We will be covering ‘Setting Financial Goals for 2023’ in this article. How to get started, and why it’s important.
Another new year is upon us, so before I get started, may we first take this opportunity to wish you and yours a happy new year. Did you ‘get done’ all the things you promised yourself you would this time last year? How about the things that were carried over from the year before?
What are your plans? How do you begin to set goals that are achievable? We all do it don’t we. We promise ourselves we will do it this year, but life sweeps us away in so many directions that it’s often hard to stand still and take a deep breath before moving forward. Especially after the few years we have just come through.
With all that said, it really is time to dig our heels in and get things done and get our financial goals set in 2023.
Financial goal planning can seem complicated to some, especially if you need help figuring out where to start. It’s almost a cultural norm these days to set New Year’s resolutions, so why not take advantage of that by setting financial goals for yourself?
We would like to ask you, “what are your personal financial goals for the next decade?” Do you want to retire by age 50? Or maybe you’re planning to start a family and be ready to take on having a child by the time you turn 30. Whatever your personal financial goals are, you’ll have to think about them and make some decisions right now, or at least in the next few years.
The good news is that your future is in good hands! With the proper planning and the right personal finance advice, you can achieve your dreams in the next decade. Setting Financial Goals for 2023 should now be top of your ‘to do’ list. Soon enough, you’ll be able to look back and see what you did to get yourself to where you are today. The worst thing you can do however, is not have a plan at all. In this article we will provide you with some personal finance good practices for 2023 that you can start implementing today – or at least start thinking about.
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Debt – You’ll want to pay attention to your debts before your investments. Your debt is what you have to pay back, while your investment is what you can let mature and eventually sell and make money on in the future, if that’s your plan.
Pay off debts as soon as possible because they’ll ruin any type of financial planning for the rest of the year if left. Debts should be low and negligible to use the money already saved to make more investments. By making sure that your most expensive debts are first, you’ll be able to make more significant investments and earn a higher return on them. And, if you have small debts, you can use the money you’re saving up to make more significant investments in 2023.
Focus on your emotions
Don’t be an emotional investor. It’s important to remember that your investments are only one part of your financial plan for the year 2023. It’s also important to remember that you’re investing in the future. By keeping excitement in check, you can save yourself from making investment mistakes.
What to focus on for setting financial goals in 2023
The simple answer is to focus on what financial goals will benefit you and your family. Focus on where you are now and where you would like to be regarding your finances.
- Keep an eye on the significant financial goal or picture (where you want to be in ten years for example).
- Look at what you need to do to get there, and then do it.
- Take it seriously and take the steps and actions needed to reach your financial goals.
Focus on the positive vibes that come from any of the financial goals you have achieved! Don’t let mistakes cause you to stop trying to achieve financial success but learn from them. Every goal reached will help you get to the next goal and then the next. Don’t let someone else negatively impact the financial goals you’ve set. This can cause stress and can also divert your attention away from your primary financial goals for the future.
It’s imperative to know that financial planning is not as simple as creating a goal; it works as an entire system. It is a system that involves reminding yourself of what your goals are and the plans you have to achieve them – and then take the necessary action to work towards them.
We can help you get started. Contact us here.