How to Achieve Your Money Goals in 2023 (2024)

Want to improve your relationship with money in 2023? The key to creating a new money mindset this year is to set big goals, break them into small, actionable steps, and create routines to keep you on track. This is a snippet from our podcast How to Set and Achieve Money Goals in 2023with Andrew Giancola. If you like what you read, check out the full episode here.

Key Takeaways:

• Use the 10x Rule to Create Big Goals
• Start with A 3-Year Vision and Then Break it Down
• Make Sure that Your Goals Align with Your Values
• Create A System to Track Your Progress
• Change Your Thinking About Failure

Use with the 10x Rule to Create Big Goals:

It’s common for people to set small goals that they are likely to achieve, but this is not always the way to go. Follow the guidance of the 10x rule to see better success.

Based on the values by Grant Cardone, The 10x rule is about creating goals that are 10 times larger than what you actually think you can succeed. Most times, you will fail to achieve this large goal, but you will find that you got a whole lot farther than you would have been by setting just a standard goal. Success is not the objective here; pushing yourself past your comfort zone is.

Starting a new business this year? Don’t set yourself a 10k revenue goal, go ahead and make it 100k! You may not get all the way there, but you are more likely to exceed that 10k goal with a higher revenue goal in place.

Start with a 3-Year Vision and Then Break It Down Into Small, Actionable Steps:

Don’t make 2024 the end point for achieving your goals. Create a list of all the lofty goals you want to achieve, and then take the time to bucket it into realistic timelines. Starting with a 3-year goal in mind can help you break down the steps you need to take this year to work toward that goal.

Now that you have your long-term goals written down. What steps do you need to take to get there? Write down the steps you need to take in years 1, 2, and 3 to achieve ultimate success. Once you create your year 1 goals, write down actionable steps you can take on a weekly or monthly basis to get there.

Make Sure that Your Goals Align with Your Values:

It has been proven that setting goals that align with your values will make you more likely to succeed. Ask yourself- what is it that I really want? Why is financial independence so important to me? If it is to spend more time with family, keep that in mind when working towards that goal. Creating goals that align with your values will give you more energy and enthusiasm to achieve them.

Create a System to Track Your Progress:

This is where the real work comes in and often where people start to lose focus. Andrew suggests creating a goal tracker in the format you prefer (excel, iPhone, etc.). Now that you have the steps written down, put a check mark next to it each time you make progress. Once your goals are written down, create a calendar schedule to review them frequently.

Ask yourself- what are things I can put into my routine that is easy? Just a couple minutes of a day can truly change your life. It just takes really small steps to start achieving bigmoney goals.

Here is the suggested cadence and items to look over for your money goal review:

Daily Money Goal Review:

Put 5 minutes a day on your calendar to quickly revisit your money goals and review how you are tracking towards your goals.

Here are a few questions to ask in your daily money review:

• What are my top money goals and the daily steps I can take towards them?
• How did I spend my money yesterday? Did I exceed my daily budget and why.
• How do I want to spend my money today? What is my daily budget

Weekly Money Goal Review:

A great way to stay on top of your money goals is to batch your money tasks together. A great example of this is bill payment. Instead of waiting until the end of the month, spend a few minutes each week going through your accounts and paying off any outstanding debts. Batching these tasks together will save you time and keep you on track.

Speaking of payments, if you are a freelancer or entrepreneur, setting a weekly review for outstanding invoices is a great way to avoid payments slipping through the cracks. Ask yourself during the weekly money review who needs to pay me as well as who do I need to pay. Again, batch all of this into one task and keep track on a spreadsheet.

Another item to reflect on is how is my business doing right now? Did you have a great week and exceed your expectations? Or maybe life got in the way, and you didn’t get as much done as you hoped. Reflect on this and note if you think it could impact your bigger money goals in any way.

We have a great episode calledHow to Get Paid As a Freelancer, Entrepreneur, or Creativehere

Monthly Money Review:

If you have a partner whom you share financial burdens with, a monthly money date is recommended. Meet with your partner and talk through your money goals.

Some questions you can walk through together are:

• How did we do this month, and are we on track?
• What was our savings rate for this month?
• Should we add more money to the emergency fund?
• Are we comfortable in the situation that we are currently in?

Oftentimes in a partnership, there is one person managing money. This is the time to loop the other partner into the money conversation and ensure you are both on the same page. Being honest in your conversation together can help avoid big money blowouts in the future. When reflecting on these questions, ask yourself- if we are living comfortably, can we increase our savings rate by another 1%?

Want to learn more about financial intimacy? Check out6 Money Decisions to Make After You Get Married

Quarterly Money Review:

The quarterly review is all about being honest with yourself about where your original goals may need to shift.Just like life, your goals will change. Every quarter look at your goals and adjust as needed. Have you not made any progress this quarter? Maybe you need to put a more realistic money goal in place. Or maybe you are exceeding your business goals and want to amp them up again. If you have a partner, a quarterly review should take place with them in place of the monthly money date.

Yearly Money Review:

It’s best to set your yearly money review in November or early December. This gives you a chance to take any tax advantages you may have before the end of the year.

Personalize your own money goals, but here are some key actions and questions you can ask yourself:

• Check your net worth. Is it increasing year over year? There are great, free tools available, like Personal Capital, to help you do this.
• Look at your retirement accounts. Did you max them out? Can you convert money to a Roth IRA?
• Review your current tax situation. Have a call with an advisor if possible. Are there any tax breaks you can take advantage of them before the end of the year
• Complete a business review. Is your business on track? Do you need to re-evaluate and re-align your goals?

Change Your Thinking About Failure

Remember… Failure is part of the process. Nobody has perfect goals, and no one achieves all of their goals. Be flexible with the money goals you set and adjust as needed throughout the year. If you didn’t reach your money goals, be reflective and ask yourself why. Be proud of the progress you are making toward financial independence.