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Going into the new year, you may have a few pre-planned financial resolutions. Developing your plan today can make it easier for you to achieve your financial goals. The saying, there's no time like the present, is more critical now than ever when you consider record inflation and massive company layoffs. I asked a few individuals, "What is one financial concern you have going into the new year, and how are you going to conquer it?"
Tips to Address Your Financial Concerns
Inflation is a major financial concern for many people going into the new year as prices of essential goods and services become increasingly more expensive.
To combat this, my goal is to create a foolproof plan to tackle the harsh effects of inflation. This includes diversifying my investment portfolio with a healthy mix of investments. I also aim to create a cushion of emergency funds for rainy and unpredictable days.
Last but certainly not least is keeping a close eye on my expenses and cutting out unnecessary items. Doing this inevitably leaves you with more disposable income to put into your investments and stay ahead of inflation.
- Demi Yilmaz, Co-Founder, Colonist.io
Create a Winning Marketing Campaign to Get Ahead of Economic Turbulence
As a recession becomes a going concern, many business owners like myself are examining their assets and liabilities and looking for strategies to generate cash flow. At the end of the day, hair restoration is a cosmetic industry. When money becomes scarce, these procedures are often the first thing people cut back on.
Currently, my marketing team is working on a new campaign to provide incentives for new patients in 2023. We hope this will help us acquire new customers early on to offset any economic distress that could happen mid- to late-year.
- Jae Pak, MD, Jae Pak MD Medical
My wedding is one of my biggest financial concerns going into the new year. My fiancé and I have been saving diligently for the past year, but with the average cost of a wedding now over $30,000, we still have a ways to go.
To conquer this concern, we have created a detailed budget and are sticking to it as closely as possible. We are also cutting back on other expenses to make room for wedding-related costs. For example, we have decided to eat out less and cook at home more. We are also putting any extra money we have towards the wedding fund.
By taking these measures, I am confident that we will be able to afford our dream wedding without going into debt.
- Lorien Strydom, Executive Country Manager, Financer.com
One of my primary financial concerns going into the new year is saving for retirement. I am 32 years old and have not yet started contributing to a retirement account. I know that the sooner I start saving, the better off I will be in the long run.
To conquer this concern, I have resolved to start contributing to a 401k plan. I have also sat down with a financial planner to ensure I am on track to reach my retirement goals. While it may take some time and effort to get my finances in order, I am confident that I can achieve my goal of a comfortable retirement.
- Jim Campbell, Founder, Wizve Digital Marketing
Paying off outstanding debt obligations is a major financial concern. It is glaring to me amidst the rising costs of basic commodities, the global economic crisis, and many other financial concerns. I am saddled with many thoughts on balancing my income versus my expenses.
One thing is for sure. I need to pay off my debts to gain a bit of leeway in my monetary standing. Looking at my ledger, I see that most of my expenses are spent on my loan interests. It is the reason why I need to come up with a solid plan to ease them out.
I need to have an additional source of income through side hustles. Then, I need to settle my loans one by one or shave off a considerable amount from each one to lessen the interests that they accrue. It may take a while to close them off, but I need to make a positive movement and extend more efforts to do that.
- Laura Martinez, Consultant and Content Writer, PersonalityMax
One of my financial concerns going into the new year is the rising cost of living.
It seems like every year, the cost of basic necessities like food and housing goes up while wages stay the same. I'm not sure how much longer I can keep up this pace. I will have to start making serious changes to my budget if I want to avoid going into debt. I'm also going to start looking for ways to increase my income.
I'm unsure what the solution is, but I'm determined to find it. I refuse to let the rising cost of living defeat me!
- Benjamin Basic, Content Writer, Fast Food Menu Prices
Create a Side Hustle to Help Build My Emergency Fund
Honestly, I have a lot of financial concerns even during this year. My greatest concern is paying off debt and setting up an emergency fund. Inflation has gotten me to a point where I barely have enough money left for savings. Savings are the least of your concerns when you are living in debt. I am very concerned about not having an emergency fund. My idea about how I'm going to tackle it is by venturing into more methods of making money. I figured I could diversify into online jobs and get more serious in the online writing job search. This will help increase my income and give me an advantage over the economy. Hopefully.
- Lydia Mwangi, Content Writer, Barbell Jobs
I'm going to conquer my financial concerns by getting a better job. I've been working at my current job for over two years now, and while it's been a good experience and helped me grow, it hasn't given me the kind of opportunity to advance my career that I was hoping for. To get access to more opportunities and make more money, I plan to change jobs in the new year. My new role will be in a different department at my company, but it will also have more responsibilities and allow me to grow professionally. In addition to improving my paycheck, this change will also give me more time with my family—something that has been difficult since I started working.
- Amer Hasovic, Content Writer, Love & Lavender
What's one financial concern you have, and how will you conquer it in the new year?