Top 10 Best Financial Planning Resolutions You Must Follow in 2023

As we enter 2023, it’s important to focus on financial planning and setting personal finance goals for the new year. However, it’s crucial to keep in mind the potential for high inflation and the risk of a recession when making your resolutions. Take extra care in your planning to ensure that your finances are prepared for any economic challenges that may arise.

In addition to considering the potential for high inflation and the risk of a recession, it’s also important to factor in the usual uncertainties about the stock market for next year as part of your financial planning for 2023.

Given the potential challenges and uncertainties, it’s crucial to take steps to safeguard your personal finances in 2023. To help with this, experts recommend implementing the following 10 resolutions:

Financial Planning 2023: Time To Act

Your job:

Fine-tune your resolutions to fit your individual needs. “You always (want to) look for what works for you in your own circumstances,” said Meredith Stoddard, vice president of Life Events Planning, Fidelity Investments.

Set financial goals:

Determine what you want to achieve financially in 2023 and create a plan to reach those goals.

Create a budget:

Develop a budget that outlines your income and expenses and stick to it.

Start an emergency fund: Set aside money for unexpected expenses or emergencies.

Pay off debt:

Prioritize paying off high-interest debt such as credit card balances and personal loans.

Increase savings: Increase your savings rate and consider setting up automatic transfers to your savings account.

Invest in yourself:

Consider investing in education or training to improve your skills and increase your earning potential.

Review and adjust your insurance coverage:

Make sure your insurance coverage is adequate and consider ways to save on premiums.

Create a will:

Create a will to ensure your assets are distributed according to your wishes after you pass away.

Review your retirement plan:

Review your retirement plan and consider increasing your contributions to ensure you have enough saved for retirement.

Revisit your financial plan:

Review your financial plan regularly and make adjustments as needed to ensure you are on track to reach your financial goals.