Your browser is out of date.

Kickstart 2023 with resolutions you can keep

Individuals 01.04.2023 4 MIN

Many of us start the new year with goals to get on the right track financially. Setting goals is the easy part. It’s sticking to those goals that gets tricky! With your Financial Wellness coaches, you’ve got a team in your corner, ready to help you stay on track.  

Did you know? January is Financial Wellness month, which makes it the perfect time to get a jumpstart on your finances for the year. 


Create a strategy for success

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. 

Chart showing top financial goals for 2023. They include:  55% looking to grow savings. 38% looking to stick to a budget. 35% looking to pay off debt. 29% looking to improve credit score. 17% looking to start investing. 15% looking to save for retirement.

Start with savings

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.


Make a budget that works for you

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. 


Reducing debt

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.” 

  • List out all your debt, putting the highest interest bill at the top.
  • Take any extra money (after you’ve covered your necessary expenses) and put it toward that high interest debt. You’ll end up paying that debt off faster, because you’re paying more than you need to each month, and save on interest in the long-run.
  • When you’ve paid off that debt, turn to the next highest interest rate bill, adding the dollars you were using for the debt at the top of the pyramid.

Remember, don’t be too hard on yourself. If you get off track, forgive yourself and get back on track.


Give your retirement savings a boost

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).