Wow! The first week of October 2022 is in the history books. That happened quickly, didn’t it? This is a good time to start thinking about what you’d like to achieve in 2023, which will be here in two shakes of a lamb’s tail.
For us Canadians, this weekend is Thanksgiving. If you can, find a few minutes to start thinking about what you want from 2023. Have your priorities changed? Are you on track to meet the goals you’d set for 2022? What do you need to make your goals a reality? Do you have new goals for 2023? \
You need not hammer out a complete financial outline for 2023, but you should definitely start thinking about it. The Talking Heads predict that central banks will continue to raise interest rates in order to stifle inflation. The fact remains that rates will not go up forever. At some point they will level out and then start to drop. Central banks might stop raising rates in late 2023, or early 2024. Who knows? They certainly don’t.
Bottom line – you still have to plan your spending so that you can obtain the life you really want, so that your heart’s truest desires are achieved, so that you can maximize the joy you experience in your life. Start thinking about it now.
For my part, I’d like to start travelling some more. Those of you who’ve been around for a while know that I’ve visited Italy, Spain & Ireland. I’d like to make a few more trips to Europe, then get to Africa and Asia at some point too. If time permits, I’ll also go to Australia & New Zealand. While the travel deals flung my way via email are certainly tempting, I haven’t yet saved the money for my next big trip.
I’m still a save-now-buy-later kind of person. There’s not a chance in hell that I will ever start to love debt. It’s simply not part of my DNA. But for a few unexpected large expenses during the pandemic, I would’ve had the money in the bank to take advantage of the travel deals I’m receiving. Sadly, those unexpected expenses involved the CRA and my house. My travel-priority plummeted down the list of priorities. I’d rather stay home a little bit longer than have to replace the foundation of my house, or to have the CRA take an excessive interest in me.
One of my financial goals for next year is to re-build my travel account. I’m vaccinated and I’m ready to head back to the airport. While I love my home, it’s time to see a bit more of the world while I have the health to do so. And since I haven’t yet won a lottery jackpot, I have to save up some money before I can indulge my wanderlust.
Another goal for next year is to upgrade my wardrobe. I’ve been fortunate enough to work from home since April 2020. My employer has changed its mind about my work location. Accordingly, I am hearing into the office for part of the week. Thankfully, my pre-pandemic clothes still fit. However, I think it would be wise to add a few new pieces to my wardrobe for those days when I’m working with others.
Not every financial goal for the upcoming year is going to be a fun one. In my case, some of my goals for next year are most decidedly not-fun.
I’ve also had to start thinking about replacing expensive things in my house when the time comes. I’ve nicknamed those things “Household Appliances”, “Furnace” and “Hot Water Tank”. They won’t last forever. I’m happy with what I’ve got right now so I won’t be replacing them before they give up the ghost. Instead, I’m going to start squirreling away money into a sinking fund for their replacement.
Remember what I said about not having debt?
Well, even I know it’s not always possible to avoid it. Where I live, a furnace isn’t optional. If mine should happen to die in the middle of winter, then I will be forced to take on some debt. However, if I start building that sinking fund now, then I’ll have a big down payment on that furnace loan. A bigger down payment always minimizes the amount borrowed. And if the Furnace Gods smile on me, mine will last until I’ve completely funded its replacement. Fingers crossed!
Obviously, you know your own goals better than I do. Since you’re on this website, you care about learning how to achieve as many of them as possible. At the time of this post, there are 12 weeks left in 2022. Find the time to review your priorities and goals. Confirm that they haven’t changed due to other changes in your life. Then take a look at your money. Ideally, you’re spending your money in ways that get you closer to the life you really and truly want rather than further away from it. Should you discover that tweaks need to be made, then make them now. Get yourself on track to entering 2023 with a firm plan in place so that you can create the life that you truly want.
Happy Thanksgiving!