There are only 65 Days left until the new year, but that is plenty of time to do some financial success prep for 2023 to set yourself up for financial success through the holidays and into the new year! Here are 9 things you do to save money through the holidays and start your year on the right financial footing.
1. Black Friday through Cyber Monday Game Plan: create a list and budget…and stick to it!
It’s time to make your lists and check them twice—yes, whilst still in October! You can bet that literally every company from big chains like Old Navy to small businesses in your own neighborhoods will be having their biggest sales of the year. Plan to leverage these sales to save you hundreds when Christmas gift shopping.
Pro-Tip: if it’s in your budget, go ahead and rack up on 1st quarter birthday gifts!
2. Host a potluck dinner instead of going out to dinner with friends.
Getting dressed up and going out to a nice dinner with friends can be glamorous and fun, but it’s also expensive! Instead of a restaurant meet-up, host a potluck get together at your home. Make one dish and buy a couple bottles of $12 wine and you could save yourself at least $100 per party! You can even assign your friends which part of the meal to make so that you have an even amount of appetizers, main dishes and desserts. It’s also a good excuse to get your home decorated and neat for the holidays.
3. Take inventory of recurring costs & subscriptions: negotiate or remove unnecessary costs.
This is good to do AT LEAST once a year, if not twice! Recurring costs are the ones that add up the quickest. Take a look at your utilities, mortgage/rent, auto loans, memberships and subscriptions. Cancel what isn’t necessary/what doesn’t cause complete joy and negotiate everything else. Andres and I did this this past summer and found over $200/month in savings. Anyone else find themselves paying more in streaming services than an old-school full cable package?! Yeah, time to consolidate.
If you do just one thing for your financial success prep for 2023, it’s this step.
4. Buy Halloween, Thanksgiving and Christmas decorations AFTER the holidays.
I know the rush of buying the newest décor as they’re being rolled out, but trust me, the savings from post-holidays is totally worth it! If you implement this strategy every year, then you can rack up an affordable collection of Halloween/Fall/Christmas décor in no time! Another option would be to add your coveted items to your Black Friday week game plan and perhaps even double dip on your savings. Now you’re really getting crazy!
5. Buy wine bottles in bulk to save & stock up for parties or for hostess gifts.
A lot of local grocery stores offer 10% off when you buy wine in bulk, so do a little research to find the best savings and then go rack up! I do this every holiday season so that I have enough bottles on hand for parties, impromptu gatherings and hostess gifts (I also have cute wine gift bags on hand!) A useful consumable is often more appreciated than another cute wine bottle opener or other stereotypical tchotchke hostess gifts.
6. Set up an automatic monthly contribution (or increase) to either your Emergency Fund, savings goal or investment account and DON’T cancel it!
Ok, so now we’re moving out of the personal finance realm and into real strategies that move the needle in your wealth. Just as recurring costs are the quickest way bring your finances down, recurring contributions are the quickest way to jumpstart your wealth! If you need to build up your emergency funds or save for a goal that is coming to fruition in the next 2 years, set up an automatic contribution from your checking to savings or a high yield savings account—do not invest this money.
If you don’t have any retirement investment account yet (401k, Traditional IRA or Roth IRA) then start by contributing to an available 401(k) (start with contributing up to the company match) or create either a Tradition or Roth IRA and start your contributions. Make sure your contributions are being investing, not just sitting in cash!
If you have your retirement accounts set up and you’re already contributing to them, consider opening a non-retirement account. One that can fund your life goals that are around 2-10 years away…things like a down payment for a dream home, an RV or an early retirement!
Whatever it is you’re saving for, deciding on an amount you can comfortably save (and possibly invest) each month automatically is the best thing you can do for your financial picture heading into the new year!
7. Download and read my FREE Wealth Roadmap.
Let me walk you through the detailed, prioritized steps of laying down a solid financial foundation so you can head into the new year ready to jumpstart your wealth. In addition to the tips I’ve shared today, I go a little deeper into some financial planning strategies I use with my clients every day. I share a little more on *how* to invest these accounts you’re setting up, how to prioritize paying off your debt and even how to figure out how much insurance you really need. Go grab my Wealth Roadmap for free here!
8. Start researching financial advisors for professional guidance in the new year!
If you’re exhausted by trying to DIY your finances or keep making mistakes you didn’t know about until it was too late, or you’re finally ready to stop procrastinating on getting your financial life together…you should consider hiring a trusted financial advisor. It’s always good to get recommendations from friends, but you also want to make sure you connect and trust whoever it is you’re handing your financial life over to. If you’re looking for financial planning (and not just investment management) then I suggest looking for a CERTIFIED FINANCIAL PLANNER™ and always double check their status and history at BrokerCheck.
Schedule an Icebreaker Call with me if you’re wondering if you’re ready for professional help.
9. Make sure you give yourself enough time to rest, relax and celebrate how far you’ve come this year.
Life is hard and successes don’t come quickly. If you’ve been working hard to move the needle in whatever it is your aspirations are, then the holidays are when you should take the time to rest, celebrate and take count of everything you’re grateful for. And hey, if this year was a total disaster, doing a few things on this financial success prep for 2023 list will help you to enter the new year with more promise 😉
Cheers to your health and your wealth!
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All investing involves risk including loss of principal. No strategy assures success or protects against loss.