Every year I like to set a few personal and financial goals in order to set a guide for the year.
Some years I’ve hit all my goals. Other years? I’ve missed the mark on the majority.
Here’s how the goals for 2023 break down:
I decided to set three personal goals this year that are NOT smart goals.
- Keep working out: My goal in 2023 is to maintain a weekly exercise routine, whether that’s through working out with a trainer or attending fitness classes.
- Stay in therapy: I have been in therapy for the past four years, and in 2023 I want to continue working on the skills I need to improve my life further, such as CBT techniques and mindfulness.
- Improve work and life routines: I want to work on optimizing my work routines to better serve my business, as well as improve my personal routines, such as my skincare and sleep routines.
I also decided to keep my financial goals simple this year.
- Save $5,000 for a Disney vacation. This will include a mix of savings, gifts, gift cards purchased at a discount, and gift cards through Fetch Rewards. $5,000 is a rough goal but the main goal is to pay for the trip without debt or other savings.
- Max out my Roth IRA with $6,500. I plan to max my personal Roth IRA for the second year in a row because this account is my primary retirement account. I’ll be using my Roth IRA tracker and Transfer Tuesday to accomplish this.
- Save $20,000 for a house downpayment. This money will be added to our savings that already exist so we can purchase our next home with a larger downpayment.
These new goals are similar to ones I’ve done in the past when setting goals for the new year.
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Past goals I’ve done for financial goals included:
- Pay off debt: I have made progress on paying off debt in recent years and setting these goals led me to become debt free.
- Save for the future: I set aside money for retirement, emergencies, and special occasions like vacations during the year quite often. Setting goals for sinking funds is a great way to do multiple goals.
- Increase income: I set goals to increase my income through my online business, as well as earning additional income through freelance opportunities.
As you can see most of my goals for 2023 are all around saving and continuing to build the financial foundation of wealth!
Plans For 2023
In 2023, I am focusing on personal and financial goals that involve building on what I am already doing and making small improvements over time.
By consistently working on these goals, I hope to make progress and achieve long-term success.
I’ve found that this method is the best way for me to actually achieve big progress. It’s the reason why things like Transfer Tuesday work for me (which helped me save $17,000 in 2022!).
Consistent progress and continual improvement might not feel flashy, but it compounds on itself leading to big results.
Albert Einstein once said “Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it”. That applies to both money and any goal in life where results can compount.
For 2023 nothing major will change but I hope the consistency will produce the results I want to see.
Mary is the founder of Pennies Not Perfection where she shares her journey to build wealth through online income. She quit her day job in 2021 after she paid off her debt and doubled her 9-5 salary.
Mary's favorite free financial tool is Personal Capital. She uses their free tools to track net worth and work toward to financial freedom.