Top 5 Financial New Year Resolutions For 2023: How To Make It Happen

Disclosure: This post may contain affiliate links (including being a participant in the Amazon Services LLC program). This means that I may earn a small commission if you decide to make a purchase through the attached links. Please read my Disclaimer for more info.

These affiliate links help to keep my website running and are very appreciated.

My opinions are my own and are unaffected by being affiliated with the products being discussed.

Thank you so much for your support and understanding!

Creating resolutions…..

is a time-honored tradition for a new year. The start of a new year is a great time to establish the things you want to improve on for the coming year.

Resolutions are great for identifying what is important to you this year and, for me, is synonymous with “priorities”.

I talked about the importance of priorities in these articles:

2023 Checklist: 7 Ways To Jumpstart Your Finances

5 Financial Habits To Create For 2023

For a lot of people, improving personal finances is at the top of their list.

According to a recent Bank of America survey, 4 of the top 5 2023 resolutions for Americans were personal finance – related.

Unfortunately, far too many people abandon their resolutions a few weeks into the year. Yours do not have to be among them.

Starting off with a clean slate can enable you jumpstart achieving your resolutions and enable you to hit the ground running this year.

Not sure what types of financial resolutions to make that will have the biggest impact on your life?

Well, you are in the right place! 😊

If struggling to find the resolutions that offer the most “juice for the squeeze” then check out these 5 financial resolutions.

No matter who you are and what your financial situation is, these 5 financial resolutions will enable you to achieve what you want to accomplish this year.

Here goes…..

Plug Money Leaks

We all have money leaks of various shapes and sizes.

That unused online subscription that hasn’t been touched in over a year. All those nights last month eating with friends. That new hobby you sunk a ton of cash into and haven’t done anything with it in the last 6 months.

Whatever your vice or guilty pleasure is, look for ways to still have fun and enjoy life just maybe at a cheaper price tag.

How To Plug Money Leaks

Another way people have money leaks plugged is through something called “cashflow optimization”.

Cashflow optimization is accomplished by looking for “leaks” in your tax refund and the bills you currently pay then plugging these leaks to free up cash to be used for other purposes.

First, look at tax withholdings. Typically, people receive a tax refund from the government every tax season.

Most people don’t realize that what is really happening is that the government is receiving an interest-free loan from taxpayers.

Think about it. 

The taxes they received could be used by the government for a short-term investment that makes them money while you receive no benefit from this.

Wouldn’t that money be better served to you on a monthly basis to pay down your expenses, increase retirement savings, or put towards a house or rental property?

I discovered this strategy a few years back and adjusting my withholdings has put several hundred dollars back into my pocket each month that I have used to pay off high-interest debt.

It’s been a financial boon for me, and I highly recommend checking this out.

A second way to plug money leaks and optimize cashflow is to look at eliminating all non-value-added expenses. This could be anything from the Audible account you forgot you had to the gym membership you haven’t used in a year.  Eliminate anything that is not providing value to your life and use the funds to pay down debt or save extra towards retirement.

Finally check the rates and terms being paid on long-term expenses such as auto loans, student loans, credit cards, and mortgages.

I use a calculation popularized by Garret Gunderson and the Wealth Factory team called the cashflow index (CFI for short).

To get your CFI, divide the amount of the outstanding loan by the monthly payment.

If the CFI number is 100 or more, the loan is efficient and keep doing what you are doing by paying the minimum.

If the loan is between 51-100, it is a potential candidate for a loan refinance or loan restructure.

If the loan is 50 or less, the loan is inefficient and should be paid off as quickly as possible.

I talk about the Cashflow Index Method in detail here:

Debt is NOT a 4-Letter Word

Plugging money leaks can free up a ton of cash that can be used to fund the coming year’s priorities and goals.

We all have things we spend money on that is not being used. Plugging money leaks helps us optimize cash flow and fund things you identified as most important to you.

Figuring out how much money that can be freed up from plugging the leaks will set you on the path to financial success.

Increase Your Income

According to a recent report from PR Newswire, nearly 54% of Americans live paycheck-to-paycheck.

Think making that magical $100,000 a year salary will prevent that paycheck – to- paycheck lifestyle? Think again.

That same report also states that 40% of Americans making $100,000 or more a year still live paycheck-to-paycheck.

Pretty incredible, isn’t it?

This is why it’s so important to find ways to increase your income.

If you are finding yourself having a tough time building an emergency fund or saving for retirement, consider finding ways to boost your income.

One way is to boost your income at your current job.

It might be increasing your skillset, obtaining a 2nd degree or certifications, earning a promotion, or improving your soft skills.

How To Educate Yourself To Boost Your Income

Check out these books that I recommend for educating yourself:

  • Grit – Not all investment knowledge comes from finance books. Grit talks about the need for effort since its effect compounds over time. A great book for learning the right mindset for finance, achieving career dreams, and so much more!
  • Crucial Conversations – a great book if wanting to learn the art of negotiation. As Christopher Voss (Founder of the Black Swan Group) states, “Everything in life is a negotiation, from crossing the street to receiving a raise”. Crucial Conversations starts you on the path to learn how to properly navigate tough yet productive conversations.
  • 7 Habits Of Highly Effective People – Another New York Times best-selling book that is a classic and must read! In it, learn the 7 habits Stephen Covey uncovered about the most effective and productive people. The lessons learned can be applied to virtually every facet of your life.

