Top 5 Financial Goals for 2023
Have you thought about your new year financial resolutions? We’ve got 5 suggestions to help you achieve financial mastery in 2023 and beyond.
Written by Victoria Kent, Senior Investment Specialist
This information does not take into account your personal objectives, financial situation or needs. You should consider if the relevant investment is appropriate having regard to your own objectives, financial situation and needs.
Tighten the belt
Cutting back on unnecessary spending is a great way to alleviate those increasing cost of living pressures. Sure, we could all work more (or start that side hustle you've been contemplating) but spending one less dollar is worth more than earning a dollar because you've already paid tax on it.
Need guidance on how to be more frugal? Perhaps it means cancelling that extra streaming service you don't need, or shopping around for a better deal with your internet/phone/gas/electricity. For further inspiration, check out the pineapple project podcast – it's entertaining and packed full of penny-saving ideas.
Get across your super
Perhaps you need to consolidate your superannuation accounts (multiple fees = yuck). You might need to be reminded about your balance, or what insurance (if any) you are paying for. Check that you’ve made a binding beneficiary nomination (and update it every 3 years), so you can decide who receives your benefits if you’re no longer around.
Maybe you are interested in knowing more about what you are invested in. In 2023, spend a bit of time familiarising yourself with your super - it's your money after all.
Make savings a priority
Most people try to save what's leftover at the end of the week or month, only to find nothing spare! Instead, prioritise your savings by making them an expense, just like your other essential bills.
The best way to do this is to have a savings plan, which requires you to get into the habit of regularly putting money aside.
Write a will
Or update it if you’re diligent enough to have one. No one likes to think about their demise, but it is one of life's inevitabilities.
A will is a legal document which sets out who will receive your property and possessions, and look after your kids when you die. Making a will is the best way of providing for those you leave behind. Write one and make sure it is valid.
Don't lose your head
Follow the market ups and downs by all means but try to ignore the noise and think of the big picture. Market volatility is inevitable, but over the long term, markets tend to bounce back.
Make sure you have a long-term horizon, stay rational, have confidence in your investments and stick to your plan.