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To keep your finances on track in 2023 — here’s what not to do.
Image source: Getty Images
Some financial decisions don’t make a big difference in the grand scheme of things. Went over your grocery budget one weekend because you had family over? It’s pretty easy to get back on track. But other ones can do some serious damage, potentially costing you thousands of dollars.
With a new year starting, it’s good to be aware of things that can wreak havoc on your personal finances. Here are the ones to watch out for.
The average savings account rate is 0.30% as of Dec. 19, 2022, according to the Federal Deposit Insurance Corporation (FDIC). Some high-yield savings accounts, on the other hand, are offering 3.5% or more, over 10 times higher.
And yet, only 21% of adults have a high-yield savings account. Everyone else is settling for average — and missing out on a whole lot of interest they could be earning. If you have a $15,000 emergency fund in a savings account, the difference in rates could be worth over $500 per year in interest.
This is just one example of how it could cost you money if you don’t shop around for the best financial products available to you. Here are a few others:
Top rewards credit cards can get you 1.5% to 2% back on your purchases. Depending on how much you spend, this could save you hundreds of dollars per year.Fees for investment funds, such as mutual funds, can range from 0.25% or less to over 1%. Picking a fund with lower fees could be worth hundreds of thousands over decades of investing.The average auto insurance policy costs $2,785 per year. Rate shopping regularly could save you hundreds of dollars per year.
Everyone deals with procrastination. When you’re in high school, it usually involves waiting until the last minute to write a paper or study for a test. Once adulthood hits, lots of people deal with procrastination when trying to start new financial habits. You could find yourself postponing things like saving money every month, contributing to a 401(k) your employer offers, or investing through a brokerage account.
It’s one thing if you just don’t have the money at the moment. But even those able to spare the money often tell themselves “I’ll do it later.”
The problem is that “later” usually ends up getting pushed back further and further. If there’s a financial habit, such as investing, that you know will benefit you, get started ASAP.
Your spending habits are a crucial factor in your financial success. If you’re wasteful with money, it makes saving much more difficult.
This doesn’t mean you need to go on a super strict budget where you never treat yourself to anything. Wasteful spending refers to those things you spend money on even though they don’t enrich your life. One example is making an impulse purchase solely because something’s on sale. Another common one is paying for monthly services you’re not using.
There are a couple of good steps you can take to solve this issue. First, set a limit on how much you can spend on discretionary expenses, such as 20% or 30% of your income. If you decide on a limit and stick to it, you won’t spend more than you can afford.
It also helps to think about how you want to spend your money. When you know what type of purchases will really improve your life, you’re less likely to spend on things that aren’t going to make you happy.
Credit card debt is one of the most dangerous types of debt, for several reasons. It’s easy to get into debt with credit cards. They let you spend up to your credit limit, which could be much more than you can afford to repay. You only need to make small minimum payments to stay current on the account, so there’s no fixed timeline to pay back what you owe.
But the real kicker is credit card interest. Most cards have high interest rates, with many charging an APR of 18% or more.
In 2021, the average credit card debt was $5,221. If you paid that off over two years on a card with an 18% APR, it would cost you $1,035 in interest.
If you don’t have any credit card debt, numbers like that are good motivation to keep paying in full every month. And if you need to get out of credit card debt, make that one of your main goals for 2023. Take some time to calculate a payment plan, and consider options to save money by refinancing your debt, such as:
Balance transfer credit cardsDebt consolidation loans
These are all common problems that can get in the way of your money goals in 2023. The good news is that now that you’re aware of them, you can make sure to avoid them, or take steps to resolve any that are currently causing financial issues for you.
If you’re using the wrong credit or debit card, it could be costing you serious money. Our expert loves this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.
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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
Put these on your to-do list.
Image source: Getty Images
Though we’re already a couple of weeks into 2023, a lot of us are still adjusting to the new year (and trying to remember not to write “2022” when we fill out forms or send out checks). And at this point, you may be focused on trying to tackle some of the New Year’s resolutions you set for yourself — things like getting on a budget and growing your savings.
But January is actually an important time to focus on your taxes. Even though 2022 returns aren’t due until April 18, there are steps you’ll need to take ahead of that deadline. Here are three key moves to put on your to-do list ASAP.
Discover: Find the best tax software for your situation here
Save: We researched free tax software and put together a list of the best here
If you’re self-employed, it’s on you to pay taxes to the IRS on an ongoing basis. And you should know that your final estimated quarterly tax payment for 2022 is due on Jan. 17 this year. (Normally, it would be due on the 15th, but that’s a weekend, and the following Monday is Martin Luther King Jr. Day, so you get a touch more time.)
Failing to pay your estimated taxes could subject you to penalties when you file your 2022 tax return. So don’t miss that deadline. Instead, look at your bank account and invoices, and figure out what you owe for the final quarter of the year.
It may be several months before 2022 taxes are due. But you don’t want to scramble at the last minute to come up with the paperwork you need.
That’s why January is a good time to make a list of the tax documents required to file your return and start assembling them. You may, for example, have to wait on some clients to issue your 1099 forms, but you can probably log onto your bank account and access your 1099 to report interest income. Similarly, if you pay your mortgage online, you can probably download your mortgage interest statement for 2022.
If your taxes are very simple, then it may be possible to file without the help of a professional. But if you’re self-employed, you’ll generally want to have an accountant assist with that process.
For one thing, an accountant can help you avoid tax return errors that could lead to an audit. Plus, an accountant might be able to find deductions you wouldn’t have known about yourself.
But don’t wait until tax season really kicks into gear to find yourself an accountant. Tax professionals are already starting to get inundated, and if you wait until February or March to start looking for one, you might get shut out.
While January isn’t exactly known as “tax month” the way April is, it’s still a good time to focus on IRS-related matters — especially if you have a quarterly tax payment to make. Tackle these moves to put yourself in a great position to not only avoid penalties, but get your 2022 return filed in a timely, smooth manner.
Our independent analysts pored over the perks and user reviews for the most popular tax provider services to land on the best-in-class picks to file your taxes. Get started by reviewing our list of the best tax software.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
Find out how early — and how late — you can file your return. Krakenimages.com / Shutterstock.com
Tax filing season officially starts on Monday, Jan. 23, one of four key tax dates the IRS announced today. In other words, the IRS will begin accepting and processing 2022 federal income tax returns on that date. So, if you are an early bird, you can submit your return in less than two weeks — although you should never file until you have received all your 2022 income forms, some of which may not…
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