818-340-0157         Contact Us      
Schedule a Call
Financial Planning

Financial Wellness for 2023


Hugh Meyer

Financial Wellness for 2023: What You'll Love to Know

Well, 2022 happened.

Most of us here probably agree that we are somewhat ready to see what 2023 has in store if for nothing else, at least a bit of change. The last two years have had their fair share of ups and downs, and while no one can predict the future (if you can, let’s talk, because I have questions), what we can do is have a strategy in place for our financial wellness. 

We might want to first define financial wellness. There are many definitions of the term but they all seem to say the same thing in one form or another, and that is:

Financial wellness: Your relationship and mindset towards money.

Financial Wellness Findings

If you do any sort of research, you will find article after article about financial wellness, which is great to see, but that also means there is a lot of information to go through. I don’t want to add another one into the mix so I thought you might like to see what all the articles had in common. Below is a list gathered from 12 separate articles and blogs that listed what they thought the top financial wellness tips are. All the topics listed below are absolutely on point, and quite frankly, the list could be longer, but for the sake of not overwhelming us any more than necessary, let’s keep it simple. What’s interesting are the topics each article had in common, the topics each talked about, and those are the ones that most likely you will benefit from as well.

No alt text provided for this image
Data and disclosures below3

Taking a look at that chart, you will see the two biggest areas most sources agreed were important are 1) stick to your planned budget and 2) have an emergency fund. What was surprising, though, was the lack of discussion around the money mindset, which is after all part of many definitions of financial wellness.

Healthy money management is really a set of a few good habits that make a big impact.

If you are part of the 71% of people who said they are likely to set financial goals for the new year, then you will probably like to have tips and advice that are helpful as well as easy to implement. People are saying they want to be able to find stability and preparedness during an uncertain economic environment, and a long list of tasks isn’t exactly exciting to look forward to, so let’s make this actionable so you can feel better prepared.1   

How do we have the right money mindset and set up ourselves for success? 2 main priorities:

  1. Understand your thoughts and beliefs about money.
  2. Stick to the plan. 

Understand Your Thoughts and Beliefs About Money

From the time we are born, we start developing thoughts and beliefs about money, and like it or not, we most likely learned it from our family, and sometimes those habits aren’t healthy. We are also greatly influenced by the people we spend time with, as well as the media, so we need to put in the work to rewire our mindset. 

Ask yourself questions like:

  • How did your parents manage money, and what did you see them do that you think should have been done differently?
  • Do you have any difficult experiences with money that might be impacting you today?
  • Are there any beliefs and/or stereotypes you are believing that might not be true?
  • Who am I following on social media that might not be the best source of information?
  • Who are good and credible money role models?
  • What are my financial goals for this year and years down the road?

When you ask yourself questions about your thoughts around money, you can get a better picture of the "whys" behind finances. Side note, being honest with yourself might be hard but can provide serious breakthroughs.

Stick to the Plan

A plan is only as good as the follow-through. 

What does a financial wellness plan include? That is going to be unique to each person. As shown in the pie chart above, there are many areas one could choose to focus on, but I suggest creating a plan you will enjoy and know you will see it through. Don’t add more stress to your never-ending list of things to do.

Use this simple checklist to see where you stand so you know the next steps you want to take.

No alt text provided for this image

There’s An App for That

To make your financial wellness plan even more simple, you could download an app and have the power of wellness at your fingertips. With nearly 9 out of 10 Americans using fintech, there is a financial app for pretty much any need you have.2

Below are resources you might find helpful when planning your finances and striving for healthy money management. Also included are apps about financial literacy that would be great for those with kids or grandkids.

We all have had our fair share of stress over the last couple of years, but know this, you have tools and resources available to manage your money whenever you need it.

If you want to talk more about your options, feel free to direct message me or click here to schedule some time for a consultation. Let me know what questions you have.

Sources & References
1 https://newsroom.lfg.com/content/1222/files/new_years_finances_data_source_deck_final.pdf
2 https://yhoo.it/3vq9idM
3 Data for the image was found by the research of 11 separate articles. Each article used for this research housed information about various financial wellness tips. Each article presented its own recommendations and suggestions for financial wellness, making no two articles alike. The results of percentages for each topic comprised of writing down every recommendation from each individual article, cross-referencing with one another, and then tallying up totals for each topic. The overall total results were then totaled up and input into a pie chart to reflect those findings. The articles involved in the research can be found listed below. The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by individual research to provide information on a topic that may be of interest. 
Sources for custom image:

The information above is provided for general informational purposes only and does not constitute financial advice or a solicitation or offer to purchase or sell securities. Individuals should consult with their financial professional before investing or making a change to their financial situation. Highline Wealth Partners believes the information contained in this article is from sources believed to be reliable but cannot be guaranteed, thus, Highline Wealth Partners cannot be responsible for any errors in or omissions to this information, or for any consequences that may result from the use of this information. All investments involve varying levels of risk and fees.

Interested in learning more? Get in touch with one of our specialists.
Schedule your complimentary consultation
This article is intended for informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer or solicitation to purchase or sell any securities, funds, or strategies to anyone. The opinions expressed are subject to change without notice. Investing involves risk. Past performance is not a reliable indicator of current or future results. Indexes are unmanaged and do not account for fees. It is not possible to invest directly in an index. Please read the full disclaimers and disclosures here.

© 2023 Charlesworth & Rugg, Inc, dba Highline Wealth Partners, a registered investment adviser.