What’s in and what’s out in personal finance in 2023?

New Year, new finances? While the basics never change, it doesn’t hurt to give yourself a financial makeover every now and then. The New Year gives us the perfect opportunity to do just that. But what’s in and what’s out in personal finance in 2023? And how will this influence your financial makeover?

I’ve seen the ‘in and out challenge’ on social media and thought it would make a great premise for a blog post. And like all good trends, I’m hopping on it a bit late.

These ‘in and outs’ helped me set my financial goals and plans for 2023. Hopefully they might help you too.

Disclaimer: This post is purely my opinion. I am always open to a debate, but let’s keep it friendly. We’re all entitled to an opinion! It does not constitute financial advice.

In this post I’ll cover:

  1. The personal finance ‘ins’
  2. The personal finance ‘outs’
  3. We’re still on the fence about…

The personal finance ‘ins’

Here’s what I definitely think is going to be ‘in’ with personal finance in 2023.


I’ve noticed my friends are becoming more open about their finances.

This is so important – especially for women. Still, women often accept lower salaries and/or have less financial knowledge than their male counterparts.

We can all do our bit to improve this situation by speaking more openly about our finances and sharing tips and ideas.

Equally, for those in relationships, speak to your partner. Finances are one of the biggest sources of arguments for couples.

Rather than arguing about spending and saving habits, speak openly about your goals and plans and work together to reach them.

Frugal living

Let’s drop the unnecessary expenses.

With the cost of living crisis in full swing, there really is no need to be splurging on extra expenses just because someone on Instagram recommended it. Drop the ego and live a little more intentionally.

Aside from saving money, this is also a more sustainable way of living. Living more intentionally can help save the planet as well as your bank balance – a double win!


It’s time to let go of ‘perfect’.

I saw a quote recently that said: “If something is worth doing, it’s worth doing at half effort.”

This may seem odd, but the premise is key. Saving £20 is better than saving nothing, even if you originally said you were going to save £100 every month.

Likewise, sticking to your budget 70% of the time is better than not budgeting at all.

For me, balance looks like cooking the majority of meals myself, but treating myself once or twice a week. I used to be really hard on myself if I ran out of time to make lunch to take to work. Now, I accept that I won’t always be able to, but at least always try to take snacks from home.

Advocating for yourself

This year we’re not going to hide in the shadows and accept our lot. We’re going to put ourselves out there and ask for what we deserve.

Women particularly struggle to ask for pay rises or apply for promotions. Let’s change that.

Try not to be afraid of asking for something you think you deserve. The worst that can happen is they say no – at which point you may want to look for other opportunities that may offer you the progression you want.

The personal finance ‘outs’

On the other hand, these things are going to be ‘out’ with personal finance.

Financial gatekeeping

This year we’re going to make all aspects of finance as inclusive as possible.

Ditching jargon, taking time to explain concepts to your friends and family, and having open conversations can all help with this.

Just because you had to struggle to get into the world of finance, doesn’t mean others should have to. Let’s stop gatekeeping and start spreading the word as far as possible.


This is probably the most controversial call in this blog post. But, I do think crypto is on the ‘out’ list – at least for now.

Cryptocurrency values have been falling recently. There have also been multiple scandals including most prominently FTX.

There may well still be money to make in crypto. However, if you’re putting away your hard earned cash each month, crypto may not be the best place to put it.

It may be better to put it in a high interest savings account or invest in index funds (or similar platforms).

If you have some money you don’t need in the near future and don’t have earmarked for a certain expense, you may still choose to put some money into cryptocurrencies.

Pressure to spend

I really hope this one is on the way out.

People seem to be becoming more empathetic and sensitive when it comes to spending and I hope this is a trend that continues to grow in 2023.

We can all do our bit to help this. Don’t question it if someone says they can’t afford something and perhaps offer cheaper alternatives when you’re making plans.

Not being ‘clued up’

Ignoring your finances and burying your head in the sand is also on the ‘out’ list.

With the cost of living crisis, we really don’t have a choice. We need to get wise to make sure we can make ends meet each month.

There are so many amazing (and free!) resources out there – get reading and learning! You’ll thank yourself in the long run.

We’re still on the fence about…

There are some personal finance trends/areas I haven’t made my mind up on yet. Will these aspects of personal finance in 2023 be in or out?

Should I pay my student loan back early?

I keep going back and forward on this issue. Before, I didn’t think it was an issue, but the interest rate is now so high (over 6%) that the loan keeps growing and eats away at a chunk of my payslip each month.

Despite this, the amount I owe just keeps increasing. Because of this, I’m becoming more tempted to pay off at least a chunk of it so the sum feels more manageable.

Is now a good time to buy a house?

It’s long been a goal of mine to buy a house and I’m finally getting to a position where this dream could become a reality.

However, interest rates are increasing and there’s a lot of talk about house prices falling in the near future.

Should this put me off buying a house? I’m not sure.

Very fortunately, I have a decent sized deposit which should protect me from negative equity and also help me negotiate a better mortgage deal.

That said, I still don’t want to pay over the odds for a property. Currently, my plan is to focus on value and whether I believe a property is worth its asking price. However, I am very open to all opinions on this topic!

Don’t forget to follow me on social media @Katie20Percent to keep up to date with all my latest posts.

Did you know I offer freelance writing services and personal finance workshops and talks for schools, workplaces and organisations? I also regularly feature in the media. Get in touch via kroyalsfreelance@gmail.com or reach out on Twitter @Katie20Percent if you’d like to find out more.

If you found this post on what’s in and what’s out in personal finance in 2023 interesting and/or useful please share it on social media or with your friends. What do you think is in and out? Comment your thoughts below, I’d love to hear from you!

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