Taking 2023 by the Horns: 3 Tips to set your Financial Goals for the Year

2023 has arrive and there are already influencers, investors, and commentators sharing their goals and their secrets to keeping them throughout the year, while on the other hand, there are people who are simply exhausted with the past three years, who don’t want to have goals or maintain them.

While I thoroughly sympathize with the latter of that group, I must admit that from a financial sense, the former remains correct in that setting achievable goals that can be reasonably attained is still the best route to success.

But one question we have been hearing at the Emergent office is, if the stock market doesn’t go up, how can we achieve financial goals?

Well, there are three aspects of your financial life that are definitely under your control that can help you get started on track for the new year:

1)      Maintain your contributions

Contributions are eligible for 2022 until April 15th of 2023 so don’t skimp; put away that money! Each time you contribute to your retirement, whether it be your 401k, Roth, or Trad IRA, or whatever plan you have, it’s an opportunity for your planner and advisor to rebalance or get in the market at a time when stocks are relatively cheap, and while they may still go lower, the more you contribute the more you’re locking in those low prices so that over the next 10 to 15 to 20 years, you have the advantage.

2)      Work on your budget

Evaluating your budget and your spending habits to eliminate waste is an effective goal. Have that streaming service you never watch? Time to cut it from your budget. Maybe it’s time to consider a bulk item shopping service like Costo, Bj’s, or Sam’s Club?

Do the math! Perhaps it’s time to downsize and just focus on smaller, simpler purchases. It’s just a great time in general to reevaluate what you have and what you need.

3)      Apps are your friend

There are budgeting apps and price-comparison apps galore out there that can help you with your finances, whether it’s Rakuten or Honey that compare prices across the internet, alert you about drops in price for your favorited items, or Mint that can assist you with budgeting, there’s plenty of help for those who need it that are free or at a cost so minimal that it can save you way more than it costs!

4)      Time to get cookin’

A final tip is to stick to the basics: pay off credit cards on time, don’t overspend, stick to your budget whether it’s monthly or weekly, contribute to your retirement plans, and lastly, don’t stress the little things.

There’s plenty of time for your savings to recover without causing mental health or physical health issues from stressing about your finances. Setting and maintaining good financial habits is the key to a robust retirement plan and savings growth!

From Emergent Financial Services, Happy New Year to all our readers!

I’m Nickolas Urpí

From Emergent Financial Services

Catch us on Today y Mañana on the iLove Cville Network every Thursday at 10:15 and contact Emergent Financial services for all your financial planning needs

From 401(k)s to rollover IRAs to Roth IRAs to Retirement planning.