Jehan Divecha - 5 new year resolutions for managing your money in 2023
                     
Jehan Divecha - The New Year brings a wave 
of fresh optimism, and it’s an ideal time to 
look at how you can make your money work 
better for you. To help you get started, 
Jehan Divecha has provided some tips as to 
how you can improve your financial position 
in the coming year so that it can be better 
than it's ever been before
5 New Year Resolutions for Managing Your Money
Prioritize Saving
Jehan Divecha says, Prioritizing saving is an important part of 
becoming financially stable. It's also a process that can be 
overwhelming, especially if you're not used to it. However, there are 
some things you can do to make prioritizing your savings easier.
First, figure out how much money you need each month 
for living expenses. Then, create a budget that accounts for 
all of those costs. You should also include any interest 
payments on credit cards and other debt. Finally, make 
sure the budget includes what percentage of that amount 
goes toward savings each month. 
For example, if your goal is to save $1,000 per month to 
buy a house in five years, then your monthly savings 
should be $50 ($1,000/5). If your goal is $2,000 per month 
instead—to save enough money for a down payment on a 
home—then your monthly savings should be $100 
($2,000/12). The more precise your goal is, the easier it 
will be to prioritize saving.
Pay off Debt 
According to Jehan Divecha, if you want to organize your 
finances this year, the best thing you can do is to pay off your 
debts. This will reduce the amount of interest you pay on your 
loans, freeing up more money to save and invest.
There are a few different ways to pay off debt. You can start 
with the loan with the highest interest rate, or you can focus 
on the loan with the lowest balance. Some people also prefer 
to tackle their debts one at a time, so they can feel a sense of 
progress as they go.
Whichever method you choose, make sure you stick to it and 
do not add any new debt when you are already working on 
paying off the dues. And remember, even if it takes some time, 
paying off your debt is worth it in the long run!
Set Financial Goals
Setting financial goals is one of the most important things you 
can do to manage your money. This will assist you in staying on 
track and ensuring that you saved for the future.
Some things to consider when setting financial goals include by 
Jehan Divecha:
• What do you want to achieve? Whether it’s saving in a year, 
buying a house or retiring early, knowing what you want to 
achieve will help you set realistic goals.
• When do you want to achieve it by?Having a timeline for your 
goal will help you stay focused and motivated.
• How much do you need to save? Doing some research and 
calculations will ensure that your goal is achievable and realistic.
Track Your Spending
According to Jehan Divecha, Tracking your 
spending is one of the best ways to manage your 
finances. It helps you identify areas where you 
can improve, and it gives you a clear picture of 
how much money you're spending overall.
If you are unsure where to begin, there are 
numerous resources available online. Once you 
get into the habit of tracking your spending, it 
will become easier and more second nature.
Don’t Spend More Than You Earn
If you want to get ahead financially, you must live within your 
means. Spend less than you earn and invest the difference wisely, 
and you'll be on your way to a bright financial future.
One of the best ways to do this, says Jehan Divecha, is to track 
your spending and ensure that your expenses do not exceed your 
income. This can be accomplished by developing and adhering to a 
budget. When you know where your money is going, it becomes 
easier to make adjustments when necessary and keep your 
spending in check.
Another way to make sure you don't spend more than you earn is 
to save regularly. Automating your savings can help you reach your 
financial goals faster. By setting aside money every month, you'll 
have a cushion to fall back on when unexpected expenses arise.