Another avenue is to start a side hustle.

A side hustle can complement your day job, it can allow you a creative outlet you currently do not have and can provide a little extra income to fill those gaps you have been struggling with.

If looking for some side income, try checking out Survey Junkie.

Survey Junkie enables you to earn extra money by sitting in front of your computer / smart phone and taking surveys at your convenience.

While you won’t get filthy rich, taking surveys thru Survey Junkie can earn enough money each month to enable you to stockpile your emergency fund.

Are you a coder, software developer, or computer programmer? Are you an artist or graphic designer? Are you organized and could be someone’s virtual assistant? Are you good at teaching or tutoring?

Check out Fiverr.

Fiverr is a great resource for the side hustler who’s looking to make a career change, wants to grow their skills without jeopardizing their day job, or just wants to earn a few extra bucks…. check it out!

Attack Debt

If you are struggling with debt, you are not alone.

According to this article from First Republic, less than 25% of Americans are debt-free. One of the biggest culprits of debt is credit cards.

According to this Market Watch article, Americans are collectively $17 billion in debt.

How To Pay Off Debt

If you are one of those people in debt, 2023 is the time to change that.

Debt can act like a dark cloud that makes us feel overwhelmed.

The first step is to rip off the proverbial band aid and figure out how much debt you have.

If stuck, try setting up a simple budget to see how much money is coming in and going out.

I talked about how to setup a simple budget here:

7 Easy Tips For Beginner Budgeting

Once you have done that, next is to figure out a method for attacking it.

I talked about the Cash Flow Index method and is the one I use. Try using that if you like.

My Free Budget Tool has CFI built in. Just plug in the numbers and set your payoff priority. You can also use my budget tool for setting up your budget.

Other methods are the debt snowball and debt avalanche method which I talk about in detail here:

How To Payoff Debt Faster

Now that you have figured out which method to use, use the money you found from plugging leaks and boosting your income to payoff this debt.

Before long you’ll be lowering your debt, increasing your cashflow, and enjoying your success! 😊

Analyze Your Insurance Coverage

The beginning of the year is a great time to analyze your insurance policies and the choices you made.

Check the rates and coverages on all your insurance policies. Do you have the right level of coverage, benefits, and deductibles? Are there duplicate coverages that could be eliminated? Can you consolidate policies to get a multi-policy discount?

How To Analyze Your Insurance Coverage

A review of my policies not only allowed me to consolidate policies because of duplicate coverage, it also enabled me to take advantage of multi-policy discounts enabled me to save literally hundreds of dollars a year.

Also check the deductibles you are using. Lower deductibles charge higher rates. If you have a solid emergency fund, try increasing your deductibles to lower your insurance rates.

If wanting to look for cheaper life, auto, home insurance, check out Policygenius.

Policygenius may be able to save you a ton of money on your insurance policies.

For example, I found a 30-year $1M term insurance policy for my wife that costs us about $134 a month…. and she has mild asthma to boot! 

Improve Your Credit Score

The thing about your credit score is that most of your financial world revolves around it.

From the interest your pay on loans to the rates you receive on auto/home insurance, your credit score dictates a lot of that.

You are entitled to a free credit score once a year from each of the 3 major credit agencies.

You can also check your credit score for free from companies like Credit Karma, Mint, or Personal Capital.

But how to improve your credit score?

How To Improve Your Credit Score

The beauty about the resolutions I have chosen is that they build upon each other. If you plug your money leaks to free up cash, boost your income, and use all that free cash to pay down your debt, your credit score will organically improve over time!

The amount of debt you carry and your consistency in paying off that debt has a HUGE impact on your credit score.

I talk about how to improve your credit score here in detail:

Credit – Lifeline to Financial Success
10 Ways To Improve Your Credit Score

Enjoy! 😊


The new year is a great time to set resolutions for yourself, especially ones related to personal finance.

Starting with a clean slate and creating a plan for your money is one of the best things you can do to hit the ground running in 2023.

Achieving resolutions won’t happen overnight and can be easy to lose sight of during the year.

2023 New Years Resolutions

First, Try writing them down and post them somewhere you will see them every day (i.e. bathroom mirror).

Next, break down those resolution into small, micro-goals that are easily attainable and build upon each other over time.

Build upon several micro-goals over time and you’ll hit those resolutions!

Have a Happy New Year! 😊

Live The Life You Love, Want, And Deserve!


So, what do you think about today’s article? Think it can work for you? I’d love to hear your comments and reaction. Send me an email and let’s chat!


Do you have ideas for future blog posts? I’d love to hear your comments.


Come follow me on Pinterest to review my latest articles and so much more!


Want to join my newsletter? Click here and go to the bottom of the page to sign up.