The story was first published on Black Enterprise.

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Now that we're in December, we're going to have another year of instability with unemployment and inflation rising and the country heading into a recession.

Doing it the right way will require research, a hustle mentality and the right information. In the new year, Black ENTERPRISE is here to give you ten tips from top financial experts.

Determine your financial goals

Everyone has a goal. Knowing what you want to do in the new year is the first step.

Determining your short and long-term financial goals is the first step towards reaching them.

"All or nothing thinking" is one of the difficulties with goal setting, according to a certified financial planner. We set ourselves up for failure when we do things like that because we don't take into account all the grays of life.

Budget

Budgeting is the second step in a financial plan. You can't get on the road to financial freedom without a map and you budget it that map.

If you want to stay on top of your finances, you should create a monthly budget or a spending plan. Esther Mukoro, a financial coach and founder of Money Nuggets told Liberty Paperwork Solutions that creating a budget is important.

If you can't stick to your budget, plan your spending

It might be easier to create a spending plan if you have a budget after budget.

Living on a spending plan instead of a budget can give you freedom and peace of mind according to a wealth manager.

A spending plan will allow you to choose what to spend your money on. Rent, food utilities, and savings are needed to start. Money Management apps can be used to make automated payments.

Track your accounts and your purchases regularly

People can be frugal in some months, but overspending in other months if things go wrong. Tracking your accounts will not show you where your money is going, but will show you when you are overspending. It can allow you to know when it's time to stop spending and save more.

It's a good idea to check your account balances daily. It can help you see when you need to cut spending. People should track their purchases for 30 days and write down their feelings after the purchase. We spend a lot of time and money without thinking about our values. Melanie Lockert told Liberty Solutions that the exercise can be eye-opening.

Plan monthly no-spend weekends

Staying in is a great way to save money. Give your accounts and cards a break on no-spend weekends. Plan for your weekends in advance. Pick something up before the weekend. If you live in a large metro area, you should know what free events there are on weekends. Staying at home with some comfort food, staying out of the winter weather, and watching your favorite shows is an option.

Emma Newberry said in an article that she did her first no-spend week a few months ago.

MoneyGeek has a list of more than 40 things you can do on a weekend.

Boost your retirement savings

For those of you who are already well into your financial plan and are waiting for that beautiful day called retirement, boosting your retirement savings is important as inflation is driving many who call it quits back into the workforce.

It's important to make sure your retirement money lasts and doesn't empty your savings too quickly. The head of retirement and personal wealth solutions at Bank of America suggests that people take a long-term approach to their retirement plans.

"Use the new year to boost or maximize contributions to 401(k)s or HSAs, plot out retirement goals, and also to boost or maximize contributions to IRAs." I don't know if I'll work. Bank of America's head of retirement and personal wealth solutions told Bankrate that "No matter your age or life stage, take meaningful steps to boost your financial wellbeing."

If You're investing, wait for the right opportunity

Kara Stevens, The Frugal Feminista, said last month that a recession also brings opportunities.

Stevens said that a recession is when there is no growth or negative growth in the economy. These are cycles, that's the bigger context.

"For those of us that understand the cycles, this is a great time to take advantage of sales in the market so if you change that mindset of scarcity of one into opportunity, there's a big bull market right after so you want to be."

If you stick to your financial goals during a recession, you will be able to get more opportunities as the economy begins to recover.

Finding capital to start or help your business

Black entrepreneurs have a hard time finding capital. The revolution in Black business was caused by the COVID-19 Pandemic.

There are a lot of places where you can apply for funding if you want to start a business. The only African American-led small business lending company is giving out $200 million to small and micro businesses in New York. Microloans to small businesses are provided by the BCIF.

"We consider ourselves to be one of the largest African-American deployers of capital in the US," said the man. When various clients were starting to create programs such as the NY State Seed Fund, the CEO was able to sit at the table and help to influence or add our voice.

Black celebrities including tennis legend Serena Williams, rapper Jay-Z and producer Pharell Williams are giving out loans to minority and female led small businesses.

Stay away from risky investments

The tech industry has been one of the most tried and true investments in the last few years. It has been seen as a fast way to increase your account balances.

Thousands of workers are being laid off in the tech industry. Many people who poured money into cryptocurrencies have lost their money in the unregulated market.

Investing in safer areas isn't easy but they are areas where the world is growing. Investment in green energy is exceeding predictions because of rising energy costs. There are several sectors in green energy that are growing in the U.S.

The goal of partnerships for climate-smart commodities is to expand opportunities for small and underserved producers. With limited resources and a growing market demand for agricultural goods produced in a sustainable, climate-smart way, small and underserved producers have the most to gain. Agriculture Secretary Tom Vilsack said in a USDA release that their goal is to expand markets for climate-smart commodities and ensure that small and underserved producers reap the benefits.

Remember, money management is a marathon, not a sprint

Money management doesn't matter how big or small. Rome isn't built in a day and you won't be able to achieve your financial goals in a day. It will take a long time to save, spend, and sacrifice.

Remember the goal and how far you've come if you feel budgeting and limiting your spending is too hard. It will keep you motivated to get to the finish line if you celebrate small milestone on the way to your goal.

When you hit that goal, you'll realize it wasn't as hard as it looked on the first day, so stay positive and remember this is for your financial future and freedom.

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