5 Steps to Improve Your Financial Health in 2023
5 Steps to Improve Your Financial Health in 2023
An individual’s financial health is often determined by income, credit score, or overall net worth. In reality, your financial health is determined by factors that paint a picture of your relationship with your money. This involves how well you allocate your income to your expenses, how you handle debt, and whether you have the freedom to make tough financial decisions.
The past year has influenced many households and influenced their financial health. The rising inflation rate has seeped into budgets and reduced the purchasing power of many people. Although global inflation is expected to fall to 6.6 percent in 2023 and 4.3 percent in 2024, the rates are still above pre-pandemic levels. So, you need to take the following steps to improve your financial health this year.