If you’ve fallen behind on your goals and want to get back on track come December, you’re not alone. Prioritize your financial self-care by implementing these four tips. Your 2023 self you will be forever grateful.

1. Find Out Where You Stand

No matter your preferred payment method, you’ve got to step back and track your balances and obligations. Users of online financial aggregators can easily get an at-a-glance view of their accounts. Others will need to log on to their profiles individually and create a spreadsheet to take stock.

When you export your transaction histories, many providers will suggest spending categories for you, such as restaurants, gas, and groceries. Review the suggested labels and try to keep things simple. The more categories you have, the harder it will be to analyze your spending. Retain all transaction dates to make it easy to identify spending spikes due to holidays, vacations, or other life events.

Make sure you’re not just reviewing your spending, but also your savings. According to Chime, things like your debit card can actually be a tool in your savings toolbox. Many debit cards give the option to automatically round-up purchases and then put the round-up into your savings account. By taking advantage of anything you can do to help make savings easier, you’ll be able to watch it grow quickly and easily.

In addition to your spending and savings accounts, take note of any loan balances and investment or retirement accounts. This will give you a full view of your financial outlook. Don’t forget about any work-provided investment or pension accounts. If you’ll have access to them in the future, they’re part of your financial picture.

2. Review Your Spending Habits

The most active part of your financial life is your daily spending. Subject to seasonal and emotional impact, your spending habits will determine where your money is going. Pull all of your transactions for the past year, then categorize and analyze them. This task may be painful, but it’s a worthwhile exercise. You may be surprised to learn that you’re spending more than you realized.

If you made a budget for 2023, see how your spending compares to what you had allotted for each category. Did food prices increase? Were you so burned out on cooking that you ordered delivery three times a week instead of the budgeted two? Don’t beat yourself up; just track what actually happened. You can always course-correct.

As you review your transactions, ask yourself why you bought those items and whether they met your needs. Were you tempted by social media to buy the newest beauty tools? Did you get inspired to tackle home improvements since you were home so often? Take notes as you conduct this exercise — you’ll need them for your next task.

3. Prioritize Essentials and Things That Bring You Joy

We can all agree that spending our hard-earned money on student loan payments and utility bills is less than fun. But what is fun is having clean water and avoiding calls from collection agencies! While you can’t avoid paying for life’s essentials, you can home in on spending opportunities that bring you joy.

The concept of focusing on joy in the home organization was popularized by author and organizer extraordinaire Marie Kondo. Kondo stresses that if something doesn’t bring you joy, get rid of it. The same principle can be applied to your finances.

Consider groceries. Are name brands really important to you? If they aren’t, you can easily do without them and save handsomely by purchasing store brands instead. If connecting with friends is paramount but you don’t enjoy dining out, host them at your place. Comb through your recent receipts, and you’ll start to reveal a lot about yourself. Get creative as you determine how to adjust your spending to align with what makes you happy.

The way we spend often reflects what we value. Where some may value quality, others may prefer convenience. Keep in mind how long it takes you to earn the amount of money you’re about to spend. If you aren’t willing to earn the price of an item, you don’t need it. Once you identify the spending that brings you joy, it’ll make your next step easier.

4. Make and Execute Your Plan

Now that you’ve dialed in your essential and discretionary spending, it’s time to recalibrate your budget and your goals. Determine what your savings targets are and be sure to keep them realistic.

Saving for the future and big purchases is good in theory, but don’t forget — life is short. Budget for spontaneity and fun as well. Have money set aside for tickets to a sought-after concert or your share of a cabin with friends. Planning in advance for the things that make life exciting allows you to focus on the event, not the bill.

Establish your savings and debt repayment goals accordingly. If you’ve got lingering credit card debt or student loans, include them in your plan. Consider whether making extra payments toward those is an option for you. If so, review their interest rates and terms and whether there are any early repayment penalties. Understanding the whole picture is essential.

While paying down your debt in 2023 is a worthy goal, you may not be able to tackle it all by year-end. Remember that you should be proud of the progress, too.

Once you’ve developed your plan, make an appointment with yourself to review where you are each week. If you already check over your calendar on Sunday night, add this review to that existing routine. This will be easier to stick to and can give you a clear financial picture of the week ahead.

