Reach your Personal, Professional, and Financial Goals in 2023. Here's How.
The end of year is a great time for reflection and January begins a new year with a fresh start. If you want 2023 to be a rewarding, successful, and joyful year where you accomplish your goals, here are my tips and tricks:
First, set your personal goals. I invite you to sit down in a quiet place, get comfortable, and think about some things you want to accomplish. Think of this as a date with yourself. Grab a pen and paper and take the time you need for self-reflection. Now, go ahead and make a big fat list and write it all down. The next step is to circle, underline, or highlight the top three personal goals. Resist the temptation to circle the easy ones you already know you are going to hit. I’m talking about highlighting the scary ones that have been lingering and nagging and you know it’s time you tackle them. Keeping the number to just three personal goals for the year is the key to success. When we set too many goals, it is very difficult to prioritize them and we tend to freeze up in a state of overwhelm. This is the secret sauce. Have three big goals and write them down where you will see them daily or even create a dream board. When you have your three personal goals set, figure out if any of them are going to cost you money and write down a number. Set dates for when you can accomplish these goals.
Second, set your professional goals. The same process applies here. Write it all down and list out what you want to achieve in the new year. Pick no more than three goals. Ready to go for that promotion? Is it time to find a new employer? Are you ready to get that degree or certification? Have you always wanted to start a business? Is there a side hustle you love doing that can bring in extra cash? Again, select no more than three goals you want to accomplish professionally. Even one big goal is enough. What are the financial implications? Write down the details of any financial investments that are necessary to complete your goals and set completion dates.
Third, set your financial goals. Besides funding the personal and professional goals above, do you have additional goals related to your finances? Is it time to get your financial life organized? Need to have a spending plan? Do you have a fully-funded emergency account? Is there lingering credit card debt you want gone? Want to buy a home? Pick the top three goals. These goals should be helping you to grow assets and reduce debt. What amount of funding is needed to accomplish these goals? Set the completion dates and write numbers down.
Finally, create your spending and savings plans. Now you have your goals, the dates you want to accomplish them by, and how much money you will need to reach these goals. Next comes the dirty work of making your spending plan. How much money is coming in every month in income? How are you spending your money every month between mandatory and discretionary expenses? How much will you need to set aside every month to make your goals happen? Do you need to adjust your discretionary spending to hit your goals? Can you modify or reduce your mandatory expenditures to put more aside? These are the steps to take when developing your spending plan. Get extremely knowledgeable about your income and expenses. Figure out the exact amount you can start setting aside every month in a short-term savings account to fund these goals.
You are ready to take action. Now that you have the exact number you can set aside every month in savings, start doing it. If you don’t have one already, I encourage you to open an online high-yield savings account. Bankrate.com is a great place to start and I found some paying 3% or more which is much higher than most traditional banks. Keep a spreadsheet of your money buckets needed for each goal. As you deposit money into this savings account each month, assign dollars to a goal’s money bucket. Tackle your goals one at a time and focus your energy on doing the tasks to get you there that don’t cost you anything but time. When your savings account holds enough money in a specific money bucket, you have the funds you need to reach your goal.
Congratulations, you have just set yourself up for success. I’d love to hear your thoughts on this process and let me know how it works for you. Some of your goals won’t require an investment of money. This is fabulous. Let nothing stop you from reaching them. And, remember, there are two ways to financially accomplish all your goals. Make more money or spend less on things that don't fund your goals. Do both. I wish you a wonderful and fulfilling 2023.
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