These essential money tips for 2023 might not be what you want to hear, but hopefully they are different money tips to the usual stuff we see.
If you have any other tips to offer, I would love to hear about them in the comments.
Table of Contents
Uncertain times call for decisive actions
If you find that things are not going well for you financially in 2023, then it is important to tackle your issues head on. No good will come from letting your problems mount up.
Be confident, and be assertive for yourself and those who may depend on you and take action early.
Maybe you are behind on mortgage or rent payments? Talk to you landlord or lender quickly. There is a good chance something will be worked out if you are seen to be tackling the problem.
If there is an issue with your income, then address it on a practical level, culling unnecessary costs and making your money work harder for you. Take ownership of a tough spot early and you will feel empowered.
There are lots of official resources to help you with more essential money advice.
- Citizens Advice offers help face-to-face, by telephone or by email.
- Debt Advice Foundation provides free debt advice and support through its helpline (0800 043 40 50) and website.
- National Debtline provides advice over the telephone (0808 808 4000), online and by email. They can send you a free self-help information pack.
- My Money Steps is a free online debt advice service run by National Debtline. You can develop your personal action plan to help manage your money and deal with debts.
- StepChange Debt Charity provides advice over the telephone (0800 138 1111) or online via its free debt advice tool, providing a personal action plan and a recommendation of available solutions for dealing with debts.
- Advice UK has a network of independent advice organisations.
- Shelter provides advice about housing and homelessness, including managing debt, paying rent or mortgage arrears, and dealing with possible eviction or repossession.
On the other hand if you are doing well, but don’t know how to use your extra money to the best effect, then perhaps you can talk to a financial advisor for proper guidance on what to do with your money.
Whatever you don’t it’s important to do things correctly, which bring us onto our next of our essential money tips for 2023…
Get rich slow
The internet is awash with scams, promising big returns and untold wealth for you for years to come. I’m telling you that they won’t bring you happiness, but rather, quite the opposite.
Nothing in this world worth having comes fast and easy, and so if you can, you should begin to sow the seeds for 10, 15, 20 years down the line by investing as much money as you can in one or some of the following:
- simple stock market index trackers,
- yourself and if you are lucky enough,
- your children.
Successful investing strategies boil down to two fundamental things – time and consistency.
Consistent investment along with time allows your gains to compound over time and so from humble beginnings you can generate real wealth for a financially healthy future.
Spend your money on what you value most
Essential money tip number 3 is to spend your money intentionally.
It’s very difficult to tell people how to spend their money.
Everyone’s position is different, but one thing we can all do is try to eliminate wasteful spending. Wasteful spending is the sort where you find yourself handing over money when you don’t really mean to. Extra money leaving your wallet when you didn’t really think you were spending it. You probably just lost track. It happens to every one.
This is where a budget will come in to help you see where your money is going, but I would implore you to cut out the things in life that steal your time and resources and instead put both these things into what brings you real joy and happiness.
For example, I cut out buying my sandwiches in work every day.
I didn’t particularly like the offerings there so I made my own. This, of course, meant I had more money to buy what I really wanted… stocks and shares! (and golf clubs)
I made lots of little changes like these and a few larger ones too, focused my spending on where I really found value and became much happier.
In summary I would just say to tackle today’s problems today, but try to maintain a long term view of your finances. Use this year to put in place mechanisms to help you succeed and lay the groundwork for a successful future.