How to Financially Plan for 2023

A new year means a clean slate. A fresh calendar is an excellent opportunity to take stock of your financial status and strategize even better ways to achieve your goals in the upcoming year.

At Casey State Bank, we’re all about helping you get the financial support you need to see your dreams come to life. We’re here to partner with you – not just for next year, but for a lifetime. To that end, we’ve outlined a few essential tips to help you financially plan for 2023.

Take Stock of Your Current Financial Situation

To implement meaningful changes, you first need to understand where your finances stand.

• Review your investment portfolio. As the job market continues to fluctuate and another recession looms on the horizon, now is an excellent time to check out your most volatile stocks. The start of a new calendar year is a good moment to explore new investment opportunities that excite you and promise a good return. 

• Determine if You are on Track to Max Out Your 401(k). Many people set their 401(k) plan when they open it, contribute the same amount of money every month, and promptly forget about it entirely until they decide to switch jobs or banks. Take a moment to see how your 401(k) is doing. If it doesn’t look like you’ll be able to max it out in 2023, consider alternative budgeting strategies that will help support your retirement plans.

Plan for What’s Next

Now that you know how your financial situation is holding up, you can confidently define your objectives for the year.

• Start preparing for your tax return & payments. The tax bill for 2022 isn’t due until Tuesday, April 18, so you have some time to prep. If you started a new job, took on a new dependent, or found some other stream of income in the last year, you may have to fill out more paperwork than usual. Now is a great time to get your documents collected, organized, and easy to access, which will help this coming tax day become less stressful.

• Strategize debt management. 2023 might be the year for you to finally become debt free. Look at your current debt management plan and see if there are any ways to up the ante in the upcoming months. If you don’t currently have a long-term debt solution, consider speaking to a financial advisor or your local banker at Casey State Bank about your next steps.
• Create an emergency fund. No matter how much planning you do, life throws curveballs your way when you least expect it. To prepare for those unexpected moments, make sure you have a sizable savings pile at your disposal. We recommend having at least a few months’ worth of bills and everyday expenses set aside, so that events such as job loss and injury don’t set you back on your financial goals. 

Casey State Bank is proud to leverage the advantages of a community bank to support your 2023 dreams, no matter how big or small. To speak to a financial expert about our range of personal banking services or to get another knowledgeable set of eyes on your financial plans, get in touch with us. We can’t wait to see what 2023 has in store for you.