man sitting setting short term financial goals for new year

New Year Short Term Financial Goals To Set In 2023


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As the New Year draws near, it’s time to get your finances in order and start planning for a brighter future. Make 2023 the year for financial growth by setting achievable short-term financial goals.

Whether you want to save more, pay off debt, or work on improving your credit score, use this as an opportunity to start making real progress toward a more secure future. You can make 2023 a year of prosperity and success with hard work and dedication.

Here are some great examples of short-term financial goals and how to stick to them.

What Are Short Term Financial Goals?

Short-term financial goals can be stepping stones to larger, longer-term goals. Achieving the short-term objectives should reduce the time you need to reach your end goal, while also providing a sense of accomplishment.

Writing down and tracking your goals, no matter how small they seem, is an important part of staying on top of your finances. Having short term goals in place makes making sound financial choices easier while allowing yourself a few indulgences here and there.

Examples of Short Term Financial Goals

Setting financial goals is an important part of managing your money, and the new year provides a great opportunity to start fresh. Short-term financial goals are a great way to set yourself up for success – they can often be reached more quickly than long-term goals, providing the motivation and determination to reach those higher milestones.

Here are good goals designed to be reached quickly and still help you to change your finances positively. You should be able to complete these goals within the first month.

Some financial goal examples include:

Create An Emergency Fund

Creating an emergency fund is a must-do for those seeking financial security. It’s more of a savings goal than simply “putting money away for a rainy day.” 

An emergency fund covers unexpected financial surprises, such as unpaid medical bills or your car repairs. Without an emergency fund, ordinary problems can turn into major monetary stressors. 

To build up your emergency fund, start small by setting aside even just $10 each paycheck. Then track your progress and adjust the amount regularly. The goal is to save three to six months of living expenses so that you’re prepared in case of an unanticipated event.

An emergency fund will give you peace of mind from not having to worry about where the money will come from during difficult times.

Establish A Monthly Budget

According to a article – Only 30% of Americans have a long-term financial plan with savings and investment goals. 

A budget is invaluable for anyone wanting to maximize their finances and reach their financial goals. Setting up a monthly budget can help you stay on track and make the most of your income.

Creating a budget encourages you to be aware of your spending patterns. Take the time to reflect on what is important to you, and identify areas where you could save more money.


This will empower you to make responsible decisions regarding managing your finances and help you meet any savings targets you have set for yourself in the long term.


Improve Your Credit Score

Establishing or improving your credit score may seem intimidating, but with some basic steps, you can progress soon.

To improve your credit score, it’s important to:

  • Make payments on time
  • Reduce your debt-to-income ratio by paying off existing debts
  • Limit any new lines of credit you open.
  • Monitor your credit report 

Anyone can improve their credit score by taking these steps and keeping track of progress.

Save For A Big Purchase

Saving money isn’t always easy, especially when you have big dreams. That’s why it can be helpful to start small and set achievable goals – like saving $50 or $100 a month.

If your savings goal is attainable, there will likely be more motivated to reach it. Little by little, you can save your way to a new car or an awesome vacation if you are patient.

Pay Down Credit Card Debt

Paying off credit card debt is an important short-term financial goal. High-interest payments can be incredibly costly and make it difficult to move forward with long-term financial goals.

The first step in paying down debt is to assess your current situation. Calculate how much you owe and determine how much you can realistically afford to pay each month. Make the largest payment possible each month, and aim to pay more than the minimum if you can.

If your debt feels overwhelming, try breaking it down into smaller goals. For instance, aim to pay off one specific credit card or loan before moving on to the next one.

Why setting short-term financial goals is important

Setting short-term financial goals is a critical aspect of financial planning. Having goals and achieving them is the key to financial success.

Achieving financial stability isn’t easy – it takes hard work, dedication, and a bit of sacrifice. That’s why short-term goals are so important – they make tackling big-money projects more manageable and help you stay on track!

Sticking to Your Short-Term Financial Goals

Establishing and sticking to short-term goals can significantly impact your financial journey, from helping enhance your credit score to forming strong saving habits. 

With a little planning and effort, you can start the new year off on the right foot financially. Begin by setting short-term financial goals that are achievable like:

  • Create an emergency fund to cover unexpected expenses
  • Establish a monthly budget to get your spending under control
  •  Improve your credit score so you can qualify for better loans and interest rates
  • Save for a big purchase like a new car or home 
  • Pay down credit card debt

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Now that you know some of the best short-term financial goals to set for 2023, it’s time to start planning and taking action. Remember, these goals are just a starting point – there are endless possibilities when it comes to financial growth.

And if you need help getting started or staying on track, My USA Finance is here to help you take control of your finances this New Year – find loans, compare credit cards, consolidate deb all in one place.

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