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Top 6 Financial Resolutions to Kick Off 2023

Finance | 12/15/2022 00:00

The new year is almost here, and with that comes the opportunity to restart and refocus. It’s no surprise that one of the top resolutions for any new year is to get your finances in top shape. Today we are going over six new year’s resolutions that can get your finances working with you, not against you. 


Here are six new year’s resolutions that will get you fiscally fit in 2023.


Resolution #1: Start a budget


If you haven’t started a monthly budget yet, now is the perfect time. Monthly budgets are the best tool for getting a handle on your finances, as it allows you to see exactly how much you have coming in every month and how much you have going out. Looking at a budget allows you to precisely pinpoint where you might be spending a little too much and gives you an opportunity to amend. 


Budgeting is relatively easy, it just takes some time to get organized. Start by gathering your bills, statements, and pay stubs for the last year (or have them pulled up online). Then record the following:

  1. Your fixed expenses–rent, mortgage, car payment, cellphone–your expenses that are the same every month.

  2. Your variable expenses–groceries, electricity, entertainment–take an average of the past 12 months to get an average of these expenses that change from month to month (your credit card might even break down some of these categories for you)

  3. Your income–paychecks, dividends, and any miscellaneous income you have.


Get all of that information into a spreadsheet and see how everything adds up and where you can stand to make some changes.

Financial expenses 2023 calculating


Resolution #2: Improve your credit score


Your credit score is an indicator of your financial health–for you and for your lenders. The better your score is, the easier your financial life will be. Having a good credit score can help you in many ways:

  • You can get better rates on car insurance and homeowner’s insurance

  • You can get a lower credit card interest rate

  • You can get higher credit card limits

  • You will have an easier time qualifying for a mortgage

  • You will have an easier time renting an apartment

  • You can get a lower car loan interest rate

  • It will look good to potential employers.


Credit scores range from 850 to 300 and are broken down into five categories.

  • 800 to 850: Excellent credit

  • 740 to 799: Very good credit

  • 670 to 739: Good credit

  • 580 to 669: Fair credit

  • 300 to 579: Poor credit

 

You will get the most benefits from having excellent or very good credit, and improving your score by even just a few points can help you score a better interest rate or push your credit limit higher.

 

Credit scores are calculated based on your payment history, accounts owed, credit history length, credit mix, and new credit. Focusing on improving any of these areas can prove to be very beneficial for your financial health, but here are some of the most impactful ways to improve your credit score:

  • Make full and on time payments

  • Request higher limits on your accounts

  • Hold off on opening new accounts unless necessary

  • Pay down debts that have a high credit utilization first


Resolution #3: Put more money into savings


Saving more money is always a top resolution for the new year. There are many ways to do this depending on what your goals are. Saving money goes hand in hand with creating (and sticking to) a budget, so consider doing this in tandem with resolution number one.

  • Contribute more to your 401K

  • Deposit a percentage of your paycheck into a savings account

  • Look for areas in your budget to cut, then put that money into savings

  • Try different savings apps

  • Consider getting a credit card with cash rewards that you can put into savings


Small changes can add up to big savings, so study your budget to see where you can cut costs. 


putting money into savings

Resolution #4: Check your credit report more regularly


Your credit report is vitally important to your financial wellbeing, but most people do not regularly check it. This can be a huge problem, as you may not know if there is an issue until it is too late. 


You can check your report for free once per year from each of the three major credit agencies: TransUnion, Equifax, and Experian. You want to take advantage of this and check your report every four months. 


Credit reports contain the following information:

  • A list of businesses and companies that have given you credit or loans

  • The total amount for each loan or credit limit for each credit card

  • Your payment history for each account, including the date and amount paid

  • Missed or late payments

  • A list of businesses and companies that have requested your report

  • Your personal information, including current and former names, addresses, and employers

  • Any bankruptcies or other public record information


While this may seem like a lot to go over, keeping up on it every few months can make the task much more manageable. When you get a copy of your credit report, be sure to check for the following

  • There is as accurate payment history

  • There are accurate balances

  • There are no unknown or unrecognized accounts

  • All of your personal information is correct, including your name and address


Report any errors to the agency as soon as you notice them. They will review within 30 days and can amend any issues. This can have a big effect on your credit score as well, so you don’t want to ignore this task. 


