1. Invest in yourself

One of the best investments you can make is in yourself. The best areas to focus on are your earning potential, financial literacy, and mental health.

The past few years have been difficult for many of us, with significant upsets to people’s careers, savings, and lifestyles. While no one could have prepared for a global pandemic, we can fix any vulnerabilities it identified. Now, more than ever, people are understanding how big their emergency fund should really be and why investing in the stock market is essential to financial security.

You may want to invest in yourself by hiring a financial advisor, who can help you set out a clear financial plan for the New Year. Depending on your goals and personal financial situation, a dedicated financial professional can help you with your cash flow, spending habits, tax planning, retirement planning and more.

This is also a great time to pursue extra education and credentials that can increase your earning potential. You might even want to switch to a new career entirely. Likewise, the stress of the past 2 years has emphasized how important it is to take care of your health. Go ahead and adjust your budget to fit essentials like a gym membership or therapy to ensure you can really go into 2023 ready for whatever the year has in store.

2. Get rid of your high-interest debt

Carrying multiple balances, especially at varying interest rates, can feel like death by a thousand paper cuts when your bills come in the mail. If your financial resolution is to get your debt under control in 2023, consolidating that debt on a low-interest loan or line of credit might be the answer.

Debt consolidation means moving all or most of your debt to one place, so that you can experience the joys of having only one interest rate, one minimum payment, and one repayment term. You can do this by taking out a line of credit , debt consolidation loan , or credit card and using it to pay off all your existing balances.

Not only will credit consolidation alleviate the headache of managing a number of different payments, it can also reduce the carrying cost of your debt and even get you out of debt faster. It’s also likely to give your credit score a boost right off the bat!

3. Start saving for a big goal

If you really want to start the New Year off right, take your first steps to accomplishing something big with your money. This can be anything from saving up a down-payment for your first home or finally starting a retirement savings account. Whatever your savings goal, make sure you know exactly what you’re saving for and the specific dollar amount you need.

Once you know your money wish and its price tag, it’s time to make a savings plan. If you want to hit your target by the end of 2023, all you need to do is divide the amount you need to save by 12, and that will tell you how much you need to set aside each month. For example, this might be the year you finally make good on your promise to yourself to have an emergency fund. If you want to have $2,000 saved by the end of the year, you’ll need to set aside $167 per month to accomplish this goal.

Once you know what you’re saving for and how much you’ll need, open a dedicated high-interest savings account and start saving right away. Bonus points if you open the account with a financial institution other than your primary bank, so you don’t see the cash and aren’t tempted to spend it every time you log in to your online banking. To give your goal an extra boost, don’t wait until your first paycheque in January to start saving. Even if you only have $10 to spare right now, deposit it in your new savings account to give your goal some momentum!

4. Introduce good financial habits

The best way to ensure your meet your financial goals in 2023 is to set up good routines and habits that ensure your success happens automatically.

Commit to “no-spend” days

One of the best things you can do is commit to 1 or 2 two “no-spend” days per week. These are days where you don’t spend any money. You make coffee at home, you don’t order-in dinner, and you definitely don’t make any online purchases or visit any stores. No-spend days help you identify what spending is really necessary and how much you do just out of habit.

Check your finances (there’s just no way around it)

Another great thing you can do is set aside 1 or 2 hours each week to review your finances. This is a great thing to do Sunday night before the start of your week. Block off some time to review your spending, pay any outstanding bills, and check up on the performance your investment portfolio. Even if you have a budgeting app that tracks all your spending, you still need to go over everything and make sure there are no mistakes that are costing you.

5. Reduce your financial stress

Managing your debt, saving for the future, and trying to earn more money all at one time can be exhausting, and make it difficult to do any one of those tasks well! To free up the emotional and mental energy you need to tackle big financial goals, focus on optimizing the little things first.

Here are some quick ways to reduce the mental load of regular financial housekeeping, so you can focus on bigger tasks at hand:

  • Sign up to receive your credit report emailed to you weekly or monthly so you always know exactly where you stand with your credit score
  • Automate all your regular bills to a single cash-back or rewards credit card
  • Set up a weekly transfer from your chequing account to your retirement investments to ensure you’re always saving for the future no matter what
  • Look for discounts by bundling services from one provider
  • Review your insurance coverage, and make sure you have the often-neglected but always-needed coverage, like disability insurance
  • Rid yourself of subscription creep (all those automatic payments that you’ve forgotten about, but that can add up to hundreds of dollars in savings once you cancel what you no longer need)

6. Plan for the future

As soon as you have assets, whether they be in the form of property, stocks, investments, or a vehicle, you should start thinking about estate planning and drafting up a legal will. If anything were to happen to you, this is the only way to ensure your wishes are respected and your assets are disbursed how you want.

Instead of shuddering at the thought of spending hundreds, or even thousands, of dollars on a lawyer or notary, consider doing it yourself with Willful, a leading Canadian website that will help you create your own legal will in as little as 20 minutes, online. They even have a family plan so you can make sure your loved ones will have their wishes carried out as well.

Every day is a chance to start fresh with your financial health, but there’s something about the New Year that can inspire that extra boost to get your bank account in order. There’s never been a better time to remedy old mistakes and reach new money milestones, so when you sit down to make your 2023 financial resolutions, make sure to include a few that will put more money in your pockets-now, and for many years to come. Also, make sure you take the proper steps to ensure you actually stick to your resolutions this time!

About the Author

Bridget Casey

Bridget Casey


Bridget Casey is the award-winning entrepreneur behind Money After Graduation, a Canadian financial literacy website aimed at 20 and 30-somethings. She holds a BSc. from the University of Alberta, and an MBA in Finance from the University of Calgary. She has been featured as a millennial financial expert by Yahoo! Finance, TIME Magazine, Business Insider, CBC and BNN. Bridget was recognized as one of Alberta's Top Young Innovators in 2016.

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