### I love the start of a new year. Maybe it's because it feels like I'm getting another chance. A new year is filled with potential and new possibilities. One of the areas I focus on as I enter a new year is my finances. My wife and I take this time to plan and adjust our budget for the next 12 months. We've been doing this for many years, and much of our financial success is attributed to the fact that we ACTUALLY made a plan.

### FAIL TO PLAN, PLAN TO FAIL

Those who fail to plan are indeed *planning* to fail. Notice I didn't say they failed because they didn't have the *right* or the *best* plan; they __failed because they didn't have a plan at all__. It's sad to think many people will roll into the next year without giving serious consideration to how they will manage their finances. Doing the same thing will yield the same results. If you're unhappy with your results or would like to improve them, you need to do things differently.

## 4 Things To Make 2023 Financially Better

### 1. Make a Spending Plan for your money

Take control of your money by creating a budget that tells your money where to go instead of wondering where it went. A budget provides the detail you need to meet every obligation while also providing the means to save money and reduce debt. A budget also does the following:

- Eliminates most financial surprises
- Creates margin giving you more options
- Brings order and peace to spending decisions
- Eliminates impulse buying

Trying to manage your money by doing mental math will not make you financially successful. You need a written plan that prioritizes saving and controls spending.

### 2. Create a debt payoff plan to eliminate debt

While a budget can help you avoid more debt, it doesn't automatically reduce your debt. You need to make debt elimination a priority. No matter what type of debt you have, reducing or eliminating it will make you financially better off.

__A debt snowball system for paying off debt works because:__

- It makes the payments manageable
- It accelerates debt payoff
- It reduces the interest you pay

### 3. Increase Your Income

One of the best ways to improve your finances is to make more money. If you last asked for a raise a while ago, it's time. Don't tell yourself you can't! More than 50% of Americans don't ask for a raise, and they talk themselves out of it because they're afraid of hearing "No." The truth is, 75% of the people that ask for a raise end up getting it, so ask!

Increase your income by taking on a side job or starting a side business. There are incredible opportunities available if you're willing to do the work. Make sure you don't use the extra income to increase your lifestyle. Instead, commit to taking all the extra income and using it to improve your net worth by paying off debt, increasing your saving or retirement, or investing in income-producing assets such as real estate.

### 4. Start Investing

The secret to financial success is to save first and spend second. Andrew Carnegie used this principle of setting aside a portion of his income before spending anything on himself. He decided early on that he would never use that part of his income or any increase he would gain from it to live on. Instead, he chose to invest that portion of his income, and because of this one decision, he became one of the world's wealthiest and most generous men.

### Conclusion

2023 can be the best financial year you've ever had, *but it will only happen with a plan*. Why not take the last few days of 2022 to make such a plan? Include some or all of the suggestions above to increase your success.

## For Further Reading

[4 Steps to Being a Successful Saver](https://www.faithfi.com/christian-stewardship-network/4-steps-to-being-a-successful-saver-4436)

[Christmas Joy without Financial Misery](https://www.faithfi.com/christian-stewardship-network/christmas-joy-without-financial-misery-4435)

[Ending your Year with Gratitude](https://www.faithfi.com/christian-stewardship-network/ending-your-year-with-gratitude-4347)

[Do Millennials Have it Harder than Previous Generations?](https://www.faithfi.com/christian-stewardship-network/do-millennials-have-it-harder-than-previous-generations-4249)

[Tax-Advantaged Giving](https://www.christianstewardshipnetwork.com/blog/2022/9/8/tax-advantaged-giving)

We teach church leaders the biblical perspective on finances.

Christian Stewardship Network

Blog

I love the start of a new year. Maybe it's because it feels like I'm getting another chance.

MANAGE | Jan 26, 2023

Make 2023 Financially Better

By: Leo Sabo

We teach church leaders the biblical perspective on finances.

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