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6 tips for being better off in 2023 Posted on December 8, 2022

financial goals 2023

2023 is likely to bring further inflation, interest rate rises and higher cost of goods and services. Now is a good time to consider how to make your money stretch further so you can be better off in the areas that mean the most to you.

1. Run a spending audit

Print your bank statements for the last 12 months to observe exactly where your money goes. When you look at it holistically, ask is there anything that surprises you such as subscriptions you don’t use, goods that you could buy in bulk, items that you regret spending so much money on or habits that are costing you (a coffee a day can cost $1,800 per year…eeek).

2. Set your 12-month goals (and write them down)

What are the big-ticket items you would like to afford next year? Perhaps it is a nice holiday, an upgrade on your car or a renovation to your residence. Choose wisely, write them down in a diary or your phone, then link the source of money to fund them. Without this, your goals are but a pipe dream.

3. Forecast the risks

Where are your major risks likely to be this year? Are you facing the end of your fixed mortgage rate and therefore a huge jump in repayments? Is petrol getting out of hand? Are you looking at a renovation to your home that is more expensive due to supply issues? Once you see where the risks are that may derail your financial security, you can defend against them. Firstly outline how much you will need to be protected and identify where you will find that money if you need to.

4. Think long term

Now is a great time to be thinking about your 5 and 10 year goals too. If you’re not sure what they are, you will at least know that you’ll need some sort of financial stability at that time and that any surplus funds that you have should be put to work in an investment. Research your investment options, remembering that diversification is the safest bet. A mix of investment types will defend against the volatility we’ve seen across all sectors in recent years.

5. Diarise a monthly review

The best financial plans are not stagnant documents, they are moving feasts. A regular review will help you to keep it relevant to your every day life. Update it, edit it, share it and live it. Savings on the silly stuff will help you to reach your big financial gaol.

6. Get advice

Most Australians are smart, educated and professionally skilled, but not all Australians are Financial Planners who go through rigorous technical and ethical training to help people to be better off. Every person’s financial needs, goals and positions are different so tailored professional advice from a Financial Advisor is the best way to be better off in the long run. Here are some notes about Financial Planners on the Australian government’s website, including a Financial Planner register of which we are part of. To organise a complimentary Financial Discovery with an accredited Financial Planner, please contact [email protected]

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Discover the difference that the right advice can make

Get in touch with our team today and learn how you and your business can grow to the next level. 

be better off.

talk to us Discover the difference that the right advice can make

Get in touch with our team today and learn how you and your business can grow to the next level. From structuring to sustainability, we'll help you reach your financial goals and live the lifestyle you deserve.

be better off.