Financial New Year’s resolutions to make in 2023

Can you believe it’s almost the start of a brand new year? As we look toward 2023, you might be thinking about what goals you’re going to set this year. Getting your finances sorted might be top of the list, but it can be difficult to implement and stick with. To help you get your financial New Year’s resolutions sorted, we’ve put together a few ideas.

Create a budget

This one might have been on your New Year's resolution list a few times - but did you actually create one and stick to it? Making a budget doesn’t need to be as restrictive and boring as you’d think; you can budget for whatever you’d like. Obviously you’ll need to make sure you’ve got the basics covered, like your bills and your savings, but who says you can’t put a bit aside each week purely for spending on whatever you like? A budget should work for you and your situation.

Reduce your debt

If you’ve got a bit of debt hanging over your head, making a plan to reduce it might be a fantastic goal for this year. It can seem overwhelming, but laying out a step-by-step guide for how you will pay off your debt will help you enormously. Perhaps you want to get rid of your biggest debts first, or pay off the ones with the highest interest rates. Or maybe you want to get rid of the smaller ones first to give you a sense of achievement. Do whatever works best for you, as long as you’re dedicated and consistent, you’ll get there faster than you think!

Review your insurance

If you can’t remember the last time you reviewed your insurance, or you haven’t actually got around to getting it sorted, 2023 might be the year to do so. Because so many things change in our lives, it’s important that your cover changes with you. If you’ve had a baby, or you’ve moved house, or there have been any other changes in your life, you’ll want to make sure your insurance policy still protects what matters most to you and your loved ones. 

Meet with an adviser

To help you stick with your financial goals, sitting down with a financial adviser is a great option. They can help you work through what you pay for your insurance covers to make sure that what you have is still suitable to your current situation. If you aren’t able to work and earn an income due to illness or injury, then you might not be able to reach your goals.

Having a chat with your adviser and discussing your spending priorities is often helpful, and you can also discuss your KiwiSaver and mortgage payments. If you’re renting, your adviser can help you put a savings goal in place to buy your next home.

When you’re feeling stuck, there’s nothing better than bringing in a set of fresh, expert eyes to help you feel better about your financial future.

If you want to put a focus on your finances this new year, the best time is now, so take action!