23 Tips to Reach Your 2023 Financial Goals

December 12, 2022 | Modified: January 5, 2023

1. Re-evaluate your budget. If you haven’t begun using a budgeting app, the new year is the perfect time to start. Check out Mint, YNAB (You Need a Budget), or Goodbudget.
2. Review your expenses, fixed and variable. Reviewing your spending habits can help you make necessary changes.
3. Review your assets and liabilities. Detailed knowledge of your finances is essential.
4. Set financial goals. Both short and long-term. This might include saving for college, for a home purchase, or paying off credit card debt.
5. Prioritize debt payments. Carrying high debt balances might prevent you from reaching your financial goals. Developing a plan to pay down your debt is important to your financial well-being.
6. Check the APR on your credit card. It may be higher than you thought. If paying off all of your credit card debt isn’t an option, you may want to consider transferring high balances to a low-rate balance transfer VISA credit card. Tap to learn more.
7. Give your emergency savings fund a boost. High-interest rates and inflation may have prevented you from saving money this past year. Now is the time to ensure you have adequate emergency savings. It will help protect you in the event of unexpected financial emergencies and more. Check out the savings options at Benchmark Federal Credit Union.
8. Open a Credit Union Account. Speaking of Benchmark FCU, if you don’t have an account at your local credit union, you are really missing out on some great benefits. The many benefits of a credit union include personalized service, higher rates on savings, lower rates on loans, and lower fees, among many others.
9. Set your bills to auto-pay. Auto-paying your bills is not only convenient, but it can also help you stick to your goals and your budget, and prevent you from missing payments.
10. Contribute to your retirement plan. Don’t miss out on the effects of compounding interest. Tap to learn more about the IRA options at Benchmark FCU.
11. Review your retirement goals. Are you on par to meet those goals with your level of retirement savings? If not, step up your level of saving.
12. Evaluate your insurance coverage. Check out your policies and costs for your car, home, health, and life insurance. Are you getting the best price? Is your insurance adequate for your needs? Can you bundle for more significant savings?
13. Organize the clutter. Keeping your finances neat, easily accessible, and clutter-free will help you stick to your goals.
14. Eliminate or cut back on unnecessary or expensive expenses. Opt to cook in rather than dine out, eliminate your expensive afternoon coffee habit, or give up smoking once and for all.
15. Pair down your number of streaming services. If you have Netflix, Hulu, HBO, Peacock, and more, most of us are right there with you. You probably have a few favorites, and the others are occasional watches. Eliminate the waste.
16. Invest in yourself this year. Think self-improvement courses or classes to help your advance your career. They might help you improve your finances as well.
17. Take steps to improve your tax situation. This might include contributing more to a retirement or college savings plan or changing your withholding status. Tax season is right around the corner!
18. Focus on your savings goals. We mentioned your emergency and retirement savings above, but additional savings is important as well. Saving for a house, a wedding, a child’s tuition, or for other goals should always be a priority.
19. Consider a career change. It’s never too late to make a change for the better.
20. Don’t stress over market ups and downs. It’s important to stay invested to reach your goals.
21. Reset your passwords on your financial accounts. It can help prevent you from becoming the victim of a cybercrime.
22. Check the renewal dates of various subscriptions and eliminate the unnecessary. This is similar to your streaming service purge.
23. Read a book, an article, or a blog about personal finance. Knowledge can be instrumental to a more financially secure year. The Benchmark FCU Blog is a great place to start. New blogs are posted each month offering tips and other helpful information to help you reach your financial goals.