TEXAS, USA — As we get further into January, a consumer expert is claiming that 2023 is set to be the year of redemption for finances.
With January also synonymous with starting the year on a fresh slate, she hopes that Financial Wellness Month, which is currently ongoing, will see more Americans use the month to include financial goals in their new years resolutions.
According to a TopCashBack survey, 39 percent of Americans went into 2023 not feeling financially confident for a various amount of reasons. Consumer expert Rebecca Grumalgia for TopCashBack, a cashback and rewards website, laid out how getting serious about your current financial situation will prepare you for the year ahead.
"Really when it comes to making these financial goals and resolutions, I think it's important to find what works best for you," said Grumalgia.
With inflation bringing price changes in budgets, financial obligations need to be re-evaluated to ensure you're prepared for what's to come.
"This is a great starting point for the new year, so take a look at your credit card statements, at your bank statements, look to see where you're spending the most money on," Grumalgia explained.
Following a 50/30/20 budget formula--where you spend half of your income on needs, 30% on personal expenses, and 20% towards financial obligations like loans or your savings--is a great way to get your spending habits in check.
However, wellness month is ultimately for figuring out which budget formula works for you.
"It's just really setting yourself up for success," said Grumalgia. "Personally I think it's a great time. We're back in the swing of things. People are ready to address all their concerns and I really hope that these tips and this year really help them."
Last year when conducting the survey, she stated that the biggest concern that had consumers worried was economic uncertainty around high prices.
Now in 2023, it's come full circle.