The past year was notable for its challenges, with the highest inflation in decades, rising interest rates, and the lowest US personal savings rate since 2005. Many fear a recession in 2023.
As we move into the new year, it’s an excellent time for a fresh start, making financial resolutions to strengthen your finances to help you save more, pay off costly debt, and build wealth.
By spending less than you earn, you should have more savings to replenish your emergency funds, pay down debt, contribute to your retirement savings, and invest more.