Forget about 2022. 2023 is already here with us, and it’s high time you jotted down your financial goals for this year if you haven’t done so already. After all, failing to plan is planning to fail!

Whether you plan to save more or spend less this year, having short-term and long-term financial goals can make the difference in ensuring your financial freedom.

Here’s a breakdown of FOUR financial goals to make in 2023:

Improve Your Credit Score

Let’s face it. Living credit-free is almost impossible, given the ever-changing financial circumstances in the world today. Whether you want to secure a buy here, pay here Utah auto deal, or need financing for a new home, you require a positive credit score to qualify for most loans.

Fortunately, improving your credit score doesn’t have to be complicated. Start by reviewing your credit reports and correcting discrepancies with a certified credit bureau. Pay your bills on time and reduce your debts to enhance your creditworthiness. 

When taking out a loan with a buy here, pay here Utah dealership like Fast Start Auto, ensure you meet all payments promptly to improve your credit score.

Start an Emergency Fund

An emergency fund is a cash reserve or financial safety net for unexpected life events such as accidents, medical expenses, and car repair costs. If you don’t have a backup plan, these mishaps can be costly and push you into poverty. Do not let that happen!

Set up an emergency fund if you don’t have one. After all, life happens, and you never know when you’ll need money for unforeseen situations. Saving for emergencies can help ease things out, and you’ll be able to seamlessly settle unexpected expenses without breaking a sweat.

Fortunately, starting an emergency fund is not as daunting as it might seem. First, set a goal and timeframe, then calculate your monthly household expenses to determine how much to save. 

An emergency fund should cover at least three months’ worth of your monthly expenditure. If your initial goal is to save $20,000 over five years, you should save $333 monthly in your emergency fund.

Start Your Homeownership Journey

Everyone dreams of owning a home one day, no matter how difficult the homeownership journey might seem. However, only a few can afford to buy their dream homes with cash upfront.

Fortunately, this long-term goal can become a reality thanks to the numerous home financing options available today. You can become a homeowner and stop paying rent in 2023. If you already have a primary residence, you can invest in a vacation home or rental property.

The first step to homeownership is saving for a down payment. Most lenders require a 20% down payment before issuing loans to aspiring home buyers. You must also meet other requirements to qualify for a home loan.

However, reserving a substantial amount as down can help you secure a low-interest loan. Some lenders may also scrap off Private Mortgage Insurance if you pay a higher amount as a down payment, saving you even more cash.

Save for Retirement

There’s no better time to start saving for retirement than now. The ideal retirement plan will safeguard your future and ensure you live the life you desire during your twilight years. Regrettably, many overlook this vital financial goal, assuming they’re still young, only to realize they don’t have savings when it is too late.

Start by contributing to your 401(k) account. This employer-sponsored account allows you to save your pre-tax income as you plan for the future. You can also open an individual retirement account or automate your savings to build your nest egg.

Take the next step and secure your financial future

If owning a car is part of your financial goals in 2023, contact Fast Start Auto for assistance. We are a buy here, pay here Utah auto dealership with affordable financing options to fit your needs. Get in touch today!