Now that you know where you stand, it’s up to you to do the work. Remember, progress requires your dedication. While it can be overwhelming to think of the big goals you want to achieve, take it one day at a time. Habits are made by choosing to improve daily. Commit to yourself and to achieving your updated financial goals, and you’ll be set to succeed in 2023 and beyond.

The post 4 Ways to Finish 2023 Out in a Better Financial Position appeared first on Along the Boards.

In this post, we will offer you some tips to finding the best loans for your needs.

1. Review Your Financial Position

Before you consider searching for any type of credit, you should take a look at your financial position and understand why you want a loan. There could be a number of reasons why you are looking to cover any gaps in your funds, but by reviewing your position, you may be able to find other solutions.

For example, do you have a considerable amount of savings that could help? Do you have trusted friends or family members who are willing to lend to you? Is there a local credit union that you could apply to? Have you thought of a bank overdraft? You should consider other options before applying for loans, but if you have exhausted all other options, please make sure you follow our tips to find safe loans.

2. Understand Your Credit Rating

Before you start browsing for loans, it is key to understand how your credit score looks and if there are any ways to improve it. You can easily check your credit score for free with online tools like Experian, Equifax, and TransUnion. These sites clearly display your score, and if the rating is between 670 to 739, you have what is considered a good credit score.

If you have poor credit, you may find it hard to secure a loan that fits your requirements, so taking the steps to improve your score before applying could be beneficial. The credit score tools will usually make suggestions about which areas you need to improve in, but if you are unsure, you can:

• Register on the local electoral roll
• Update the addresses on your bills
• Check for mistakes on your credit file
• Make sure you pay your bills on time
• Try to pay off existing debts
• Avoid moving home or changing jobs too much
• Keep your credit utilisation low

Alternatively, you can seek out lenders that offer bad credit loans, but make sure you do your research and find lenders who are FCA approved.

3. Be Aware Of Restrictions

You may be able to find a loan for almost any legal purpose, but some may carry restrictions on how they are to be used. For example, debt consolidation loans are only to be used to pay off existing debts, rather than a personal loan, which can typically used for any kind of purchase. Make sure your chosen lender is very clear in what they offer and how their loans work to avoid being caught out. If you unsure about a lender’s restrictions, do not be afraid to ask them directly.

4. Avoid Pushy Lenders

If during your soft search, you come across a lender who is pushy and pressuring you to apply with them, they should be avoided at all costs. Predatory lending typically refers to practices that impose deceptive or unfair terms on borrowers. In many cases, these loans can carry high interest rates and hidden fees, strip the applicant of equity, or place a creditworthy borrower in a more expensive loan to benefit the lender. If a lender is acting aggressively or seemingly taking advantage of you, you must cut ties with them. This type of behaviour is usually a bad sign, and can often lead to a loan that is detrimental to your credit rating.

Instead, you should seek lenders who will take the time to understand your situation, listen to any concerns you may have, and allow you time to make a decision. You should be able to feel like you can approach your chosen lender with any questions or changes to your financial situation. Find a lender that is FCA approved, shares reviews freely on their website, and offers responsible lending.

5. Avoid 100% Guaranteed Loans

In the world of borrowing, there should be no such thing as a guaranteed loan. As outlined by the FCA, responsible and trusted lenders should never offer a loan without some sort of check, whether it be a credit check or an affordability check. Lenders who offer loans with guaranteed approval are immoral and may end up leaving you in a worse financial position than before. It is crucial that you avoid 100% guaranteed loans and only seek financial help from those who will check that you can make repayments comfortably each month.

6. Make Inquiries Widely, But Apply Sparingly

Applying for too many financial products at once can damage your credit score and could give the impression of desperation to lenders. This is why you should do a soft search first and inquire with a variety of lenders to see which would offer the best solution for you. Once you have done a comparison and found one or two providers that could work for your needs, you should only apply with them. If your application is turned down, make sure you leave a substantial amount of time between your next application. Never apply for the first lender you come across – shop around first, make inquiries widely, and apply sparingly.

If you have considered your financial position and explored all other viable options, a loan could be helpful. However, it is essential to stay safe and find a solution that will not leave you in a worse situation. By following our tips as outlined above, you could have more success with finding a loan that works for you. However, if you have any doubts, it is best to try another method of covering your funds. If you need any more support with your finances or finding a loan, please speak to the Money Advice Service for free and impartial help.

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