Financial Resolutions for 2023

BY LEIGH DELEDIO

Director, UFinancial

2023 is almost here. As is customary at this time of the year, people take some time to reflect on the prior year, review their goals and accomplishments and set some fresh ones.

For the last article of the year, I’ve compiled three popular financial resolutions and tips to help you accomplish them:

Save to buy a home

Three out of four Australians think of home ownership as part of “the Australian way of life”. The hurdle for most people, however, is the deposit.

Tips to help you get there:

• Talk to a broker to find out what you can borrow and how much you’ll need to save.
• Then, set your goals, and track your progress every month.
• Use a money management app, such as Frollo to keep yourself on track.
• Look for new ways to save.
• Find out what financial support is available to you. There are a few schemes and grants that can help you on your way.

Improve financial education

‘Without a working knowledge of money, it is extraordinarily difficult to do well in life’, advises Sam Renick, a field expert specialised in financial education.

Start with these tips:

• Subscribe to financial newsletters.
• Listen to financial podcasts.
• Follow social media accounts that talk about money.
• Talk to a financial professional.
  • A financial adviser can help you with basic money situations and more complex scenarios.
• Cut spending on expensive habits
  • Sometimes we’re so used to doing something that we don’t give it too much thought – that expensive monthly gym membership, eating out every other day, Friday night drinks.
• Try to give the habit a miss for a whole month or replace it with a new one, and put what you’d typically spend into a savings account. It can be an eye-opener as to the real cost of habits.

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