Setting Financial Goals for 2023

As we begin looking ahead into the new year and what we want for our financial goals, it is important that you also reflect on how you did last year to ensure you do not repeat any undesirable spending behavior.Your order of operationsHere is a quick recap of what your order of operations should be for 2023:Establish an emergency fund to cover, at a minimum, three to six months of expensesPay off any credit card debtBreak big goals down into smaller, more manageable piecesReview your cashflow and pull back where possibleTrack your spendingSet up a reverse budget methodology Pre-save for upcoming larger expensesIncrease your contribution to your 401(k)Start contributing to an IRAThe Enactment of New Legislation - Secure Act 2.0The Secure Act 2.0 was passed on December 29, 2022, allowing employers and plan sponsors to match student loan payments with retirement contributions, like how employers currently match employee contributions to retirement funds like 401(k)s. Employees can set aside up to $2,500 of post-tax money in separate emergency savings accounts alongside their retirement accounts through their payroll deductions.Participants can withdraw up to $1,000 from their retirement savings per calendar year to cover emergency expenses without penalty. However, the borrower would have to replace those funds within three years before making another similar withdrawal. Establishing these goals and taking advantage of new legislation where applicable will help you make 2023 the year you successfully become a better financial version of yourself and achieve financial freedom!For more information, visit the show notes at https://www.adhdmoneytalk.com/s1e51Want to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionHead over to our YouTube channel for the full experience on future episodes.Learn more about ADHD-friendly financial coaching Follow me on YouTubeSubscribe to the newsletter