They say that seasons come and go and trends end, but with money, does this phrase apply?
Making, managing, or multiplying money will never go out of style.
Over the years, we have seen how technology has hugely impacted financial activities on personal, national, and global levels, and this revolution will continue to evolve as time goes on.
Money will never go out of style, but the methods of winning with money, making and retaining more of it, will continue to change.
The importance of acquiring personal financial education has increased, particularly because it addresses the financial gaps and issues that could prevent people from leading fulfilling financial lives.
On a personal level, here are a few personal financial trends to keep in mind with your finances, starting in 2023. They will help you way into the future.
1. Technology has changed the world forever, in every ramification, and it will continue to do so. Your personal finances are not exempt from technological advancement. With the increased use of technology, it has become more important to leverage the right tools for managing your personal finances. Examples include budgeting and savings apps, tracking apps, and apps for freelancing that could help you make more money.
2. Financial literacy as an important tool for wealth creation
Gone are the days where people relied on what others told them about how to manage their finances. These days, the onus is on every individual and family to place emphasis on financial literacy and education. With the use of technology, new products and services will continue to emerge, and so will the need to understand the dynamics. Learn about financial instruments. As financial products and services become more complex and robust, there is a growing need for people to thoroughly understand basic financial concepts, such as budgeting, saving, and investing. This is a trend that is going nowhere.
Read also: Save money, and money will save you
3. Read this point as many times as you can: Your financial success is your responsibility
You need to prioritise financial wellness and set goals around it. As the pace of work, career, and business gets faster, same applies for the demands on your time and efforts. Without a deliberate plan to organise your finances, you will most likely continue to overlook the critical responsibility of financial wellness, and the full range of financial health, including the mental, emotional, and physical aspects of money. This is the emphasis of financial wellness.
4. Be more intentional about your long-term game, especially planning for retirement. In addition to what you currently contribute to your retirement nest egg, explore other options available to keep building those funds. You could do this with the help of a financial advisor.
5. Save and invest intelligently
Ensure that you invest in things and causes that align with your values. Keeping in mind that technology enables scammers to become more sophisticated, saving helps you keep money aside, while investing helps you put money to work. Ensure you get the right knowledge about investing from time to time; resist the temptation to follow the trend; and resist the urge to get carried away by greedy offers.
6. Never lose sight of goal setting
As discussed in one of my previous articles, your financial goals help you harness a vision of the future. They help you enumerate the things you would like to do with your money, and they really expand your mind. Break your goals into three categories: short-term (things you desire to do within a year), mid-term (things you’d like to do within 3–5 years), and long-term (things you’d like to do within 7 years and above).
Once more, it is critical to bear in mind that financial trends are continuously changing; therefore, it is important to stay informed and seek professional assistance to make the best financial decision possible.