This Is Americans' Top New Year's Resolution for 2023 -- and It's a Good One

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  • It's common to make financial resolutions for the new year.
  • One thing Americans are pledging to do could really improve their financial outlook. 
  • Increasing your savings is an excellent goal for 2023. 

You may want to put it on your list.

While we still have a few weeks before 2022 draws to a close, a lot of people are already making big plans for 2023 -- and listing the resolutions they want to tackle next year. Some of those resolutions may be more personal in nature. You may, for example, pledge to practice more self-care in 2023 and eliminate people from your life who cause you stress. 

You may also be looking to commit to some financial resolutions in the new year. And if so, you're not alone. In a recent Bank of America survey, respondents resolved to make a number of financial moves, like paying off debt and saving for education. But Americans' top resolution for 2023 is none other than increasing their savings, and that's a really great goal to have.

How to boost your savings in 2023

If saving money were an easier thing to do, more people would probably excel at it. But the reality is that many people struggle with savings, even when they try their best to be disciplined. And this year, it's been especially hard to save money due to inflation

Unfortunately, inflation could persist well into 2023, thereby extending that challenge. But there are steps you can take to save more money in 2023, and one important one is to put yourself on a budget. 

Now before you roll your eyes and groan, realize that following a budget isn't that hard. Neither is setting one up. All you have to do is list your various expenses and make sure they're not eating up your entire paycheck month after month. If they're not leaving you with much money left over, you'll know to make cuts.

Speaking of which, you may still decide to cut back on non-essential spending to make solid progress on your savings efforts. But you don't have to cut every non-essential expense -- just choose one or two you can reasonably live without. 

If you don't get that much use out of a certain streaming service, cancel it and put that $15 a month into your savings account instead. And if you rarely hit the gym these days, cancel your membership and save that $40 a month rather than effectively donating it to your local fitness club.

If you're really not spending much these days on non-essentials and your paycheck isn't that generous, you may want to consider getting a side hustle to help you ramp up your savings efforts. Since the money from that second job won't be earmarked for existing bills, you should be in a strong position to bank it all. 

Although there's talk of a recession hitting in 2023, which could lead to job loss, right now, the gig economy is still solid. So you may have plenty of options for getting a side hustle in January.

A great goal to aspire to

Boosting your savings in the new year could really improve your financial picture. And with the right strategy, you may end up closing out 2023 feeling really pleased with the state of your savings account.

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