As we navigate the last few days, or perhaps hours, of 2022, here are a few things to do to close out the year on a great financial note.
Now is not the time to beat yourself up over the things you have not accomplished in 2022. It’s been a rough economic year around the globe, and a lot of people have had a tough time navigating the year. 2023 will bring financial possibilities, and there’s no better time to start preparing for them.
I’d list out about five of the things you should do to get financially ahead in 2023.
1. Review your current financial situation.
It’s a good time to ask yourself if you feel satisfied with your overall financial status, including your net worth (what you own versus what you owe), your income levels, your expense patterns, and your money habits. This might assist you in determining areas where you might need to make adjustments to improve your financial situation.
2. Write out your short-, mid-, and long-term financial goals. Your short-term goals are the things you intend to do specifically in 2023. Perhaps go back to school, buy a new car, rent a house, or even start a family.
Your midterm goals are things you intend to do over the next 3 years, and your longterm goals are things to do over the next 7–10 years. Interacting with those things in your mind will help you achieve them more easily when the time comes.
Read also: How to live with focused intention for greater success in 2023
3. Set up a system for tracking your financial activities going forward.
It is not enough to budget and set financial goals; you must put measures in place to follow up and track your performance. You may use an app or Google Spreadsheet to capture your expenses, identify where the most of your money is going, and block leakages. Tracking may include reviewing your bank statements from time to time as well.
4. Map out your long-term financial plan.
This will encompass reviewing your investments, savings, other assets, and debts. If you have a financial plan in place, now is an excellent time to examine it and make any required updates. There is no financial success that doesn’t with long-term planning. Wealthy people create time to plan ahead, bearing in mind the various risks that threaten their wealth. It is something you must constantly do as well.
5. If your finances have given you concerns in the past, 2023 might be a good time to seek professional advice or work with a coach.
A financial coach will point you in the right direction and provide the resources you need to gain traction. They will handhold you to make the most of your finances.
In conclusion, do not let the lows of 2022 stop you from committing to getting a hang of your finances in the new year. Head into the year with a new lease on life, with hope, and with gratitude.
