Jeffrey McKinneyDecember 31, 2022December 30, 20221 0 A survey by the financial services firm Principal identifies categories ranging from spending less to eliminating debt where Americans plan to focus on helping to accomplish that. However, another report suggests a robust 81% of people with resolutions for 2023 believe inflation will hurt their chances of achieving their goals. That survey revealed that 20% of Americans with financial resolutions for next year are confident they will be able to keep them. A big factor in their dim view of preserving their resolutions is that they will become too costly. You're more likely to achieve your mission when you have specific goals you want to meet. Further, be honest and realistic if forces like high prices could delay or halt your plans to buy big-ticket items like a home or car. Reduce what you spend The extra money saved can help you erase credit card debt, build an emergency fund, and reduce financial hardship. Cut spending by doing such things as lowering or not using credit cards and making shopping lists to avoid impulse buying. Examine what costs you can cut, including unused subscriptions or extra cell phone services. Do online research for apps that can help you spend less and save more. Consider checking out budget apps like Goodbudget or Personal Capital. Set up a recurring auto debit from your checking to your savings account monthly, helping you mindlessly save money. Talk to a local banker to help identify a savings account to help maximize your savings. Create a budget and keep at it A budget can help you restrict spending and better manage bills. It can also spot where you may get services less costly to help boost savings over time. An organized and updated budget can give you greater control over your finances and improve your lifestyle. Check this out for help and guidance. One way to eliminate credit card usage is to use a debit card or cash instead. Make minimum payments on everything and use excess cash flow to pay extra on credit cards with the highest interest rates. Be mindful that erasing credit card debt in 2023 will help cut your expenses, save you money on interest, and could possibly increase your credit score. Set up an emergency fund An emergency fund is intended to offset unexpected events like job loss, home repairs, or medical bills. Experts suggest three to six months' worth of salary in your emergency fund, though a large number of people do not. This site offers some insight into an emergency fund. But be aware that you can't improve your credit score until you know what it is. Get copies of your credit report to ensure the information is correct. You may do well to visit this online source to gain a free credit report. The IRS generally starts accepting taxes by late January, making it a good time to file or at least start the process. Not only can you cross that burden off your list, you can get money back from a refund faster if you are due one. Getting a refund can help you pay off high-interest-rate credit cards and start or rebuild an emergency fund sooner than later. And there are actions that can be taken now to help bring savings when tax season arrives. See this site and here to get some tips.