Financial Goals for 2023

 

Almost everyone will agree that this pandemic hit us not just physically and mentally, but most especially financially.

It was a tough time for everyone because when pandemic started everything became uncertain. We don't know when the pandemic will end and when will our lives be back to normal again. We can't do nothing but pray that we will not acquire this deadly Covid-19 virus. 

Many business stopped and shut down. Luckily, our company is not one of those but during the early months of lockdowns, we had reduced works days and so less salary payment. But that's better than losing our job.

Thankfully, our family is not financially affected because we having savings and emergency fund in case, and again thank God, my husband and I did not lose our jobs.

Now, with just 11 days before new year, I am sharing my financial goals for 2023.

Save more and invest

If for the previous years, I am just saving 20% of our income, I will make it 30%. I will invest that additional 10% to mutual funds. I am considering also of opening another bank to put in the other savings I make through the envelope system. 

To help me look for a bank with higher interest rate, I use this.

SavingsCalculator.org helps accurately forecast how much interest you can get for a period of time you want to keep the money in a bank. It also accounts for the inflation rate, so it's a very good tool to help you decide when choosing a bank.

Reduce expenses

We go to malls and groceries more often in 2022. Maybe because we missed going out during the stricter community quarantine the government imposed for the passed two years. We dine out more often as well. So for next year, I will make sure to reduce our mall trips and dining out not just to save money but also to save time and for lesser health risk. Because Covid-19 and other contagious diseases are still around.

Stick with the budget

Like what I have mentioned, we go out often especially on weekends. Even if it's not in our budget, we tend to buy things we don't need. My inner voice say if you can buy it then buy it now because you can never tell. That's not a good thinking though. For 2023, I will do my best and not listen to my conscience, haha.

Blog and write more

I created this blog is 2010, started writing in 2011 and so next year is our 13th year. Would you believe that because of this blog we can pay for our vehicle's monthly amortization for the first two years? Yeah, we are earning a fare amount of money here, which we save and then spend on things that is out of our budget. That's why I will never stop blogging and writing, even if vlogging is more famous now. There's more stable money in blogging, I tell you.

Increase online sales

When lockdown started in 2020, we received many online orders at our shop. With less strict community quarantines, our online orders were reduced. Also, I have no time to update the items and make ads because of work. But for 2023, I will make time for it and study how I can increase our online sales.

Start a new business

Our soap making business has started late this year. But for 2023, we plan to make beauty soaps, rejuvenating creams and the likes as well. I got my inspiration from the CEOs in Tiktok. If they can do it, why I can't. My husband and I are Chemists by the way.

For now, those are my financial goals for 2023. Praying hard I can do all of these. I know it's not easy but if you have the will then you can have all the way. 

How about your financial goals for 2023? I would love to read yours.