Welcome to January, the month of good intentions and lofty goals. But before you set your sights too high (and abandon them by February), let's get back to the basics.
The basics are something Brian Walsh, the CFP at SoFi, a personal finance company, is all about. We got his take and included a few money tips of our own to help you get your finances in order in 2023.
Here are 11 common money mistakes and what to do instead:
1.Starting the year off without a plan.
2.Not putting any money toward retirement — or not taking advantage of new retirement account limits.
3.Spending too much of your income on housing.
4.Not having an emergency fund.
5.Paying off the wrong debt first.
6.Going into debt in the first place.
7.Buying a car you can't afford or trading your car in every few years.
8.Not automating everything — especially now, when the year is fresh and your motivation is high.
9.Not understanding your tolerance for risk when it comes to money.
10.Having a ton of subscriptions you don't need or barely use.
11.Not understanding the spending-to-earning ratio.
What money tips have changed your life? Let us know below!