6 Financial Resolutions to Help You Live the Life You Want in 2023

Between inflation, the stock market, rising interest rates and the potential for a recession, 2022 has been a bit of a roller-coaster year for our money. As we turn the corner to next year, it’s a good time to take a breath and make some financial resolutions — so that we’re better positioned for whatever financial curveballs 2023 has in store.

Here are six financial resolutions that can help you improve your finances for 2023.

6 financial resolutions for 2023

1. Check in on your spending

For about the last decade, inflation has been almost nonexistent. But it roared back in a big way in 2022. That means there’s a high likelihood that your spending patterns have changed more than just a bit.

Resolution: Sit down and look at your spending. You might find some surprises in there. There’s a good chance that you’re spending more than you want to in certain areas. But here’s the really important part: Make sure you’re flipping your mindset. This isn’t about cutting your spending. It’s about making sure you have the money to spend on things that are important to you. Find those things that aren’t as important and get rid of them. You’re freeing up money to spend on the things that bring you joy.

2. Check in on future goals

Whether it’s saving for the retirement you want, a down payment on a home or making sure your loved ones are protected if something happens to you, make sure you’re contributing the right amount to each of your goals.

Resolution: Sit down with your financial advisor (or get one if you don’t have an advisor) and take a look at your plan. Make sure your goals are captured and you’re on track to reach them.

3. Make a plan to do that thing you’ve been putting off

Speaking of goals and things that bring you joy, make sure you’re planning for what’s important today. Financial planning isn’t just about tomorrow. It’s about balancing your goals for tomorrow and today. And when you know you’re on track for your future goals, you can feel more confident about spending money on your goals today.

Resolution: If we’ve learned anything over the past couple years, it’s that we can’t keep waiting to do that thing that’s important to us. Whether it’s a big trip, starting your own business or maybe just building a new space to enjoy with family and friends, make a plan to do it. Just as a financial advisor helps with future goals, your advisor can also help you plan for things you want to do now — and can show you how both fit together in your plan.

4. Tackle your debt

If you made it through 2022 without any debt, congratulations. Write this one on your list and cross it off immediately. But given everything 2022 threw at us economically, you shouldn’t be upset if you spent a little more than you had available. Debt can be a useful tool when used wisely, but it can also be a drag when you’re trying to reach your goals.

Resolution: Paying down your debt can be a goal. And just like the others, it’s a balance. Make sure you’re putting enough toward your debt to reach your debt goal. But you shouldn’t feel like you have to pay down debt at the expense of everything else. Your other goals (now and in the future) are important, too.

5. Check your emergency fund

It’s a good idea to have easy access to about six months’ worth of expenses. This way, when the unexpected happens, you don’t have to worry about any of the other goals we’ve already discussed.

Resolution: Make sure you have an emergency fund that you can access should you need it.

6. Don't just make another resolution

Resolutions are really just financial goals. It’s great to make a resolution, but why not create or update your financial plan? With a plan, you aren’t just setting goals; you’re looking at your entire financial picture so that you know you’re on track to reach all your goals.

Resolution: Reach out to your advisor to update your plan. If you don’t have an advisor, find one and ask for help creating a financial plan. Then, resolve to worry less about your money and envision more about enjoying all those things you want to do.