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2023 is already here, knocking at your door like an impatient kid!
But all you can think about is, “how much am I going to save up this year with all the rising inflation?”
Know that your confusion and questions related to savings and personal finances
are heard and validated.
The struggle to save is real!!!
This is why Plastk experts have worked up some key trends that will remarkably
help you enjoy today and save for the future simultaneously!
So, let’s find out how you can achieve big things through baby financial steps!
For Teen Or Young Adults:
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Every time you whisper “Adulting is not easy” to yourself, know that we hear you!
You wonder how did your parents manage to earn and save simultaneously when
here you are struggling to even pay all the bills timely.
Ah, the perks of living alone and being independent! (Note the sarcasm :P)
Don’t worry! After reading this guide you’ll literally become a Pro-Adult who knows how to live life and not just survive.
Therefore, here are the key trends that are going to result in your financial success
in 2023!
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Knowing precisely what you are dealing with is like fixing your pain points exactly where they are!
In 2023, people are focusing on exactly that, knowing what they can do to
improve their finances to earn and save more! Moreover, doing so will help you
Not only that, knowing your responsibilities also means you start working on your emergency fund right away.
And, trust us, the earlier you start investing for the future, the better outcome you
get.
Also, when you are young, you can take risks and try out different money-making or handling strategies to see what’s working and what not! So, a win-win.
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There’s no doubt that a secured credit card can rescue your finances in more than
one way.
These ways include
Moreover, you can keep increasing your credit limit as your credit score improves.
This way you build a lender-friendly profile, which helps in getting the best loans
and rates, etc.
Choosing the right card is important for young adults as they’re probably stepping foot on the road to savings, investment, and building wealth. So, picking the wrong card early on will only drag down your journey!
See: Get Approved For Your First Credit Card In Canada!
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You know you really don’t need that 15-day long vacation just because everyone else is doing it at your workplace, college, or university!
Instead, you can take one week off and use the rest to do small part time jobs as they might pay you more in holidays.
In fact, you can still unwind, relax, have the best time of your life, and save money through simple ways like
Or, simply by doing nothing for a day or two - because we have probably lost our way to slow days and nights, right? In fact, losing your passion to the fast pace of life is so easy when you are in your teens or early twenties. We don’t want that!
For Adults
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Saving trends for adults differ from those of teens or young adults. The primary reason being the experience, professional struggles, and time.
You no longer can try anything and everything in the name of ‘risk’ because you’ll have to bear the consequences in the near future. So, here read some helpful tips to ensure you live like a pro-financial guru in your early or late thirties.
Mindfulness doesn’t only help you make the right decisions while cooking dinner, picking your next read of the month, etc.
It can also save you from the unnecessary burden of loan paybacks. Therefore, ask yourself a few questions before applying for a loan to ease the burden for your savings and retirement account.
These questions are going to be a big deal in saving your hard-earned money!
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Literally, the most basic yet forgotten thing has to be the savings account. Well, you can’t expect to fill your regular account with extra money hoping it would do something for your future. No! You have to choose a specific one!
Savings account works like magic for not one but many!
It earns you interest-based income
Other benefits of a savings account also involve zero financial fraud, building healthy money habits, and all the good financial things trending in 2023!
For Retirement:
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Post-retirement days, months, and years are some of the most important parts of a person’s life.
How you start your mornings and how satisfied you were while having the last meal of the day means a ton during your gray-haired days.
And all this depends on how well you were able to manage savings and money while you were running errands here and there.
This is why, experts on savings have brought forth the following trends that helped
many around the world to spend post-retirement days with ease!
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What kind of life do you want after you retire? What would be your monthly expenses? Would you like to travel more or simply want to relax within your comfort zone?
These are a few questions to
When you don’t have a savings goal, you won’t be able to achieve anything major for retirement. It’s as simple as that. So, in 2023, adults are thinking hard to set goals earlier in their life to save enough for later.
Starting early with ease to avoid ending late with difficulty has to be the top saving trend of 2023!
People who take an early start in saving for retirement are much more at ease than those starting in the later years.
Talk about a new trend in town! ;)
This especially helps people when they are officially in their retirement life. The trend or more like a tip basically helps in cutting back
The money saved from downsizing can be used to pay back a pending debt, invest somewhere, or simply use that money for monthly expenses.
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Experts like Elaine Floyd rightly wrote that not collecting social security right away
actually helps in saving up that money.
How?
Well, the simple answer is in the 7-8% increase after a year of delay in drawing social security.
So, if you already have money for daily use, it is better not to collect social security
already.
There’s always a high chance that you are getting money from sources other than your main paycheck.
These could be
In fact, using multiple funds for savings and money handling is becoming more popular in 2023. The hype isn’t going to die anytime soon!
Bottom Line
Savings surely play a major role in keeping you from financial mistakes.
Therefore, it is always best to equip yourself with the latest tips and trends to wisely use your hard-earned money!