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  • Emily Friday

Financial Resolutions for 2023 (and How to Make them Happen)

Ready to refresh your finances in 2023? Our New Year Financial Resolutions will show you how...

If your finances got into a bit of a tangle last year, you’re not alone.

In 2021, 7.3 million people were estimated to fall behind on household bills. And, according to research from the UK Debt Service, at least 30% of the population gets into bad debt over Christmas due to their spending over the season.

It’s certainly no ideal way to start the new year - so, with that said, keep reading for our ideas of realistic, achievable new year’s resolutions to get your finances back on track in 2023! 💪

1) Achieve Financial Freedom

Starting with the most popular - yet not always the easiest! - resolution, set an intention that 2023 will be the year you get one step closer to financial freedom and get out of debt for good.

The first step is to list all your debts and make a plan to pay them off. Easier said than done, right?

However, there are two debt-paying methods that may help accelerate the process and, at the least, help you to regain a sense of control over money owed.

Debt Snowball Method

  1. Write down all of your debts from the smallest to the largest amount (don’t worry about the interest rate for now).

  2. Determine how long you’d like to pay on the smallest amount e.g. 12 months, 24+ months.

  3. Pay the minimum amount due on every debt listed, except for the smallest.

  4. Pay as much money as you can to the smallest debt amount until you can pay it off in full.

  5. Continue to pay down each debt from smallest to largest amount until you’re debt-free!

Debt Avalanche Method:

  1. List all of your debts in order from highest to lowest interest rate.

  2. Prioritise paying the debts with the highest interest first.

  3. Each month, make the minimum payment on all debts.

  4. Then, add any additional monthly debt payoff contributions to the one with the highest interest until it’s fully paid off.

  5. Once the highest interest rate has been paid, repeat the process with the next highest interest rate, and so on.

Whichever method you choose or approach you take, make sure to always create a plan, avoid restricting yourself and stay consistent!

popular methods to pay off debt
Credit: HiverAcademy

2) Supercharge Your Budget

Although you should ideally be reviewing and amending your budget on a frequent basis, The New Year is as good a time as any to refresh your budget!

Use a budgeting app like ImageNPay to get a good look at your monthly transactions and give yourself an honest review of your spending habits over the last year.

Then, using a spreadsheet or good old-fashioned pen and paper, list your transactions into categories. Which categories did you spend the most on? What areas could you improve on going into 2023?

Don’t forget to also give yourself a pat on the back for anything you did well - maybe you resisted takeaway that one week, or decided on a night in instead of a pricey night out. Celebrate your wins!

Check out our blog on 3 Useful Budgeting Methods you can use to manage your money more efficiently.

3) Give Every Penny a Purpose

Our third New Year’s Resolution involves being intentional about every pound you earn and spend.

Give every bit of money you earn a purpose, no matter how small. For example, automating your savings ensures that your monthly earnings are automatically added to a savings account and is one of the best strategies for saving money.

You could also consider adding any leftover money (after bills and essentials) to your emergency fund, or even try your hand at investing to increase your income!

4) Reduce your Outgoings

So, now that you’ve taken an honest look at your budget and decided you could definitely make some changes to your spending habits, it's time to think about how you can reduce your outgoings.

Make it your mission to reduce costs this year wherever possible - whether it be:

  1. Cutting fuel costs by leaving your car at home and commuting/walking instead

  2. Opting for the cheaper brands at the supermarket and buying in bulk when you’re food shopping

  3. Using comparison websites to make sure you’re getting the best deal on your energy bills. Check out for more ideas on how to cut costs in the New Year

Click here to read our post on how the ImageNPay app could also help you to reduce your expenses!


If improving your financial situation is one of your top goals for the new year, the ImageNPay app could help.

With our virtual prepaid card app, you can learn to budget, track your purchases, and avoid any interest fees or overspending!

Click the button below to find out more and download for FREE on iOS - Android coming soon ⚡


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