How to Set Financial Wellness Goals in 2023: A Step-by-Step Guide

3 min read

Financial wellness is an essential component of overall well-being. It’s not just about having a high income or being debt-free, but about having a healthy relationship with money and feeling financially secure. When we feel financially secure, we can focus on other areas of our lives and well-being, such as our physical health, relationships, and personal growth. On the other hand, financial stress can negatively impact our overall well-being, leading to increased anxiety and decreased happiness.

To improve your financial well-being in 2023, it’s important to set specific and achievable financial goals. By creating a plan to achieve these goals, you can take control of your financial situation and improve your financial security. Follow these steps to set financial wellness goals for the new year:

Step 1

Evaluate your current financial situation.

Begin by evaluating your income, expenses, and debts by creating a detailed list of each debt, noting the repayment amounts, estimated pay-off times and comparing that with your expected income for the year and other essential expenses like housing, insurance and transportation.

By understanding your current financial situation, you can better plan for the future and set realistic goals.

Step 2

Set specific and achievable goals.

Rather than saying you want to “save more money,” try setting a specific goals like “save R4000 by December 2023 for Plett holiday.” By setting specific goals, you can measure your progress and stay motivated to continue working towards them.

Here are some more examples of short, medium and long-term goals:

Short-Term Goals

  • Create an Emergency fund
  • Do Minor home repairs
  • Buy a specific Appliance like a washing machine
  • Pay for a Wedding

Medium-Term Goals

  • Buy a car
  • Pay off debt

Long-Term Goals

  • Save for a Retirement fund
  • Paying off your mortgage

By setting specific goals, you can measure your progress and stay motivated to continue working towards them.

Step 3

Make a plan to achieve your goals.

Get specific about how much you need to achieve your goals. This step takes a little work and research to figure out. Some things will be simple because it is simply the cost of an item. Other goals, an emergency fund, for example, are more discretionary. 

This might include creating a budget to track your spending and make sure you have enough each month, finding ways to increase your income such as negotiating a raise or starting a side hustle, or reducing your expenses by finding ways to cut costs or save money on things like utility bills.

Step 4

Track your progress.

It’s important to regularly review your financial situation to see how you’re doing. This will help you stay on track and make any necessary adjustments to your plan. This might involve regularly reviewing your budget and financial statements, setting benchmarks to measure your progress, or tracking your spending in a financial tracking app or spreadsheet.

Step 5

Be flexible.

Life is unpredictable, and it’s important to be prepared for the unexpected. Be willing to adjust your goals and plan as needed to stay on track and achieve your financial objectives.

By following these steps, you can set financial wellness goals that are specific, achievable, and tailored to your individual needs. With a little planning and hard work, you’ll be on your way to improving your financial wellness in 2023 and beyond.

The content provided in this article is provided as general information. It is not intended as nor does it constitute financial, tax, legal, investment, or other advice. We accept no responsibility from any loss arising as a result of your reliance on information contained in this article, any related communication or on our app.

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