Top 10 Personal Finance Tips for 2023 According to An Online Forum

Are you searching for the best financial tips for making 2023 your year? You’ve got company. Someone recently asked Reddit for their top finance tips. These are the top-voted responses.

1. Review Your Mortgage Before Refinancing

For new homeowners, someone suggested reviewing your mortgage at least a year before refinancing your home because you don’t want to initiate any unfavorable clauses that might negatively affect you.

2. Quality Over Quantity

Another added, if you are purchasing something that gives you pleasure, you should always buy the best quality material or product you can afford. Many suggested considering it a lifetime purchase; good quality products will retain their value better.

3. Use Your Pay Raise to Increase Your Savings

One individual recalled receiving a pay raise and stated how they used their increased wages to invest and grow their pension and savings accounts.

This person suggested ignoring your pay raise and having it immediately deposited to your savings, pension, or both. They continued by stating that you don’t miss the money or even notice it is gone because you never had it.

4. Transition Your Spending to a Rewards Card

Another said to put as much spending as possible on a reward card and set up automatic payments to repay your bill in full each month. They said that it takes a little bit of organization. Still, it can be like receiving free money with the right credit cards and financial discipline.

5. Hold Off on Luxury Purchases

Someone noted to hold off on any luxury purchase you may be considering and give yourself 48 hours to look deeper and evaluate if this purchase or item provides value, meaning, and long-term satisfaction to your future.

6. Budgeting is the Skeleton Key to Finance

Somebody admitted that nothing focuses my mind like a good Microsoft or Google spreadsheet. They are great at aiding you to track income and spending; that way, you can make the best adjustments for your life and lifestyle. Another added there are several great budgeting apps.

7. Reduce the Cost of Heating

Heating your home can be a considerable expense for some renters and homeowners. Still, there are a few tips to reduce your heating bill substantially. The user listed things like turning down your thermostat to 65 degrees, draft-proofing your residence with caulk, and proper insulation.

8. More Data Than You Need

Many suggested looking at your data usage on your cell phone plan and considering whether you use as much data as you pay for or whether reviewing and restructuring your contract is beneficial. Another added that they would only renew their contract to a sim card because their work phone has dual sim capability.

9. Invest in Yourself

Many in the thread agreed to focus less on side hustles due to the low guarantee of success versus time spent. Instead, spend your spare time developing your skills and craft to increase your worth at work. The following Redditor replied to pursue skills related to your field of work, which could also translate into a side hustle over time.

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10. Utilize Your Local Library

Finally, someone shared how they have a library card and with that comes digital access to most of the library’s catalog. It allows you to read many newspapers, magazines, and almost anything else your local library offers. However, this user provides a caveat: you must have internet access for any of this to work.

We hope you enjoyed this Reddit suggestions list of the best finance tips for 2023. This article is inspired by the internet and does not necessarily reflect the views or opinions of The Cents of Money.

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