There’s nothing like the satisfaction of a fresh start at the beginning of a new year. Everyone approaches new year’s resolutions differently; they might involve healthy eating, more exercise, or spending more time with the family, but how much thought have you given to your financial resolutions?

Here are a handful of simple tips for setting yourself up for financial success in 2023:

1 – Make a plan; where do you see yourself in five years? 

Think about where you want to be financially, and by when:
Short-term goals: what you would like to achieve within the next 6–12 months.
Medium-term goals: what you would like to see happen within the next five years.
Long-term goals: what you would like to achieve in more than five years’ time.

Setting goals will help you to think about what you want to achieve in life, for yourself and your family.

Most goals require money so, it’s useful to think about how much each of your goals will cost. You can then take stock of where you are financially and put a plan in place to achieve your goals.

2 – Review your KiwiSaver

Has your KiwiSaver been set up with your goals in mind? Once you have set your financial goals, check that your choice of KiwiSaver provider and investment fund match those goals. If you are eligible, also check that you are contributing enough to receive your bonus $521 Government Contributions each year. 

3 – Does your personal insurance plan protect yourself, your family, and your dreams? 

Your personal insurance plan should work with your financial goals. Personal insurance includes life, income, trauma, health, and disability cover. To keep yourself, your family and your goals protected, you should review your personal insurance every time you hit a life milestone e.g. you get married, buy a house, start a new business, or receive a promotion at work.  

4 – Tackle debt; get rid of high-interest debt as quickly as possible

If you’ve got high-interest debt like a big credit card balance consider shopping around to find a lower interest rate or even a zero-interest balance transfer. These types of loans work best when your focus is on getting rid of your existing debt. It might end up being little more than a short-term fix if you keep incurring debt on your credit cards. You should also read the fine print to check for any extra fees and charges. 

5 – Challenge yourself to save more 

Check your spending categories. Everything you spend should go into some general category – food, transport, clothing etcDo any of these categories stand out? Are you spending a lot on something that isn’t very fulfilling like a muffin or scone with your takeaway coffee? That could be the perfect place to find money to put into your savings instead.  

Need help getting started? Let’s talk 

AdviceFirst advisers specialise in wealth management, KiwiSaver and personal insurance. If you would like a no cost, no obligation review of your KiwiSaver, investment, and insurance plans, contact our advisers on 0800 438 238 or email