woman saving for new year financial goals

8 Of The Best New Year Financial Goals To Set

Another year is upon us, which means it’s the perfect time to solidify those New Year financial goals. Instead of following the crowd and saying you want to “make more money” or “save more” this year, let’s set up our goals the right way by making them specific, measurable, achievable, relevant, and time-bound (S.M.A.R.T.).

Some of the best financial goals to set don't even have to be complicated if you are just starting to work on your finances. In fact, our 8 best New Year financial goals will help you create S.M.A.R.T. objectives to achieve what you need financially in 2023. Let’s get started!

Financial Goals To Set In The New Year

1. Lower Your Housing Costs

According to the Bureau of Labor Statistics, a federal agency that collects and shares data about the economy, the average American spends a whopping 33% of their income on housing alone. Most people are convinced that this can’t be changed, but it can.

Housing costs can be cut down significantly or even eliminated by house-hacking. This is when you create streams of income from your home that help cover the cost of your rent or mortgage. Examples of this include:

  • Renting out rooms in your home
  • Renting out storage space in your yard, garage, shed, etc.
  • Buying a duplex and renting out the space
  • Creating a mother-in-law (MIL) suite, accessory dwelling unit (ADU), or tiny home on the property to live in or rent out

Before throwing out the idea of moving, ask yourself this, “Could I benefit from 33% more money in my pocket every month?”

new year financial goals

2. Reconsider Your Commute

As the second largest expense for Americans, commuting can suck away your hours and money. Just a half-hour commute to work costs thousands in car maintenance, not to mention forty hours per month of driving! Imagine what else you could put that time towards.

There are three options here. The first is to ride-share or take advantage of public transportation. The second is to move closer to work and the third option is to consider a job change closer to home.

3. Create A Debt Repayment Plan

The average American has over $17,000 in personal debt – not including mortgages. New Year financial goals wouldn’t be complete without accounting for and dealing with debt.

To get started on reducing your debt, first, tackle your high-interest payments and be sure to pay your bills on time. Next, consider debt consolidation to lower your interest rate and sum up all your debts into one monthly payment.

Finally, work on your discipline and avoid taking on any unnecessary debt until you get a handle on the debt you already have.

4. Solidify Your Emergency Fund

You’ve heard it before and you’ll hear it again – an emergency fund is one of the most important New Year financial goals to have. These funds should be accessible and cover your living expenses for at least three months.

Put this money into an account that you will not be tempted to touch so that you have the necessary emergency funds when an unexpected event occurs.

5. Set Up An Automatic Savings Plan

For both, emergency funds and standard savings, set up automatic transfers that move your money into your savings account the day of or the day after you get paid. By paying yourself first, you’ll ensure the money is saved instead of accidentally spent.

6. Read One Financial Book Per Month

Make it a point to read one financial book per month. This could be about investing, saving, tackling debt, or any other financial topic that piques your interest. The information you collect could be worth thousands for your future.

7. Start Investing Or Increase Your Investments

With your newfound knowledge from reading will come the opportunity to invest. Start with low-risk, low-fee investments, like index funds. You can invest as little as $20 per month to start until you gain traction and confidence.

8. Get Up-To-Date With Overdue Bills

If you have an overdue or urgent bill that needs to be taken care of before the end of the year, do your best to pay it off so you can start 2023 off right. For those who have their cars paid off, a title loan can offer a way to tackle this hurdle.

girl getting online title loan money from home

Paying For Bills With An Online Title Loan

Title loans use your lien-free car as collateral for anything between $601-$15,000. You could use this money to cover overdue bills, emergency procedures or travel, secondary car repairs, home repairs, or urgent home maintenance.

What Do I Need?                

You can begin the process for an online title loan from home or head to a Carolina Title Loans, Inc. location near you to complete your loan request. You’ll need your car, its lien-free title, and your driver's license or state-issued photo ID to complete the title loan process and qualify.

How To Apply

First, fill out our online form and then wait for a call from one of our representatives. We’ll arrange a meeting to verify your documents and inspect your vehicle. If you’re approved, you can get your online title loan money on that same day.

It’s Time To Get After Your New Year Financial Goals

2023 is going to be your year. No time for wishy-washy objectives or giving up on our New Year financial goals – this year is different.

Once you’re ready to tackle your spending, savings, and everything in between, be sure to get up-to-date on any urgent bills. An online title loan may be available for you to check off this to-do item before the month is up. Fill out our Carolina Title Loans, Inc. online form now to get the emergency money you need today.


Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Emma Frost

Emma Frost is a lifestyle and finance blogger with a talent for communication and a passion for financial literacy. She uses her writing talents to explore topics that help her readers gain financial stability and growth.