New Years Money Resolutions for 2023

Many of us are preparing for the financial challenges of the coming year, with four in 10 setting a money-related New Year’s resolution for 2023.

One in five of us is doing it for the first time this year, according to a survey commissioned by Columbia Threadneedle Investments and the F&C Investment Trust.

We spoke to three people who are doing just that.

“I want to earn a million next year”

Entrepreneur Charlie Day, 34, has set a very ambitious New Year’s resolution. She lives with her husband Lewis, 36, and her six-year-old son, in Chelmsford, Essex. She runs her own business, Charlie Day Sales, and advises small businesses on how to increase their sales.

“I have doubled my turnover year after year, the growth has been incredible. In my first year I made £24,000; in year two, £150,000. This year, I made over £300,000, 95 per cent of that was profit. I was looking at my numbers and I thought on that scale of growth, maybe I could make a million next year. I feel brave saying it out loud, but you have to be brave in business.

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“I started goal setting in 2019 and it has transformed my life. I have become obsessed with it. At first, I was very skeptical. I’m not the type of person to manifest things! But I went to a workshop and was inspired to try it. Since then I write my goals every day. I achieved the 10 goals I set for myself in 2019, even though I gave myself 10 years.

“One was to be a published author, another to launch a podcast, another to become an international speaker. I also set personal goals for myself, such as taking my young son to Lapland, going on vacation abroad every holiday, and always flying business class. This year we have been twice in Dubai, Disneyland in Paris and Florida, a cruise around the Mediterranean, Tenerife and Lapland.

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“There is a difference between goal setting and a to-do list; I think a lot of people get them confused. For me a goal is something aspirational. Something you’re going to have to work on to achieve. It doesn’t seem possible when you set it up. Your to-do list is the steps you need to take to get there. So all my goals are divided into steps.

“To give you an example, one of my goals was to run the London Marathon. I had to teach myself to run, I didn’t know how. I didn’t even have a pair of sneakers. I ran only two and a half minutes the first time. He was a hot and sweaty mess, but he did it every day until at the end of the week he could run for five minutes. Then I aimed for a 5K, then I did a 10K, then a half marathon.

“I have planned the entire year ahead in exactly the same way, broken down into quarters and months and individual sales targets. It’s a lofty goal, but it’s entirely possible that I’ll make a million in 2023.”

Opening of a contingency fund for home repairs

Phoebe Millican, 23, a senior development technician in food manufacturing, recently bought her first apartment in Kettering, Northamptonshire, and set out to open a rainy day contingency fund in 2023 after a surprise house repair resulted expensive this year.

“A few months after being here, I had a very large leak over my kitchen. I wasn’t prepared for that at all and found out my home insurance wouldn’t cover it so I had to pay £160 for the repairs out of my own money. I don’t want to be in that position again with no savings.

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Phoebe is saving for an emergency home repair fund in case she needs to replace any broken or defective items.

“I recently got a raise, bringing my annual salary to £28,000. I plan to put the extra £150 a month into a savings account, starting on my January payday. First Direct currently offers an easy-access savings account at 7 percent, which sounds like a good deal and will give me a fund I can fall back on for any unexpected surprises, like another repair or if my boiler suddenly breaks down.

“This will be my third savings account. I already have one for my car and another for holidays and treats, in which I pay £100 every month. My dad is good with money: he has saved for me and my two brothers since we were born and I guess I have followed in his footsteps. He advised me to use a credit card for larger purchases as a second layer of cover and I have a Tesco that gives me Clubcard points when I spend. I also try to put £25 in premium bonuses every month.

Pay in a pension

Sunita Thind, 40, a model and writer who lives in Derby with her husband, Pete, 46, a mechanical engineer, made the decision to start paying for a pension for the first time in 2023. Health difficulties, including a traumatic diagnosis of ovarian cancer, meant that she was in no condition to do so until now.

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Sunita has been meaning to open a pension for a long time, but has been putting off

“My husband has been urging me to get a pension for a long time, but I’ve been sticking my head in the sand and feeling overwhelmed by it all. They don’t teach you about these things in school, but they should.

“I can only work sporadically. I have a disability that causes me to have frequent seizures and cannot travel by public transport alone, so there are complicated reasons why I have not been able to pay a pension until now.

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“But now I am 40 years old and I know that I need to do it. I’ve made financial New Year’s resolutions to save in the past and it hasn’t happened, but I really have to stick to this one. I think I’ll put something like £40 a month into a stakeholder pension, it could be more or it could be less. It’s hard to say since I don’t have a regular income.

“Sometimes I make £500 a day for modeling if there’s a big advert, but I make very little for writing and as a freelancer you’re constantly chasing people for money. Often when I get paid, what goes into my bank account goes right back out, especially now that the cost of living is so high. But I am determined to be on top of a pension in 2023.”