8 Financial Goals for 2023: Managing Money in the New Year
I'm going to be going over my financial goals for 2023. I love all things about goals, even if I don't hit them. Just thinking about them and preparing for them, going into a new year, has always been exciting.
I have my list here, and we'll run through them and explain them a bit if needed.
1. Be debt-free
I have set this goal every year for probably the past two years, so this is the third year of setting this. I want to be completely debt free. Now I know that I will be able to save enough money for my student loan debt.
Student loans have been in forbearance and at 0% interest, so I've been saving for them. I have less than $12,000 at the time of my filming to hit that $36,000 of savings I need to pay off my debt completely.
2. No-spend or low-spend year
Goal number two is to complete a no-spend, or low-spend spend year. I know many people try to do low-spend years in some shape or form. I did a low-spend year slash no-spend year in 2020. 2020 was the perfect year to do that, and it was successful for me and a lot of fun.
Just because you're doing a low-spend year or no-spend doesn't mean you have to do what everybody else is doing. If you can lower your expenses for any category, you can still call that a low-spend year. I think it's something everybody should try to do.
3. Max out my IRA
My next goal is to max out my Roth IRA for the second year in a row because I am going to max it out for 2022; I want to do it again for 2023 and every year after for as long as I can. For 2023, that would be $6,500.
At this point, what I'm planning with the Roth IRA is to focus on the first half of the year on my student loans, and then I'll start contributing to my Roth. Instead, I would finish up my debt and then focus on my Roth IRA. So either way, I'm going to max it out.
4. Reach $100,000 net worth
Net worth goals are sometimes silly to set or unrealistic because we often don't have control over our net worth since it's heavily dependent on the market.
If the market is way down, even if we're putting money in contributing to our 401K and Roth IRA, but the market stays down, your money could still go down, and your whole net worth could still go down.
Setting these net worth goals is not realistic, but I think it's just fun to set them because it's something to work toward.
I want to get as close as possible to or over $100,000, even if the market is down and affecting that.
5. Get promoted at work
My company only does promotions and raises in the first quarter, after the first quarter, and in the third quarter. During my performance evaluation in the first quarter, that is when I would like to get promoted.
At that point, I would have been at the company for one year, and that's pretty standard for my company and the job in general. I'm pretty positive I can do that. That's what I'm going to work toward, and that's what I'm going to ask for, to get promoted.
6. Make over $100,000 yearly from my income
A lot is going to go into this, or potentially could. If I get promoted, that means I get a pay raise and a bonus.
I don't know what will happen with my job, but if another opportunity comes up where I can switch my career and or not switch my career but switch my company and get a pay increase plus my side hustle income, that can help me reach my goal.
Altogether, I would like to make over six figures from my full-time job and my side hustles.
7. I would like to make $30,000 or more from my side hustle income
I set the goal of 25K from online income in 2022 and will not hit that. I will be getting close, so I think 30K is reasonable.
I think, based on my growth over the last few years, 30K is an excellent goal to set. That would be pre-tax.
8. I want to reach $12,000 in my emergency fund
As of right now, I'm a bit over $6,000. It's been hovering around $6,000 for the last six months or so because I haven't been adding to it. I'm so grateful that I haven't had to touch that, but it's there if I need it, and I want to continue adding to that.
That's probably something I'm going to focus on after I finish saving what I need for my student loan debt.
So I will need to save another $6,000 for my emergency fund. I gain a little bit of interest each month, which is helpful. Initially, I wrote down $9,000 for the year, but I wanted to push myself a bit. I think I could get to $12,000 in my emergency fund over the next twelve months.
My main priority would be my debt, then, of course, my Roth IRA and the ones that I listed towards the beginning, but I am still going to work toward increasing my emergency fund. Even if I can raise it a little bit, that would be great.
Financial goals for 2023
Those are my financial goals for 2023. I feel like it's going to be a big year. Sometimes I see other people's financial goals, and I brainstorm ideas from that, or I add that to my goal list, so please share.
Comment down below what your money goals are for 2023.