I’m a goal-setter. If I don’t set goals, I meander through life, often wasting time and money. Goal setting gives me direction and purpose. I have an objective to work toward, and since I dislike not achieving my goals, I work hard. My husband and I recently sat down to discuss our plans for next year, and we settled on two large financial goals for 2023.
We’re in a Good Financial Place Going Into 2023
Thankfully, we’re in a good financial place going into 2023. We have paid off all our debts in the last few years, except for my husband’s student loans and our house. We’re not paying anything on the student loans until the pandemic pause ends.
Since we’re not focused on getting out of debt, we can focus on enjoying life and strengthening our financial position.
Our Two Large Financial Goals for 2023
This year’s goals are ones we’ve never tackled throughout our 20-plus-year marriage.
Save/Plan for Domestic and International Travel
My husband and I love to travel, but we’ve struggled with low-paying jobs and raising kids while paying off debt for most of our marriage. Now, we’re more secure financially, the kids are older, and the debts paid off. So we’ve decided to prioritize travel while we’re still young enough to enjoy it.
Take a Trip to Maine
I have wanted to go to Maine since I was a teenager. The closest I got was Vermont. However, since our recent move to New York, we’re only eight hours away. Our goal this year is to travel to Maine for a vacation.
Save for a Trip to a European Country
We would also like to travel internationally. I have had the privilege of traveling to Canada, Ireland, China, Japan, and Switzerland. However, we haven’t traveled internationally for 20 years! So, it’s time to get back at it.
While we do plan to save for travel, we also plan to research travel hacking so we can go sooner than if we relied on savings alone.
Buy a New Car for (Mostly) Cash
We bought our Toyota Sienna 18 years ago. We financed almost the entire thing and paid it off in 4.5 years. We’re still driving that car, though, as you can imagine, we should replace it soon. (It currently has 238,000 miles on it.)
We bought my husband’s 2013 Subaru Outback used and again financed almost the entire thing. We paid it off in five years. It currently has 113,000 miles on it.
For the last few years, we’ve been saving to pay cash for a replacement for the Toyota Sienna. We currently have $20,000 saved. The goal is to buy the car with cash and, if necessary, a loan for no more than $10,000. If we can achieve this, it will be a huge financial victory because we’ve never been able to mostly pay for our vehicle in cash. Now, we need to decide what car we want.
Having financial goals, especially large financial goals for 2023 motivates us to stay on track financially. We tend to want to fund the goals instead of wasting money on small, unimportant items.
What are your financial goals for 2023?
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Melissa is a writer and virtual assistant. She earned her Master’s from Southern Illinois University, and her Bachelor’s in English from the University of Michigan. When she’s not working, you can find her homeschooling her kids, reading a good book, or cooking. She resides in New York, where she loves the natural beauty of the area.
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