Unsure where all your money went in 2022? Start 2023 by decluttering your finances

Unsure where all your money went in 2022? Start 2023 by decluttering your finances

Dubai: If the thought of scanning bank statements and confronting credit card debt is as dreadful as the idea of sorting through mountains of clutter in your home, the start of the upcoming new year would be a good time to untangle the complex state of your finances. “Creating a budget is the financial equivalent of decluttering,” said Mirin Raul, a Dubai-based personal finance counsellor who coaches people on issues with tracking uncontrolled expenses and liabilities. “When you finally take the time to create a spending plan, you’ll enjoy the same feeling of empowerment that comes with tidying up a disorganised space. With an organised budget and spending plan in place, you will stop feeling that you’ve been at a disadvantage all this while.” Reexamining your budget ahead of a new year can help you figure out where you’ll need to adjust. Say your income has changed since the last time you checked in on your budget, or you’ve taken on new debt or paid off a loan. Taking stock of how much you’re spending and how you expect that to change in the new year can help you stay on track to reach your goals and make sure that