14 Financial New Year’s Resolutions for a Better 2023

As another challenging year comes to a close, it’s time to put on your optimism hat and envision a better 2022 in which the pandemic transitions to an endemic.

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I’ve updated and expanded the list for 2023, and I wish you nothing but success in this New Year.

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Financial New Year’s Resolutions for a Better 2023

This is a great place to start. If you want to set financial goals for yourself, it helps to know where you’re at, first.

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It’s helpful to look at everything at a glance in one place. I do this in two ways, and I suggest you do one or the other or both.

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Once again, if you want to know how you’re doing financially, you need to keep track somehow.

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It sounds fancy and complicated, but this is something you should be able to accomplish fairly quickly. It can be as simple as you’d like it to be.

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When physicians ask how much they should be saving annually, I generally recommend they try to live on half their take home pay.

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If you haven’t done this in 2022 or before, perhaps 2023 is the year to take full advantage of the current and future tax savings.

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When you understand how your taxes are calculated, you’ll be better equipped to pay less.

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14 Financial New Year’s Resolutions for a Better 2023

As another challenging year comes to a close, it’s time to put on your optimism hat and envision a better 2022 in which the pandemic transitions to an endemic.

I’ve updated and expanded the list for 2023, and I wish you nothing but success in this New Year.

Financial New Year’s Resolutions for a Better 2023

This is a great place to start. If you want to set financial goals for yourself, it helps to know where you’re at, first.

1. Calculate Your Net Worth

It’s helpful to look at everything at a glance in one place. I do this in two ways, and I suggest you do one or the other or both.

2. Track Your Portfolio

Once again, if you want to know how you’re doing financially, you need to keep track somehow.

3. Track Your Spending & Consider a Budget

It sounds fancy and complicated, but this is something you should be able to accomplish fairly quickly. It can be as simple as you’d like it to be.

4. Write an Investor Policy Statement

When physicians ask how much they should be saving annually, I generally recommend they try to live on half their take home pay.

5. Increase Your Savings Rate

If you haven’t done this in 2022 or before, perhaps 2023 is the year to take full advantage of the current and future tax savings.

6. Max Out All Available Tax-Advantaged Accounts

When you understand how your taxes are calculated, you’ll be better equipped to pay less.

7. Understand Your Taxes (and what you can do to lower them).

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