Resolution #5: Refinance any high interest loans


If you have any high interest loans, such as your mortgage or car payment, this may be the year to refinance those loans. When you refinance a loan, you are essentially starting over with a new loan that will have better terms, such as a better interest rate or repayment plan. This can save you a lot of money over the life of the loan, and/or can make your monthly payments much more manageable.


If you refinance a car loan to a lower car loan APR you will save money every month in interest and save in total over the life of the loan. If you refinance to a shorter repayment plan, you will save money over the life of the loan by paying interest over less time. Your monthly payments will be higher by doing this however. You can also refinance to a longer repayment plan, which will reduce your monthly payments by a lot. By doing this you will pay more money over the life of the loan however since you will be paying interest over a longer period of time.


Refinancing your car loan may make sense if any of the following apply to you:

  • Your credit score has improved since you initially financed your car.

  • The market rates have improved since you initially financed your car

  • Your debt to income ratio has improved since you initially financed your car.

  • You want to add or remove a cosigner from your loan

  • You need some breathing room with lower payments


The best news is that refinancing your car loan is super easy when you use a company that specializes in refinancing. Auto Approve experts can help guide you through the process and start saving money immediately (no need to wait for the new year!)

Resolution #6: Start an emergency fund

It’s incredibly important to have an emergency fund. For most Americans an unexpected cost can really throw their finances for a loop, and you don’t want to get caught on the wrong end of a bill you can’t afford. 


Emergency funds can help protect you from the unexpected. How much you should have in your emergency fund depends on a lot of factors in your life, such as how many dependents you have, how much your monthly expenses are, and how in-demand your job may be. But you should aim to have at least a few months worth of expenses stashed away somewhere.


A good way to start an emergency fund is to build it into your monthly budget. Treating your emergency fund as a bill that you have to pay will help you to constantly add to it and allow it to grow without too much effort. Start with $100, $50, or even just $25 a month–whatever you can afford really. Try to keep it in an account where you can build a little interest, but don’t lock your money away in an account where you will be fined to take it out. The point is to have the money easily accessible. 


Those are six financial resolutions that can help you get you fiscally fit.


We hope these resolutions will inspire you to take charge of your finances in the new year. A little planning and good intention can help 2023 become your best year yet.


If refinancing your car loan lands on your to do list for the new year, get in touch with Auto Approve today! Our experts are here and ready to help you save money with a brand new car loan. 

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For example, consider the following:Is it somewhere you’ll need to drive to get around? Is it somewhere with robust public transpo and limited parking? Do they drive on the same side of the road? What are your plans for meals – will you need to buy groceries?If you’re going to an all-inclusive resort, or a major city where parking will be expensive and difficult and public transportation is the standard way of getting around, a car might only slow you down. If you’re renting a ranch in Montana or roadtripping through mountains, you’re almost certainly going to want not just a vehicle, but one that can handle inclement weather and rough terrain.And if you’re going somewhere like Ireland or England where they drive on the other side of the road (or if you’re coming to the U.S. or Canada from, for example, the U.K., India, or Japan), even if having your own transportation might be convenient, you might want to look at buses and trains to lower stress and keep you safe.2. 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When Should I Refinance A Vehicle?

