to pay for them later. Here are some tips to help you avoid overspending during the holiday season.
1. GET OVER THE GUILT
Are you buying that gift because you haven't spent enough time with that person? Are you trying to make up for something you're feeling bad about? It's important to ask yourself if spending a surplus of money on a gift is really going to help you achieve the goal of gift-giving in the first place.
2. SET A BUDGET~ SPEND WITHIN IT
It is crucial to establish a spending plan BEFORE you go shopping. Don't spend more than have in your checking account or special holiday savings account. Your regular bills are not going anywhere next year. So, think about what adding all those additional holiday expenses would mean for your cash flow.
3. ALWAYS PAY FOR PURCHASES WITH CASH OR A DEBIT CARD
If you can't pay with cash or debit, you can't afford it.
4. DON'T ALLOW A GIFT TO PUT A VALUE ON YOU
Many consumers value themselves based on their spending choices. People become consumed in what they believe they are expected to purchase. Think about what you can afford. What is the meaning and value behind your gift? The gift may not cost much but may be worth more to the recipient than the price.
5. Put meaning into your gift
Donating to a charity of your choice in a loved one's name is a fantastic way to show you care while staying within your budget. Research a charity or organization that holds special meaning to your recipient and honor them while helping somebody else in need.
Take this time to learn the likes and dislikes of your friends and family. This shows that you care and will make your relationships stronger.
6. START THE NEW YEAR RIGHT
Create a monthly spending plan and examine what you are spending each month. Set your spending and saving goals early in the year and stick to it!
Re-examining your budget and financial priorities may help you get your spending back on track. Your financial habits will unveil your philosophies to make financial choices, so you can make changes to align them with your goals.
WHAT GETS MEASURED GETS MANAGED
Now is a good time to get started on some important year-end financial tasks. Wouldn't you rather enjoy the holidays with family and friends than scramble to meet a December 31 deadline?
More smart money moves to consider-
7. SIZE UP YOUR PORTFOLIO
This year's stock market swings may have changed your mix of stocks and bonds. You may need to bring your portfolio back in line with a diversified mix that is appropriate for your situation.
8. MAX AND MATCH: REDUCE YOUR
TAXABLE INCOME AND SAVE MONEY TOO
9. CHECK BENEFICIARIES ON FINANCIAL ACCOUNTS AND LIFE INSURANCE
When reviewing your investments, make sure you have designated a beneficiary for each account. It's especially important if there have been changes in your life, such as a birth, a death, or a change in marital status.
GIVE TO OTHERS AND CHARITY
The power of philanthropy comes from your desire to promote the welfare of others to increase their resources.
To mobilize this power, ask yourself some questions, such as:
• What changes would I like to see in the world?
• What do I value most?
• Does my giving reflect my values?
Giving, for women, offers a profound and gratifying opportunity to leave our imprint on the world and a legacy for our families, our communities and for future generations.
DEVELOP AN ATTITUDE OF GRATITUDE
Gratitude is the easiest way to raise your vibration and begin to attract more things and experiences to be grateful for.
Gratitude for your current financial circumstances will give you the spark you need to stick to your goals and dreams. Don’t be so focused on the future that you forget what you have today.
Build a gratitude list of things you are most grateful for and imagine what your life would be like without them. You will gain some much-needed perspective.
Gratitude raises your resiliency, giving you the strength and clarity of mind, you need to get beyond your greatest hurdles. So, what are you grateful for?
Best wishes for the holidays, and for health and happiness throughout the coming year.
ABOUT PATRICIA ALLEN, CRPC®
Patricia Allen, CRPC® is a Wealth Advisor, Women’s Financial Empowerment Expert, Chartered Retirement Planning Counselor, award winning author, trainer and global speaker who specializes in helping women navigate the complex world of personal finance and wealth management.
Patricia is committed to supporting women to transform their money fears to become wealth building powerhouses. Patricia is unique in the field of wealth management combining purpose driven mindset coaching and the practical aspects of money management to make smart decisions about their money- creating wealth on their own terms.
Patricia believes her whole life has been a PHD program preparing her for supporting women to transform their money fears to become wealth building powerhouses.
Her vision is to create a world where every woman feels inspired and motivated to move beyond her fears; where she feels confident in her financial abilities to make important financial decisions and to create the life of her dreams.
When women take control of their finances, they lift entire communities. Patricia believes that when women control their finances, they control of their destiny.
