This year’s record-high inflation paired with a looming recession is causing more and more Americans to switch their New Year鈥檚 resolutions from focusing on their bodies to targeting their money.
Roughly one in three people surveyed say they want to save more money, according to conducted by Wallet Hub, blaming inflation and an impending recession.
鈥淭he time to get your house in order has never been better than it is right now,鈥� said Stephen Patterson, a financial strategist at Key City Capital, a private equity firm based in Dallas, Texas.
There are several ways to stick to financial goals in the coming year. To save more, make it a priority, Patterson said.
鈥淪ave first. Before you pay your bills, before you do anything,鈥� he said. 鈥淭ake that 10 percent or 15 percent of your overall income and put it someplace where it will gain some level of interest, but where you can access it.鈥�
To slash credit card debt and improve credit scores, make payments on time and don鈥檛 carry over balances each month, he said.
Something else: steer clear of buying big-ticket items in 2023.
鈥淚nterest rates have gone up significantly,鈥� Patterson said. 鈥淲hether it鈥檚 buying a new car or a buying new home, right now is not the time. If you can avoid those large purchases, it will go a long way in closing the gap.鈥�
And when the New Year鈥檚 resolution becomes overwhelming, don鈥檛 give up.
鈥淒on鈥檛 get discouraged if you do stumble,鈥� he said. 鈥淭he struggles are part of creating the new habit. You did well in January, you struggled in February, pick it back up in March.鈥�
