Koyo Loans
Apply now

Our top 10 financial New Year Resolutions

Written byKoyo Loans
First published26th December 2022
  • Create a budget
  • Improve your credit score
  • Make your debt repayments on time
  • Increase your credit card payments
  • Use your credit card less
  • Set a savings target
  • Open an ISA
  • Consider your credit options
  • Review your direct debits
  • Start a side hustle
  • Conclusion

Making new year’s resolutions is a great way to hold yourself to account throughout the year. There’s no better aspect of your life to improve than your finances, and the start of 2023 is the perfect time to make some changes. So, to inspire you to improve your financial management, here are ten resolutions anyone can make at the start of this new year.

Create a budget

The key to financial independence is budgeting. If you live month by month and roll with the punches, it’s really hard to manage your finances accordingly. Our advice is to create a simple budget that you follow throughout the year. It should include your income and expenditure and will be the foundation for your financial success this year.

Improve your credit score

If you plan on borrowing money anytime in the future, it’s imperative that you have a good credit score. You can boost your credit score by registering to vote, paying your bills on time, and reducing your debt-to-income ratio. Small steps can make a big difference in the long term.

Make your debt repayments on time

No matter how much debt you have, it’s so important to make your repayments on time. Defaulting or delaying your repayments will negatively impact your credit score, making it much more difficult to borrow money in the future. So, make sure your repayments leave your account on time every month.

Increase your credit card payments

While lots of people make the minimum payment on their credit cards, increasing the amount you pay back every month will help you get out of debt more quickly. Whether it’s £10, £50, or £500 per month, increasing your credit card payments will help you take back control of your finances at the start of 2023.

Use your credit card less

Buying things on your credit card is expensive. Although it might seem like a viable short-term option, the current average rate on credit cards in the UK is 25%. So, try and use your credit card less often, and when you do use it, make sure you pay it off as quickly as you can.

Set a savings target

Everyone needs savings for a rainy day. Whether you’re planning a family holiday later in the year or saving up for a home improvement project, set a savings target and include it in your budget. It’s helpful to set up a direct debit between your current account and your savings account to automate the process, and you will achieve your savings goals in no time!

Open an ISA

In the UK, taxpayers are entitled to a £20,000 tax-free ISA allowance every financial year. If you haven’t done so already, set up a cash or stocks and shares ISA to meet your savings goals. It’s a great way to save money, and most ISA providers offer much better rates than are available from banks.

Consider your credit options

If you’re planning a big financial expense this year, consider the different ways of accessing credit. An unsecured personal loan could be a good option, and we offer loans of between £1,500 and £12,000. 24.9% APR Representative. You can use a personal loan to pay for home improvements, buy a car, or even consolidate your debts.

Review your direct debits

Did you know that the average British person will waste approximately £30,000 in a lifetime by losing track of their direct debits? That’s a lot of money! So, get into the habit of regularly reviewing your direct debits and cancel those that you no longer use.

Start a side hustle

As the cost of living continues to rise, now is the perfect time to start a side hustle. You could monetise a blog, set up an eBay store, or offer your services as a dog walker. All these activities can supplement your income and will help you meet your financial goals throughout 2023.


As we welcome 2023, it’s the perfect opportunity to get your finances in order. We hope these ten new year resolutions inspire you to improve the way you manage your money and help you meet your financial aspirations in 2023.

Koyo Loans is the trading name of BETR Technology Ltd. Company No. 11483187. Registered Office: Huckletree Soho, Ingestre Court, Ingestre Place, London, W1f 0JL

Related Articles