What are your financial goals for 2023?

[TTCm]

I thought I’d start a light-hearted thread for those who what to share their financial goals for next year. I know money is tight right now, so people sharing their goals may give some encouragement to meet them.

I will be on maternity leave for 10 months next year, so my goals are:

1. to save £3,000 by the end of next year from my salary before mat leave and a bit of my enhanced pay.
2. save on Christmas / birthday gifts by being organised and buying in the sales and planning early rather than panicking last minute and spending more on presents!

Here’s to a good year next year 🙂

I’m hoping to completely get rid of my overdraft which is at £865. I’m also hoping to pay off my Very bill which is at £450 or something like that.

They’re both completely doable so I’m hoping to achieve both goals. By 2024, I can start thinking of clearing my other overdraft which is at £1400🫠

Trying to clear my 0% cc £7250 before the 0% ends in July - going to be very challenging so any ways to reduce spending be good to hear about. Mainly food!

Trying to clear my CC balances -

-£500
-£1500
-£2600

but currently on Mat leave with only a few months of full pay left so really need to budget

I managed to get rid of most of my debt this year. Next year I'm planning on overpaying the mortgage and putting more into pensions.

Paying off my debt
Saving for Christmas 2023 started today

Clear off my debts (around 5k. 4.3k on a 0% cc with quite a long time left on it but want it gone)

Once that's done my holidays for 2023 and 2024 that have been booked so far are paid so I would like to save some money towards my next car

• Build my investment portfolio, something I am still trying to learn about with the help of a FA
• Pay off a loan I took out last year to replace my car following an accident, have started overpaying so can save a good chunk of interest.
• Build up my savings account, said car took out a big proportion of my savings.
• Open a JS&S ISA for my kids.

Pay off my credit card which is currently sat at an eye watering 6k. Not sure I'll manage it in a year but I need to buckle down and try.

I would like to get to grips with what is coming in and out better. I feel like we are lazy and messy with our spending and probably buying things we don't appreciate enough. I'm sick of dragging money out of savings each month (even though we do have the savings, it was inheritance).

DD gets nursery hours from September though so that should help, our nursery bill will drop to about £7k a year!! She only goes three days but we still pay about £10k a year.

• to pay off my credit card of £2000 in 6 months ideally
• start saving for holiday and Christmas
• make over payments on the mortgage
• stop spending as much on food shopping. I need to cut out the constant top up shops
• instead of buying when I see something I want I’m going to add it to a list and then review whether I still want/need it in 1-2 months time.

Pay cc 2,000 by July
Stop top up shops in the week should save loads by not doing that!
Cut down on days/eating out

My exh frittled away our house deposit it was a huge amount of early inheritance, we have now split so I am trying to save it alone. 2 dcs, early 30s, earning around 24k, saved 2.5k so far, I have been working extra. I am really trying to build another deposit but I do get disheartened and think who am I kidding...? A long way to go, single and house prices are crazy, i hope it is possible..?! I feel I have been saving forever for a deposit with dh and now I have to start again when all I want to do is enjoy life and give the kids the best childhood before they grow up. Anyone think I can do this? I am trying because without trying I know I will have zero chance

Clear the 10k debt. I should have 1k spare a month due to new job so hoping to really crack down and get it all done this year

Overpay mortgage to get down to £110,000

It's at £119,500 at the mo, and costs £200 pcm in interest; we need to overpay on average a shade under £500 a month. Not sure it's possible but will give it a go.

Save some into our isa.

Pay off some debts (we have lots) hopefully at least two small credit cards and the Next account

Set up bank accounts for all DC (still haven’t got round to doing it for the younger two and one of them is 7 🤦🏻‍♀️)
And pay some money into them obviously

Stop frittering money away in general but mostly on takeaways and buying a drink every time I pass a bloody shop

Do not overspend on birthdays & Xmas - I always have a budget and yet I am always topping it up once it’s gone rather than just saying the money is gone
This one will be the hardest I think

2023 is definitely the year I get our finances into order!

To not buy things I don't need.
To invest more.
Retire early.
Move £300 over to my savings every month for Christmas.
Win a million on the premium bonds.

Overpay more on the mortgage to get it paid off quicker
Pay extra into my pension each month, so I can retire even earlier than planned

Make overpayments on the mortgage. Probably won't be loads, but will start off with £100 extra a month and try to build it up to more.

Get a good handle on what is going out and coming in. I am sure I should be able to save more than I have been the last year, so I need to see exactly where the money is going.

I'm also planning on taking some money out of my savings to change my car. Haven't made a big purchase for a while as we've been doing lots of work on our house, so really looking forward to finally getting a bigger car that will suit our family so much better.

To pay off mortgage
To safe approx £1000 a month.
Transfer any spare money left from wages account at the end of each month into savings.

Well if (and it's a big if) our chain goes through we will move house, riding the crazy wave of variable interest rates on the additional borrowing. Our fix runs out in August, so it would be ported and then additional plus current all remortgaged together. Onto what product I don't know. At what rate I don't know. It's going to be an interesting unpredictable ride. Hoping it all goes ok, but mostly just hoping the sale actually happens as I am keen on the house we've offered on.

Ideally I'd like to get the car loan paid off - it was an unexpected expense last year. Its just over 5k.

Hoping to break even while paying nursery £1.6k/month so we won’t touch our savings until September. Then 30hours kick in, put away £400/month to sort out the inheritance legal fees.

Wow, so great to see everyone's goals!

I definitely think that those who are planning on paying off their overdrafts are doing the right thing, then you can start to build some savings in 2024 as you will be in the mindset to save.

@jevoudrais and @confusedlots I am the same as you. I am a good saver (I always save when I get paid as opposed to seeing what I have left), but it's the £15 here, £20 there that adds up. I am going to try and focus on a no spend January and see how that goes.

@Hibye23289 Absolutely I think that is possible. Give yourself realistic goals and one month you may be able to save more and another month less. Have you worked out what your savings goal is for next year if you are working extra?

Like a few others on here, my DH and I are trying to overpay on the mortgage ready for when our fixed rate comes to an end. I am mindful of my wage reducing on mat leave but if I budget well I think we can still save some money as my contributions to the joint bills will be proportionate.

@Zipps It's so easy isn't it to buy things when you're out and about, but I am also going to try and not do this (she says having bought 2 reed diffusers that were definitely not needed today)!

Not use my cc at all. If I want something I need to pay for it now, not bung it on the cc.