It's a new calendar year, but in 2023 people may face the familiar financial struggles of inflation and increased rent.
If you've made a money-related resolution for the new year, financial experts recommend SMART goals. That stands for Specific, Measurable, Action-Oriented, Realistic, and Timely.
SMART goals may be things like paying off credit card debt or budgeting for an emergency fund.
Maybe you're already stretching accounting for every dollar and stretching your budget. There are still ways to redirect your money.
Review your paycheck withholdings
It's the first quarter of a new tax year. That means it's a good time to review your payroll choices. Make sure you're not paying Uncle Sam too much upfront and shortchanging the amount you can take home if you need.
Spend your FSA funds before they expire
Funds in flexible spending accounts do not roll over forever. But, while many healthcare funds do expire at the end of the year, others are available until a few months into the following year. Check your account and policy to see if you still have money available.
Tackle credit card debt you're carrying into 2023
If you're carrying credit card debt into the new year, you could apply for a balance transfer credit card with a long 0% APR promotion. Then, make a plan to pay off your transferred balance by the end of the promotion. However, be careful. Not paying off the balance before the interest kicks in could add to your debt.
Look for opportunities to earn bonus cash
Many bank or credit cards offer rewards points or a percentage of cash back on gas or groceries. Some cards even offer rewards on every purchase. NerdWallet has a side-by-side comparison of top-rated cards, including ones with no annual fee.
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