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Make sure your goals are SMART: Specific, Measurable, Attainable, Realistic and Time-bound. Be ready to adjust when a goal can’t be met instead of giving up entirely. This fine-tuning of your plan helps you stay on track over time, even if you have a short-term set back.
According to a recent survey from Goldman Sachs, top goals for 2023 include growing savings, sticking to a budget, and paying off debt.1 If any of these are on your financial to-do list, here are some ways to make progress.
Over half of the individuals surveyed agree increasing their savings is a top priority for 2023.1 Whether you have a specific goal in mind or want to establish or add to an emergency fund, a good way to keep up momentum toward your end goal is to reward yourself for achieving mini goals. Made it to $500? A mini treat like a meal out can be a great reward for hitting milestones on your way to your full goal.
Tip: Make planning easier with our Savings Goal Calculator. If you have Goldman Sachs Ayco Financial Wellness as a benefit, log in to our site to get started.
The second most popular goal for 2023 is one we can all probably add to our lists: sticking to a budget. When you’re working on your budget, be realistic. It can be tempting to tell yourself you’re going to cut coffee out of your expenses all together, but what happens when a bad night’s sleep meets an early morning appointment? A budget should be flexible enough to give you some wiggle room but provide guardrails to help you move closer to your goals.
One way to feel more in control of your finances is to reduce your debt. One method our coaches often suggest is called “debt pyramiding.”
Remember, don’t be too hard on yourself. If you get off track, forgive yourself and get back on track.
Maximizing the benefits your company offers is an important piece of your financial plan. If one of your resolutions is to start or contribute more to retirement, make sure you consider company matches if your employer offers one.
Your Financial Wellness coach can help you create a retirement savings plan that works for you.
1. The 2022 Holiday Survey was conducted in the U.S. by Goldman Sachs and Qualtrics Experience Management in October 2022 among 2,418 individuals across generations (Baby Boomers, Generation X, Millennials and Generation Z).
Updated for tax year 2022