Jane King: Monday’s business headlines

INDIANAPOLIS (WISH) — Here’s a look at Monday’s business headlines with Jane King.

Millions plan to prioritize finances in 2023

Over half of people who made New Year resolutions said they plan to prioritize finances, according to a survey by the data company numerator.

That’s up by six percentage points over last year.

Top 5 goals among those who have made financial resolutions:

  1. Save more money (57%)
  2. Track spending more carefully (48%)
  3. Reduce spending overall (43%)
  4. Cut spending on non-essentials (42%)
  5. Pay off loans (40%)

There are good reasons people should consider cutting back on spending in 2023.

The personal savings rate-meaning personal saving as a percentage of income left after paying taxes and spending money hit 2.4% in the third quarter from 3.4% in the prior quarter, according to The Bureau of Economic Analysis.

Plus rising interest rates make debt more expensive.

Respondents cited rising inflation in 2022 and the threat of recession in 2023 as the top reasons for making their 2023 financial plans. More than half of those said they made the goals because they think rising prices will impact them in the New Year, while 48% said they did it because of a possible recession.

Financial experts advise targeting smaller milestones that will guide you toward the bigger financial goal, and give yourself some credit every time you make progress.