As we begin looking ahead into the new year and what we want for our financial goals, it is important that you also reflect on how you did last year to ensure you do not repeat any undesirable spending behavior.

Your order of operations

Here is a quick recap of what your order of operations should be for 2023:

• Establish an emergency fund to cover, at a minimum, three to six months of expenses
• Pay off any credit card debt
• Break big goals down into smaller, more manageable pieces
• Review your cashflow and pull back where possible
• Track your spending
• Set up a reverse budget methodology 
• Pre-save for upcoming larger expenses
• Increase your contribution to your 401(k)
• Start contributing to an IRA

The Enactment of New Legislation - Secure Act 2.0

The Secure Act 2.0 was passed on December 29, 2022, allowing employers and plan sponsors to match student loan payments with retirement contributions, like how employers currently match employee contributions to retirement funds like 401(k)s. Employees can set aside up to $2,500 of post-tax money in separate emergency savings accounts alongside their retirement accounts through their payroll deductions.

Participants can withdraw up to $1,000 from their retirement savings per calendar year to cover emergency expenses without penalty. However, the borrower would have to replace those funds within three years before making another similar withdrawal.

Establishing these goals and taking advantage of new legislation where applicable will help you make 2023 the year you successfully become a better financial version of yourself and achieve financial freedom!

For more information, visit the show notes at https://www.adhdmoneytalk.com/s1e51

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