Ways to Set Yourself up for a Financially Successful 2023

The new year has officially begun with most of us back to work, back into a routine. Regardless of your current situation or goals - whether you’re accumulating wealth, ditching debt, starting your first job or planning for retirement - let’s start the year right with a healthy mindset towards money and finance. 

These are a few helpful tips from a team of financial experts and problem solvers to prepare yourself for a financially successful 2023. 

Know your spending habits 

There’s no time like the present to sit down and take stock of exactly how much has been leaving your account every month. The trick with working out your spending is to be as forensic as possible. 

Rather than trying to estimate your spending, you’ll want to use hard data. A good online banking or mobile app can be very useful, as it should let you look back and chart precisely how much you are spending monthly. This will give you the most accurate picture possible of what your outgoings are. Now you are in a much better position to work out a better budget moving forward. 

Prioritise debts to improve your finances

When setting your New Years' goal to improve your finances, it’s tempting to think about savings, but it is essential to first look at any outstanding debts. The interest you’ll pay on loans or credit cards will probably be more than any interest you might gain from money in a savings account.

So, rather than setting aside a proportion of your earnings for savings each month, it may make more sense to use that money to pay off expensive debts first.

Know your budget

Now that you know how and where you spent your money last year, and how it compared to your income, you know whether or not it was within budget. Setting yourself an appropriate budget is key to financial success. 

Having enough money to live and enjoy the life you live is important, so make smart choices with your bills. One rule, make more than you spend. 

Make it Automatic

Starting the year with new resolutions, good intentions and high motivation? Make the most of it. While you’re feeling energised about getting your finances on track for success, set up some simple automations to help future you out on days when motivation might be lacking. 

Set up automatic bank transfers to your high-earning savings accounts, billing accounts and any investment accounts you own. This way, you’ll never miss a payment. 

Being financially ready for a new year is essential at any age or stage in your life. If you’re looking for financial advice, or need help budgeting for the new year, don’t hesitate to contact the Maher Group team on 02 8522 4500.