Thank you for stopping by to read 10 financial goals for 2023. I hope you’ll find inspiration to tackle items on this list.

2022 has been a sobering year for many of us.

It really puts into perspective that even though we’re suffering financially, there are many people in other parts of the world who are much worse off than us.

Most of the world is still dealing with Covid-19 but many masking and travel requirements have eased in 2022. Some businesses are still financially reeling and others have closed down. Low income dried up into no income when workers suddenly found themselves unemployed or their hours severely cut back.

Top it off with skyrocketing inflation on groceries, gas, clothing, and other necessities.

We’re worried about paying our bills when we lost our income and increasing prices on groceries are making it harder to feed ourselves and our families. We’re wondering if we’ll ever get the credit card debt paid off or save money for an emergency fund or our retirement.

The priorities are food, shelter, utility bills, and gas for the car. Anything else we need is looking more and more like an unaffordable luxury.

Let’s make it a goal in 2023 to take care of a few things so that we can enjoy a greater peace of mind. Making a few changes doesn’t mean it’s forever. When our financial situation improves, we can revisit things we have been going without.

Your life will be less stressful if you take action on financial goals.

I’ve rounded up some previous posts to come up with 10 financial goals for 2023. Click on the photos to read more.

1. Create a backwards budget

Track Your Spending using a Backwards Budget

A backwards budget is for people like me who don’t do budgets. I call it tracking my spending using an excel spreadsheet.

You need to know how much money is coming in and going out each month so you can make sure you have enough in your account each month to meet your expenses.

2. Make a money map

Once you’ve figure out how much money is coming in and out of your account, you can make goals and a plan to meet them. A money map is always a work in progress.

Money comes in. Money goes out. Are you keeping track of what’s going where?

Figuring Out Your Money

3. Emergency fund

Start your emergency fund and put $1,000 in there right away. If you already have an emergency fund, your task also is to get another $1,000 in there as soon as you can.

Click the banner below for more information about why you need an emergency fund.

Let’s celebrate small successes. It might take me a very long time, but with every thousand dollar milestone I reach, it brings me a little more peace of mind.

4. Pay off a debt

2023 is the year to make it a mission to pay off in full one credit card or personal loan.

Let’s get the ball rolling!

5. Catch up on late payments

What Happens when you can't Pay Bills?

Nobody wants the collection department of a financial institution or utility company phoning to remind you about a late payment.

And we especially don’t want any of those sleazebag collection agents calling who buy bad debt for pennies on the dollar and threaten the debtors.

It doesn’t matter if it’s your rent, phone, or credit card. Get caught up before things get worse.

6. Incur no further debt

Around here we’re all about becoming debt free and saving for retirement.

On a low income, I can’t afford to go into debt because it’ll be too hard to repay. Fortunately I’m not a spender, so aside from emergencies or a handful of Internet purchases, the credit card stays unused.

7. Start a Christmas fund

If you don’t buy Christmas presents, then make it a vacation fund.

I’m revising my Christmas fund. I don’t really do Christmas, but this year I donated about $300 to charity plus $100 in liquor for helpful neighbors, and $200 in gift cards for the people where I keep my horse. Plus another $100 for gifts to friends and coworkers. That tells me I need to put away $60 a month.

Christmas Fund Envelope

Instead of a cash envelope, I’ll be putting it into a bank account because most of my expenses will be online and paying by credit card.

8. Begin investing

Let’s make 2023 the year to begin investing!

Open an online trading account and buy a stock or two.

It’s time to bite the bullet and start investing.

Sure, it’s a little risky, but if you do your research, you can find some stocks that match your level of comfort.

I use Questrade for online trading. If you’re interested in setting up an account, you can sign up using my “refer a friend” code 415632012426909 and we will both get $50 deposited into our accounts to buy stocks. You will have to transfer $1,000 into your new Questrade account before you can start buying stocks.

9. Cut costs

In 2023 choose two things to cut costs in. For example, lower the cable bill or lose the landline, or stop eating out or cut back out on eating out.

10. Figure out when and where to retire

We’re doing all this saving so we can have a better retirement.

But how will retirement look like?

Now is the time to figure out where, when, and how.

Welcome 2023!

It’s time to start figuring out 10 financial goals for 2023. Take what works for you and check out what others are doing to get their finances under control. There is no one-size fits all. Everyone has different financial issues and goals.

Let’s aim for progress. It doesn’t have to be perfection. Don’t try to do a whole bunch of financial goals all at once or you’ll become overwhelmed and give up. It’s time to break the cycle of debt and begin putting money away. When you figure out what works for you, you’ll be motivated to keep the ball rolling.

I hope you find some of the links provided in this article helpful for your 2023 financial goals.

My hope for all of my readers is peace, happiness, health, and prosperity in 2023!

Published by Cheryl @ The Lifestyle Digs on January 2, 2023.

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