When it comes to new year’s resolutions, the most valuable could be to resolve to be more financially secure. As complex as it may sound, you can actually stick to this resolution easily by establishing and sticking with a couple of financial goals for 2023.
Financial goals are different for everyone. Your budgeting and savings goals can vary depending on your stage of life and your family’s needs. But it’s always good to take some time to consider how your financial needs have changed or evolved over the past year, especially with inflation and other economic trends we’ve seen, and determine new ways to achieve your goals. 2023 is a new year and the best time to establish a new plan.
The best thing about financial goal setting is that it gives you the motivation to put these objectives in motion and create a strategy in order to bring them to fruition. Without goals, you may not be able to afford large purchases such as a house or new car, save for future retirement, or have enough money to send your kids to college.
Hopefully, the financial plan you put into place for 2023 will also work to serve you long-term on your road to financial independence. But it’s important to establish some easier, bite-size savings and budgeting goals for just the next twelve months. This way, when 2024 rolls around, you can look back and proudly know that you did something beneficial for yourself this year and be enthusiastic to continue into the future.
Short-term financial goals can include saving for a vacation, paying off credit card debt, buying a new appliance, or updating a kitchen.
There are plenty of reasons to budget, invest, and save money this year. With a simple plan in place, and a dollar amount in mind to contribute weekly or monthly, you can reach your goal by year’s end.
Establishing clear savings goals in 2023 and the years to come will make it so much easier when you’re faced with unexpected expenses and decisions about spending your money. For instance, knowing that you want to save money for a new car makes it easier to spend less on take-out food or a new pair of shoes. In fact, you might want to put a note on your dashboard that says “New car? Or a latte?” to remind you to get out of that drive-through line. Put a photo of the new refrigerator you’re saving for on the door of your old fridge. These small reminders can remind you what you’re working toward and possibly help you to spend less money on non-necessities.
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