We have 60 days left in 2022. During the height of Covid all I wanted to do was speed up time and now I’m begging for it to slow down. With 6o days left in the year your first thought might be that you need start holiday shopping. However, I see it as you only have 60 days left to start preparing for 2023.
By this point in your life, you’ve probably come to the realization that you won’t wake up on the first of the year magically a new person. That means we need to use the rest of this year to work towards being that future version of yourself. Personally, I am focusing on who I want to be physically, emotionally, and of course financially. Today I wanted to share with you some of the things that I am doing to prepare myself financially in hopes it gets your wheels turning about what you can do to prepare for next year.
To start I am setting goals for where I want to end 2023. Yes, you read that right. One year from today what do I want life to look like? How much money do I want to have saved? What are the big purchases I foresee making during the year? And the list could goes on. So how do I determine what I want 2023 to look like? I take time to journal. Even if it’s for 10 minutes I need some quiet time and space to reflect on this year and figure out my goals, hopes, and dreams for the coming year.
In addition, I research. What do the things I want really cost? I have another bucket list trip on my mind for the end of 2023. To make sure I am financially ready to pay for the trip I will start figuring out the costs now so throughout the year I can be putting money aside to pay for the trip. Rather than scrambling to find the money or putting it all on credit cards I take the time now (yes, a year in advance) to at least get a ballpark of what the costs will be.
I meet with my financial team. Even as a financial advisor I have my own financial team. This means my accountant and business advisors. We will talk about how this year went and projections for next year. As my own financial advisor, I look at my retirement accounts and calculate how much I want to contribute for the year to make sure I am on track to retire. I am also looking at my taxable investments to review their performance this year, what contributions I want to make next year, and planning for any additional investments.
Lastly, I take the time to put it all together. Now this one might sound obvious but, I find that it’s the easiest one to skip. The most important part of planning for the new year is making sure that you are clear on what your goals are, what they will cost, and that you are working with your financial team to build your dream life.