Ready to make 2023 your best year yet? Here are 5 money tips for 2023– that you can actually get started on right now.
Holy friggin’ moly how is it already coming up on 2023?!? Like… I feel like I just quit my job last month, but I actually quit it over a year ago.
Where is time going?
As we are gearing up for the New Year and appreciating this past year, let’s talk about a few things you can do to get your money right for 2023.
5 Money Tips for 2023
1) Track your dollars.
*cue the groans*
Listen friends– finding out where your money is going is key. I cannot tell you HOW MANY CLIENTS I have had that have avoided this question for SO LONG.
But here’s the thing– not knowing where you’re spending your money is like making a new recipe without ever looking at the ingredient list.
It’s like going grocery shopping without a list or taking orders for a table of 20 and not writing a single thing down.
It’s like wrapping your presents without having ever opened the Amazon boxes to see which gift belongs to which person.
You can TRY to go on your merry way making smart money moves without knowing where your money is going– but it’s going to make things a lot more difficult.
And quite frankly? It’s ineffective.
I need you to find out where your money is going.
I recommend starting by looking at the last 30-90 days of your spending just to get an idea of where your money is actually going.
Most people “think” they know what they spend their money on each month.
But almost every person who has confidently proclaimed to me that they know where their money goes each month?
They’ve been wrong.
Most of the time by doing this you’ll discover you actually HAVE some money… but it’s not going to the things you want it to go to.
2) Make Some Monthly Goals… And Maybe Some Annual Ones Too!
Next up?? Now that you know where your money is going each month… I’m going to need for you to make some goals.
I’m sure you’re sick of my analogies by now, but goal setting is key to really anything you want in life. Going back to the map example– not having goals really is like having a destination in mind… but no map and no directions.
Could you maybe by some stroke of luck reach your destination?
Sure, but it’d be a miracle.
Goals are your little road markers to get you on track and KEEP you on track.
I recommend starting small.
In fact… if money overwhelms you? Maybe make a goal for 1-day.
Like– today I’m going to track what I spend. Or today I’m going to FINALLY look at my bank account.
Then? Once you’ve mastered that… move on to a bigger goal but don’t go too big yet.
Start with a bundle of days, or a week. For example, maybe you struggle with overspending on coffee so you decide that for one week, you’re going to create a budget for coffee AND?!
You’re going to take that budget for coffee out in cash, and pay for all your cold brews with cash, and when the cash runs out– you’re done with carry-out coffee.
Then once you’ve mastered that– you can move on to monthly goals, and even yearly goals.
3) Open a Friggin’ High Yield Savings Account
WHY HAVEN’T YOU OPENED A HYSA YET?!?!
It’s literally the easiest thing you can do. My favorites are Ally and Yotta, learn why in my free guide here.
But seriously– right now, as of December 2022, my high-yield savings account with Ally is earning 3% APR, while my Yotta HYSA has already earned me $300 this year.
That’s FREE MONEY and zero risk.
A high-yield savings account is essentially the same thing as a regular bank account– but most of the time?
There are no brick and mortar locations.
Because of that, these banks are able to pass that savings on to you– which results in you getting 10x, 20x, 50x+ the interest of a regular bank account.
It’s pretty cool!
They’re still FDIC insured, and most don’t have fees or minimums.
The only downside is you can’t access your money from an ATM most of the time, and you need to keep your OG bank account to transfer money in and out of your HYSA. That transfer can take 2-3 business days.
But honestly, I think that’s a perk. Because that means you won’t be spending money in your emergency fund as quickly and easily and you’ll likely second guess withdrawing.
Wins all around.
4) Spend Some Time Learning How to Invest
5) AND START INVESTING.
Make a goal! Maybe it’s to max out an IRA this year, or maybe it’s to OPEN an IRA this year. Whatever seems manageable– I need you to get started.
I recommend starting with your retirement accounts like an IRA, Roth IRA or your 401(k)/403(b)/457.
Sometimes the easiest way to get started is just by contributing to your 401(k). That’s how I got started– because I didn’t have to do anything except pick the investments and contribute.
It was completely automated which when you’re getting started– automation is key.
Getting your money right doesn’t need to be difficult. Other than spending time learning, all the things I mentioned above take about 15 minutes or less to implement.
The biggest hurdle? Getting started.
Let’s make 2023 your best financial year yet <3 and to help with that?