Financial Resolutions You Can Actually Keep

**SPEAKER_1** (0:00)
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**Nicole Lapin** (1:02)
I'm Nicole Lapin, the only financial expert you don't need a dictionary to understand. It's time for some Money Rehab.
New Year's Eve can be overrated and overhyped for sure, but beyond all that, this holiday is really special. A new year symbolizes new beginnings and fresh starts. And so there's this collective inspiration that gets us thinking and dreaming about our potential. I'm definitely in my feels a little bit more this New Year's, because in this season of New Beginnings, Money Rehab is back and I get to be here again with you every single day, which reminds me, welcome back, Money Rehabbers.
With so many of us motivated by the idea of a fresh start, it's really the perfect time to revisit and reset financial goals. So let's make the most of this motivation, shall we? I'm gonna share some of the biggest tips you should focus on for 2023 with your money. But before I dig in, a very important reminder, you have to be honest with yourself if you're gonna take control of your finances. It's like going to the gym to get in shape, but lying about how much you can bench press. You're only cheating yourself. So take an unfiltered financial selfie. And trust me, it can even be really fun to get on top of your finances, especially when you start to see the numbers in your bank account ticking up.
So here are five things you should do to get yourself set up for success in 2023 Number one, play the rate game. With interest rate hikes that will likely continue in 2023, it may make financial sense for you to prepay your mortgage, something that can save you a lot of money over time because you'd be trimming the accumulation of interest owed. Essentially, with this move, you slow down the snowball of interest on your mortgage. Prepaying your mortgage will make financial sense for you if your current mortgage rate is higher than the return you would earn through investment vehicles. Because think about it, if the amount you owe the bank is growing at 6%, but the amount you're earning through investments is 4%, you're owing more than you're growing. But for anyone with lower interest rates on their mortgage, investment returns might actually outpace the mortgage interest rate accumulation, in which case you might want to invest instead of prepay your mortgage. So bottom line, not all debt is created equal and not all investments are created equal, but interest rates are interest rates. So weigh how fast your investments are growing against how fast you're accumulating debt and allocate accordingly. Number two, have your own back. I know you want your New Year's vibes to be glamorous and glitter covered and champagne soaked, and sitting down going through your bank statements doesn't really fit in with the glitzy vision. But hey, we check our bank statements so we can enjoy the celebratory moments so that we don't feel guilty when we buy the champagne, right?
So go through your bank statements because this is part of the financial selfie I was just talking about. And when you do so, pay extra attention to subscriptions. Maybe you subscribe to something that started as a free trial and then you forgot to cancel it, so now you're paying $9.99 a month on something you don't need. Maybe you have a subscription for a service that you're not gonna use in the New Year. Maybe you have an annual subscription that's about to renew and you can catch it before the deadline.
These are sneaky little costs that add up and they're playing hide and go seek in your bank account statements. So find them and don't let them ride your coattails in 2023 And while you're at it, make a contingency plan. With inflation top of mind, you should have a pull in case of emergency system to trim your expenses. So as you're reviewing your bank statements, ask yourself, what would go first? Come up with an emergency exit plan for your finances before you need it. Number three, think about consolidating. If you have debt, consider consolidating. In other words, opting into a plan where you're able to smush your various types of debt together into one gigantic loan. This could help you swap varying interest rates on multiple loans, credit lines or cards for potentially a lower rate on one single loan. Not only can you potentially lower the amount of interest you're accruing, but it could also make your life a lot easier. Reducing the number of loans you carry will help simplify your financial life and ease money stress. Number four, automate your 2023