Tips for Transforming Your Finances This Year | St. Johns Bank

Can you believe we’re already halfway through January? The holidays came and went, and now it’s time to work on our new year’s resolutions and reach our goals in 2023.

Making short-term and long-term goals can help you stay motivated and on track with your finances.

Whether or not you’ve already made financial resolutions, here are a few tips to transform your finances once and for all this year:

Reconsider Your Current Habits

Your daily habits can play a significant role in your overall financial situation. For example, it may be tempting to purchase lunch every day if you aren’t meal-prepping. It can also be easy to overspend at the grocery store if you don’t make a list beforehand. These habits seem simple to implement, but are often overlooked.

Creating a budget is a great way to evaluate your current spending habits and can provide a guideline to help you make improvements.

Learn Something New

There is always something new to learn when it comes to managing and improving your finances. There are many different types of retirement accounts—do you know which would work best for you?

Consider investing in your financial education to learn how to make your money work for you and strategies for building wealth.

Improve Your Credit Score

There are many reasons why you’d want to improve your credit score, including having a higher borrowing capacity. Fortunately, there are many ways you can boost your credit score over a year’s time.

Paying down debt is a great first step in improving your personal credit score. Budget in your monthly debt payments, and stick to them. If need be, consider getting a side job to pay down your debt more quickly. If debt payoff is not your focus, be sure to keep your credit card utilization to a minimum.

A new year is a great time to transform your personal finances, but good money management should always be a priority. When in doubt, sticking to a budget can help you reach your financial goals and build personal wealth!

Ready to reach your financial goals in 2023? We can help! Visit our website today to learn about our financial services.