Combine knowledge, skill, and discipline to create the ultimate recipe for healthy financial habits in 2023.
Last year was challenging, marked by high inflation, a rocky stock market, and a looming recession. With the New Year, we are excited to turn the page and help our clients make positive changes in their lives. While many people are preparing to retool their physical health by hitting the gym with plans to shed the holiday weight, it's also a great time "retool" your financial health.
Wouldn't it feel great to get debt under control, save more for retirement, update your estate documents, get a jump start on taxes, or finally review your insurance policies? Follow-through is critical, and you should remember to recognize small wins along the way.
Key Stats According To Wallet Hub
- 1 in 3 Americans is planning to make finance-related New Year’s resolutions.
- 31% of people with a financial resolution want to save more.
- More than 3 in 4 plan to spend less money on New Year’s plans this year compared to last year.
- 42% of people think it will be harder to keep their New Year's resolution in 2023 than it was in 2022.
- 60% of people are anxious about the future of their finances.
- 30% of Americans say that 2023 will be worse for their wallet than 2022.
4 Key Strategies To Improve Your Financial Strength:
- Shed your excess expenses like unnecessary subscriptions.
- Save first, then spend. Consider the 50/30/20 rule (50% of income for needs, 30% for wants, and 20% for savings).
- Delay big purchases (car, home, renovation, etc.) unless necessary.
- Invest systematically into retirement accounts (401k, IRAs, etc.) and non-retirement accounts.
Key Word - Intentionality - 5 Ways To Be Intentional In 2023
⚓ Be deliberate with your day.
⚓ Be clear on the results you want.
⚓ Be purposeful with your time.
⚓ Stay focused on your goals.
⚓ Be mindful of your most important relationships.
We encourage you to embrace a growth mindset in 2023. Be intentional with your thoughts, goals, actions, and relationships. Incremental change is sneaky but powerful.
Block a time on your calendar (weekly or monthly) for yourself or with your partner to ensure you stay on track. More importantly, don't miss your mark twice in a row. Most people overestimate what they can achieve in one day and underestimate what they can achieve in a year. Now, let's "get fit" physically, mentally, and financially!