Jehan Divecha - 5 new year resolutions for managing your money in 2023

2. JehanDivecha - The New Year brings a wave of fresh optimism, and it’s an ideal time to look at how you can make your money work better for you. To help you get started, JehanDivechahas provided some tips as to how you can improve your financial position in the coming year so that it can be better than it's ever been before

3. 5 New Year Resolutions for Managing Your Money Prioritize Saving JehanDivechasays, Prioritizing saving is an important part of becoming financially stable. It's also a process that can be overwhelming, especially if you're not used to it. However, there are some things you can do to make prioritizing your savings easier.

4. First, figure out how much money you need each month for living expenses. Then, create a budget that accounts for all of those costs. You should also include any interest payments on credit cards and other debt. Finally, make sure the budget includes what percentage of that amount goes toward savings each month.  For example, if your goal is to save $1,000 per month to buy a house in five years, then your monthly savings should be $50 ($1,000/5). If your goal is $2,000 per month instead—to save enough money for a down payment on a home—then your monthly savings should be $100 ($2,000/12). The more precise your goal is, the easier it will be to prioritize saving.

5. Pay off Debt According to JehanDivecha, if you want to organize your finances this year, the best thing you can do is to pay off your debts. This will reduce the amount of interest you pay on your loans, freeing up more money to save and invest. There are a few different ways to pay off debt. You can start with the loan with the highest interest rate, or you can focus on the loan with the lowest balance. Some people also prefer to tackle their debts one at a time, so they can feel a sense of progress as they go. Whichever method you choose, make sure you stick to it and do not add any new debt when you are already working on paying off the dues. And remember, even if it takes some time, paying off your debt is worth it in the long run!

6. Set Financial Goals Setting financial goals is one of the most important things you can do to manage your money. This will assist you in staying on track and ensuring that you saved for the future. Some things to consider when setting financial goals include by JehanDivecha: • What do you want to achieve? Whether it’s saving in a year, buying a house or retiring early, knowing what you want to achieve will help you set realistic goals. • When do you want to achieve it by?Having a timeline for your goal will help you stay focused and motivated. • How much do you need to save? Doing some research and calculations will ensure that your goal is achievable and realistic.

7. Track Your Spending According to JehanDivecha, Tracking your spending is one of the best ways to manage your finances. It helps you identify areas where you can improve, and it gives you a clear picture of how much money you're spending overall. If you are unsure where to begin, there are numerous resources available online. Once you get into the habit of tracking your spending, it will become easier and more second nature.

8. Don’t Spend More Than You Earn If you want to get ahead financially, you must live within your means. Spend less than you earn and invest the difference wisely, and you'll be on your way to a bright financial future. One of the best ways to do this, says JehanDivecha, is to track your spending and ensure that your expenses do not exceed your income. This can be accomplished by developing and adhering to a budget. When you know where your money is going, it becomes easier to make adjustments when necessary and keep your spending in check. Another way to make sure you don't spend more than you earn is to save regularly. Automating your savings can help you reach your financial goals faster. By setting aside money every month, you'll have a cushion to fall back on when unexpected expenses arise.