5 Financial Goals to Set for 2023

In just a blink of an eye, 2022 is past us. Where did all the time go?! 🤯

Now that we've entered 2023, it's the perfect opportunity to reflect on your past year and reset your financial goals. A new year is a fresh start for everyone! 

Here are 5 financial goals to kick off 2023: 

1. Reflect on last year’s financial patterns

You can’t move forward unless you learn from your mistakes. Take stock of your financial patterns from last year by going through your bank and credit card statements to see where you currently stand. 

What worked and what didn’t work? What can be improved? Why?

Whether you forgot to pay a bill or overspent on your credit card, don’t beat yourself up for any mistakes. We’re all human and constantly learning. 

Once you’ve taken a good look at your financial patterns, you’ll know which areas you need to work on, such as setting up bill payment reminders if you have a tendency to forget to pay your bills. 

2. Revisit your budget 

Now that you know what financial areas you need to work on, it’s time to revisit your budget, or start one if you don’t already! 

Reassessing your budget is even more important now that inflation is going nowhere and interest rates are expected to continue rising in 2023. 

Creating and sticking to a budget is the single best thing that you can do for your finances in 2023. You just have to pick the right budget for yourself! 

3. Pay off your debts 

It’s important to prioritise paying off your debts so you don’t end up paying more than you borrowed in interest, and so you can keep more of your hard earned money! 

2023 is the year that you’ll set up a debt repayment plan and commit to sticking to it. For example, if you’re expecting a bonus, consider using it to pay off some of your debt. You should also consider paying some extra principal towards your debt each month, especially towards high interest debts like credit cards. 

4. Prepare for the unexpected 

If there’s one fact of life, it’s that nothing ever goes exactly as planned. This is where your emergency fund (aka uh-oh fund) comes in. 

Having three to six months of expenses saved up is critical to ensure that your financial plan doesn’t veer off track if/when something unexpected happens. 

Make it a priority to save up for your emergency fund in 2023! 

5. Improve your financial literacy 

It goes without saying that money pays for all the things that make a comfortable life possible, such as a roof over your head, the clothes on your back, food, education, and security. 

Set a goal to continue improving your financial literacy in 2023, such as by committing to reading books, articles, or even watching videos about personal finance every week. This guide is a good place to start. 

The fact that you’re reading this article right here is already a great step! 

The Bottom Line 

As 2022 comes to a close, start thinking about how you can make your finances stronger! 

Remember, you don’t have to do everything all at once. Just be patient and be consistent.

Happy New Year, everyone!