(WKBN) – With the new year approaching, many people are creating new goals for 2023. For some, this may include financial goals.

There are some things that can help you along your journey to creating a financial New Year’s resolution.

Find little ways to save

Eliminating small spending can add up. Making it a priority to cut out small expenses can help you save more. Below are a few things that can help:

  • Make coffee at home instead of making that daily morning coffee run.
  • Cancel unused subscriptions.
  • Cook or meal prep instead of ordering food or going out to eat.
  • Take shopping apps off your phone to avoid the temptation to shop.
  • Shop with a list.

Pay down your credit

Paying down your credit is another financial goal that can help in many ways. A lower credit card balance can mean a higher credit score, which will help with interest rates and monthly payments.

Paying your credit cards down or off completely can only benefit you financially.

Take advantage of credit card points

Paying down your credit card balance can help, but it doesn’t mean you shouldn’t use them at all. Many credit cards offer a reward system that can help you save money.

Some credit cards offer you cash back on purchases and others offer points that you can use toward purchases. Some credit cards for major airlines even offer points toward flights, so you can fly for free.

Using your credit card for rewards, then paying the balance down quickly can help you earn cash and points and help keep your credit card balance down.

Budget

Budgeting is always important, but with the new year, it may be time to reevaluate your finances. Take a look at your monthly expenses and your income and determine if your current budget still makes sense. As inflation continues to rise, costs or items and services may have gone up since the last time you set your budget.

There are many personal finance websites and apps that can also assist with creating a budget.

Save

When creating your budget, remember to include an emergency fund and a savings account. This will help you have a cushion in case things get rough throughout the year.

If you already have an emergency fund or savings account, it may be a good time to check on it and see where you stand.

Taking some of the money you saved by cutting out small costs can be put into your savings to ensure that money is not wasted elsewhere.

Invest

You can also take some of the money you saved from cutting costs and invest it. Investing can help you grow your money, but it can also be risky. Take the time to research if you plan to invest in stocks, bonds or crypto.

There are websites that can help with beginner investment portfolios as well.

You should also think about investing in a 401(k) or Roth 401 (k). Many employers provide a match for what you pay.