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Top 4 Ways to Get a Lower Monthly Car Payment in 2025

How can you get a lower monthly car payment?When money is tight, or you're hoping to make a big purchase, every penny counts. Whether you're trying to save up for something big, looking to put more money where it matters, or cutting back in leaner times, lowering your expenses can help.That means, when you're going through your budget, you may want to figure out where you can save a few dollars. For many people, a car payment is one of the bigger bills they pay each month. If that's the case for you, lowering your car payment could be the answer to your financial challenges.Whether you need a temporary fix or a long term solution, there are tons of great options out there to help you secure a lower monthly car payment.Here are the four best ways to get a lower monthly car payment1. Talk to your lenderLenders are in the business of making money, and they only make money when you make your payments. 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Refinance your carRefinancing can lower your monthly car payments in a number of ways and is likely to be your best option to effectively and sustainably reduce your monthly payments. Since refinancing benefits both you and your new lender, it's a win-win – they don't need to make more money than your current lender, so you're more likely to get a deal that'll cost you less overall. Here's how.You can get a lower interest rateOne of the main benefits of refinancing is securing a lower APR. There are several reasons you might be able to get a better interest rate this time around.You didn’t get a good deal on your original loan. If you went in to look for a car and got talked into dealership financing, there's a good chance you got stuck with a higher-than-necessary APR. In this case, refinancing is likely to lower your APR significantly and cut your payments drastically.Interest rates have dropped. Interest rates fluctuate based on how the economy is performing. 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You can either trade in your car to a dealership or sell the car on your own.Almost all dealerships will accept trade-ins and can put you in a car that will have lower monthly payments. Make sure you talk to the dealership and are upfront about what you can and cannot afford. You can also choose to sell the car privately. This is a bit more work than going to a dealership, but you will probably get more money for your car. If you want to sell your car on your own, be sure to clean your car very well, get good pictures, and make sure maintenance records are up to date. You want to make your car as attractive as possible to increase the amount of money you can make.Whether you sell to a dealership or to a private buyer, be sure to know three things before starting this process:How much you owe. Know how much money is left on your loan balance, and how much you need to sell the car for in order to break even.How much your car is worth. 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There are three main leases you can pursue:New Car Lease – This is the most common type of lease and is widely available. You typically need pretty good credit and a down payment to secure a new car lease.Used Car Lease – These are not as common as new leases but they are out there if you do your research. The APR might be a bit higher, but since the car is not worth as much you might have lower payments than if you got a new car lease.Lease Takeover – This occurs when someone wants to get out of their existing lease for one reason or another. Websites like LeaseTrader.com and SwapALease.com provide a space for you to shop around for a lease takeover. Some people who are desperate to get out of their existing leases may even offer cash incentives, making this a good option if money is particularly tight. You will still need to go through an application and credit check, but you can probably secure a nicer car for a lower rate than if you were to get a new car lease.And those are our top tips for lowering your monthly car payment!In times of economic uncertainty, budgeting and saving money is incredibly important. If you are struggling to make ends meet every month, consider one of the options above.And if refinancing seems like the right option for you, or you want to find out just how much refinancing could lower your monthly payment, Auto Approve is here for you. All it takes is a few clicks and to get a quote and get on your way to more money in your pocket and less on your vehicle payments.GET A QUOTE IN 60 SECONDS
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*APR and Fees Disclosure: Auto Approve works to find you the best Annual Percentage Rate (APR), which is based on factors like your credit history, vehicle and desired payment terms. Fees to complete your loan refinance vary by state and lender; they generally include admin fees, doc fees, DMV and title. Advertised 5.49% APR based on: 2019 model year or newer vehicle, 730 minimum FICO credit score, and loan term up to 72 months. All loans subject to credit and lender approval.
Auto Approve has an A+ rating with the BBB and is located at 5775 Wayzata Blvd, Suite 700 #3327 St. Louis Park, MN 55416-1233. Auto Approve works to find its customers the best terms and APR, which are based on factors like credit history, vehicle, and desired payment terms. Loan amounts, costs, and fees vary by state and lender; they generally include admin fees, doc fees, DMV, and title fees, depending on the lender and period of repayment. There is no fee to obtain a quote and all refinancing-related costs are included in the amount financed so there are no out-of-pocket costs! For more information, please go to AutoApprove.com.