Top 10 Personal Finance Tips for 2023 According to Reddit

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.

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10 Personal Finance Tips for 2023

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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.

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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.

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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.

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.

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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.

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