What do you want to accomplish at the start of another new year? If you’re like many moms, you’re setting the intention to manage your money better. Getting a handle on the family’s finances can help make the day-to-day of running your household a lot easier.
The only problem is, it’s not always easy translating your best intentions into actions. If you aren’t sure how to improve your finances in 2023, here are three new year’s resolutions worth trying.

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1. Rebuild Your Emergency Fund
If you drained your emergency fund in the past year, your goal for the year should be to replenish these savings.
Full disclosure: this might take more than one year to complete, but don’t worry — that’s normal.
An emergency fund is an enormous goal for most people, as it contains a good-sized chunk of money. Experts say you should aim to save three to six months of living expenses in this account.
At this size, it may take you a while to achieve, but stick with it. Topping up your emergency fund will help you face the next emergency expense without worry.
Are you already concerned about how you could handle the unexpected? You can check out Fora to look into getting a line of credit. At Foracredit.ca, you can easily find out what it takes to qualify for an emergency line of credit.
A line of credit works as a safety net in case you run into an issue before you top up your savings. But if you’re lucky enough to eke by without needing credit, there’s no harm in having it. You only pay interest on what you draw, not your approved line of credit limit.
2. Pick a Budgeting Style
Have you tried to budget, hit a snag, and given up on the whole idea? There’s a chance it’s not your fault, but the type of budget you were using. That’s right — there is more than one kind of budget!
Here’s just a sample of the different kinds of methods available:
- 50/30/20 Budget
- Kakeibo
- Envelope System
- Zero-Based Budget
Each budget works differently, so one might be better suited for your lifestyle or family habits. Take the time to compare your options and choose the one that resonates with you the most.
Using the right budget can make it easier to replenish your emergency fund, and it can help you achieve almost any financial goal — from boosting your investments and paying off debt to prioritizing a family vacation or renovating your home.
3. Pay More Than the Minimum on Debts
A line of credit comes with a minimum payment, as do most personal loans, although what they mean differs from one product to the next.
The minimum of your line of credit represents a fraction of your balance you have to pay to keep your account in good standing. Meanwhile, the minimum on a personal loan refers to the scheduled payments outlined in your contract.
While hitting the minimum every month is important, have you ever wondered what your maximum could be? This isn’t something your lender sets, but a personal target you decide based on your budget.
Paying your maximum (i.e., going above and beyond your minimums) may help you pay off what you owe faster, while reducing what you accrue in interest and finance charges.
What Will 2023 Bring for Your Family?
Choose one of these resolutions — or all of them — to make positive changes in the year to come. Good luck!