How to achieve your financial goals in 2023?

Personally I don’t believe in New Year’s resolutions or resolutions, because they simply remain in good intentions. But I do believe in goals, perseverance and discipline, in going step by step, because it is the only way to achieve significant and lasting changes.

There are people who win the lottery or create a business and then sell it for millions. There are also athletes, artists or “influencers” who do very well and manage to build an important heritage in a short time. But they are exceptions.

The reality is that things do not happen like that and they do not happen suddenly. We cannot climb a mountain in one jump: the only way to do it is step by step. On the way there will be obstacles, many will seem insurmountable.

Sometimes we will be able to save them, in others we will have to go back and try a different path. But always, if we want to reach the summit, we have to keep walking. Of course: there are people who get frustrated, give up and never arrive. Others give a thousand excuses.

In personal finance I have heard them all: “it is that I earn very little”, “it is not enough for me”, “your advice is for the rich”, etc. In this space I have always tried to provide tools, some very specific and others in the form of reflection, so that you understand them and then you can know how and when to use them.

For example, I’ve talked about priorities, being clear about what’s important to you, and how real change comes from the inside out. From there comes the strength you need to keep walking and not give up. To keep your mind fixed on your goal.

Two weeks ago in this space I taught you how to set SMART goals (specific, measurable, achievable, realistic, and temporary). I also commented on how important it is not to make the mistake of wanting to do too many things at once. You are not a juggler. Focus on one or two goals, the most important and meaningful to you. Those are the heights you want to reach. Draw up an action plan and start walking.

What are your goals? Do you want to get out of debt? Do you want to build a patrimony that will allow you, eventually, to stop working? Do you already have your emergency fund? Goals don’t have to be too “big” or ambitious.

I have seen that many people find it very difficult to control their expenses and that is why they get into debt. They’ve tried everything: budgeting, spending records, but nothing seems to work. So, before thinking about getting out of debt, for example, you have to focus on this, which is the origin of all your ills.

They have to learn to take control of their money, through a spending plan. Doing it is not something that is learned and done and that’s it.

Like everything, it is a process and it takes practice to master it. That doesn’t mean it’s hard. It’s like any sport, we’re not going to master it in the first session but if we keep training, we’re going to be better every day.

Something that can help us a lot is to uncomplicate our personal finances. There are people who have a payroll account, but also savings accounts or investment funds for different things. They keep moving money from one place to another as they need it. Others have complicated spreadsheets that try to capture every detail.

Managing our personal finances becomes a job that requires a good amount of time, which we could use for more meaningful things for us. It is not sustainable over time. Sometimes, less is more.

The most important thing to achieve your goals, in 2023 and always is: Focus on what is truly important to you and do not try to do too many things at once. Step by Step. It’s not a sprint, but it’s an endurance race.

Perseverance and discipline are the key.

contaco@planeatusfinanzas.mx