11 Basic Money Tips That Will Improve Your Financial Health In 2023

    New year, new you. 💰

    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.

    woman using a calculator

    2. Not putting any money toward retirement — or not taking advantage of new retirement account limits.

    Woman looking at her bank account on her phone

    3. Spending too much of your income on housing.

    Couple sitting on the couch in a nice apartment

    4. Not having an emergency fund.

    piggy bank floating in the ocean on a life preserver

    5. Paying off the wrong debt first.

    6. Going into debt in the first place.

    woman shopping on a smartphone with her credit card

    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.

    Man reviewing stock performance at home

    10. Having a ton of subscriptions you don't need or barely use.

    Screens of various streaming services

    11. Not understanding the spending-to-earning ratio.

    What money tips have changed your life? Let us know below!