Money Habits

9 Money Habits for 2023

December 20, 2022
As we start the new year, here are 9 money habits for 2023 that will help you create a financially abundant future.
Britt and Laurie-Anne two women laughing and looking at their computers on a couch in a well-styled living room
Britt & Laurie Anne
Two female investors in their 30s with a collective net wealth of over $6 million+
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As we start 2023, this is a great time to start implementing money habits that will lead to abundance and prosperity for years to come.

Today I’m going to share 9 money habits for 2023 to make this your most abundant and financially stress-free year yet.

Money Habit #1: Set and pursue financial goals

Take some time to think about your financial vision for this new year. Do you want to pay down debt? Do you want to start building more streams of income?

Break down your big vision into smaller, more manageable goals and assign a deadline for each milestone. For example, if you have a debt of $10,000 you want to pay off by the end of the year, maybe you aim to pay off $2,500 by the end of April, $5,000 by the end of June, and so forth or maybe you want to pay off $833/month so that in 12 months you’re debt-free.

I love setting monthly targets for my financial goals because it lets me know if I am on or off track on hitting them

And be sure to treat yourself when you achieve those goals!

Money Habit #2: Create a weekly money ritual

A weekly money ritual is an hour of financial self care, and it is crucial to ensure that you stay on track to meet your financial goals.

I know that spending an hour working on your finances every week probably sounds like as much fun as a weekly root canal, but that’s why it’s important to also plan ways to make it enjoyable. Maybe you go to your favorite park to do it or enjoy some wine and relaxing music. Whatever will make it enjoyable and pleasant for you.

While I’m reviewing my finances, I like to put on my favorite get-isht-done tool — it’s called and it plays binaural beats that really help me get into the zone and plow through work that I may otherwise resist.

Money Habits #3: Spend less than you make every month

Living within your means is the essential first step to getting our of debt and building wealth. If there is no money left over at the end of the month, and you won’t be able to save or invest, which means that you’ll never be able to get ahead financially

If you’re struggling to spend less than you make every month, you may want to evaluate your spending habits, which brings me to…

Money Habit #4: Stop mindless spending

I say “mindless” spending because I’m not saying that if you’re out at a store and you see something you like you can’t ever buy that thing on the spot. But you should clean up your spending habits by training yourself to think through the purchase and ask a few questions before you buy.

For example:

-Is this in line with my financial goals?

-Is this aligned with my values and priorities?

-Do I really need this?

-How long am I going to use this?

-Can I buy it cheaper somewhere else?

Also, get out of the habit of thinking, “Well, it’s a good deal” or “It’s only a few dollars” as justification for buying something you don’t really need or doesn’t add value to your life. I used to think that and it’s part of the reason I wound up in debt. Those “good deals” and “small” purchases add up really quickly.

Again, that’s not to say you can never snag a good deal or buy something on the spot, just make sure you it’s built into your budget and it’s something that’s fully aligned with your values and priorities and won’t stop you from achieving your financial goals.

Money Habit #5: Save at least 20% of your monthly income

If you’ve been around, you’ve heard us talk about the 50/30/20 budget before, so I’m not going to dive too deeply into it here.

The one thing I want to emphasize is that it’s important to put aside 20% of your monthly income to take care of yourself in the future.

If you’re unable to save 20% of your monthly income, then the first thing you should do is examine your money management habits. If by minimizing expenses alone you still can’t reach 20% savings, then you need to look at ways to increase your income.

Money Habit #6: Keep developing your financial literacy

You’re already doing a great job by reading this article! You can also subscribe to the Dow Janes YouTube channel — we publish new videos every Monday. You can also sign up for our newsletter to get personal finance tips every Friday.

But you can also read finance books; I still read finance books to learn more and improve my money mindset.

Money Habit #7: Meet with a financial accountability buddy

One of the things that makes tackling finances so difficult is that it is taboo. Nobody talks about it — and that sucks. So screw it! Start talking about it! Find a trusted friend and talk about your financial goals and milestones

An accountability buddy helps you stay focused and on track to meet your goals. Plus, they’ll give you honest feedback on if you’re making excuses or if you’re killing it. You may even be able to learn from each other’s successes or mistakes

Make a plan to meet with your accountability buddy regularly so you can talk about your struggles and celebrate your progress

Money Habits #8: Track your credit score

A good credit score is important for a lot of reasons. It helps you to get a better interest rate on loans (like a mortgage or car) or secure a great apartment or insurance rate.

Click here to learn how to improve your credit score!

If you don’t already track your credit score, you can sign up for a free account on Credit Karma, then check in to review your credit score once a month. That way if there are ever any errors or you do something that lowers your score, you’ll be able to correct it ASAP.

Money Habit #9: Invest

I saved the best for last!

Before you start investing, you need to make sure you’re spending less than you make every month, pay off high-interest rate debt (meaning debt with an interest rate above 7%), build a $1,000 emergency fund, and start saving for retirement.

Even if you can’t invest a lot of money, the most important thing is giving your money a lot of time to grow. Investing a small amount of money earlier will yield a much higher return than investing a lot of money later in life.

How to make your money habits stick!

Remember that it’s never too late to transform your financial future. I’m wishing you a very financially prosperous year in 2023 and beyond. Good luck!

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