Making Financial Goals in 2023

Hi y’all,

While it’s time to make new goals for the year, it’s also time to make some specific financial goals. I am definitely not a financial planner or advisor, so please go look more into what I’m saying, but I am going to suggest some tips I’ve been given for helping to make financial goals. As a teacher, it’s no secret that we don’t make a ton of money; however, I’m able to reach my financial goals because I set myself up for success.

Tips for Setting Financial Goals

  1. Pay yourself first. In my budget, what is going into my savings is the first thing on my budget. This ensures that I’m paying myself a certain amount every month.
  2. For at least 3 months, track everything you spend. This helps you gain some insight into your spending habits. I’ll be the first to say that this is annoying; however, it really is worth it.
  3. Follow the 24 hour rule for expensive items. If you’re spending money on a want or a super expensive purchase, use the 24 hour rule. Essentially, wait 24 hours and if you still want it, go back and buy it.
  4. Have savings accounts with high-yield interest savings accounts and interest checking accounts. This is one reason I love using Ally bank. Not only do they have high-yield interest savings accounts, but I also earn 0.10% on my checking account and it’s free (free checks, and no yearly fee).
  5. Have a financial goal in mind to have in your savings. Right now, I’m focused on continuing to add to my long-term savings and my emergency fund accounts. This means that is where the majority of my money is going.

When you’re making your financial goals for the year, make sure that your goals are reasonable and attainable. This means, only consider what your actual salary is and base it on that. I have two part-time jobs and a side hustle and I do not factor any of that money into my budget. Also, make sure there is something or someone to give you some accountability. My mom can see my accounts and it helps because if anything goes crazy, I know that someone is double checking me. I chose someone that would already know about any big purchases so anything not mentioned would seem out of left field.

Setting up your Budget

Open up a google sheet or excel.

On the first sheet, I outlined the following at the top:

-monthly salary

-savings amount (how much I want to put into savings each month)

Then, I figured out how much the difference was to figure out how much I can spend each month. After this, I figured out how much I spend on gas, any bills I pay, and monthly subscriptions (Netflix, Hulu, Peloton, Kindle Unlimited, etc.). I added in some for healthcare per month (I do have insurance from school and this is taken out, but this is for co-pays and other healthcare bills). Whatever is leftover is for additional savings or shopping. Of course, things are color coded: subscriptions are blue, healthcare is another color, and shopping is its own color.

After this, I added another sheet for January. This way, each month will have it’s own sheet for budgeting and I can see what I actually spend. This month, I already know will be a little wonky because I got a new phone, upgraded my plan, and my credit card starts over in the middle of the month, which means for the part that I charged in December will not necessarily adequently fit my new budget.

I use formulas to help me automatially figure everything, and I also double check it by hand.

I do share about my sidehustle of TPT on TikTok and Youtube with monthly recaps of how much I made for the month. I’ve also done a comparison between TPT and Classful.

What is one change your going to make to help reach your financial goals?



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