Financial Planning Checklist to Keep in Mind When Approaching the Year 2023


5 min read

New year is just around the corner. Exciting times ahead but also the time to learn from the year bygone and buckle up for the new financial year. Here are a couple of pointers to bear in mind as you enter into the new year 2023!

Do you believe in creating checklists? We sure do! They help you stay on track and also move closer towards achieving or realizing your goals, regardless of what they may be. The same holds true for creating a checklist for your finances – a to-do plan that helps you set realistic goals and define new ways to achieve them every single day. Speaking of lists, there sure is one that needs to be created for the coming financial year 2023. Here are some planning tips that we created and intend to follow in the New Year to create a better financial future for all.

Stay with us if you want to learn more about what these planning tips are and why you should bear them in mind when approaching 2023.

What’s Inside?

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How Does a Financial Planning Checklist Help?

Well, the whole idea of creating a checklist revolves around the basic premise that you don’t want to forget something that is important. This is exactly why you create a checklist, mentioning the various tasks you intend to do in the near future, which are obviously important and must be dealt with at the earliest. As you keep finishing those tasks, you keep checking or ticking them off your list, feeling proud of having accomplished those tasks.

So yes, creating a checklist does help – whether it is for planning a trip next month or just planning your finances for the next year. Both these situations demand your attention and you don’t want to forget anything important related to them. Thus you create a checklist. But how to create a financial planning checklist and how does it help? Let’s look at it in detail below.

How to Create a Financial Planning Checklist for 2023?

If you’re a financially aware person, then you already know the importance of year end planning for every financial investor. We don’t need to remind you of its importance. Planning for the new year, as the current year draws to a close, gives you ample scope to reflect on the incidents that just went by in the current financial year and also to understand what worked for you and what didn’t.

Were you able to achieve all of your financial goals for 2022? Did all of your investments bear decent returns? Are you overall satisfied with your financial performance for the financial year gone by? These are questions that demand some of your time and attention at the end of 2022, thereby invoking enough interest to create a financial planning checklist for the new year 2023. So let’s begin.

As you sit down reflecting on the bygones, pumped up enough to not repeat the same mistakes this year, here are some financial tips that can help. These financial planning checklist tips would help you stay on track to achieve whatever goals you set for the new financial year. Here we list out just some of them that come to mind (feel free to add any more as may be relevant to your financial needs and/or goals for the year 2023).

Read More: 4 Types of Insurance That Protect You Financially

What to Keep in Mind While Creating a Financial Planning Checklist for 2023?

Of course, and this goes without saying, that the very first inference to draw from while creating a new financial planning checklist has to be from your investment ideas 2022 – how successful they were or weren’t. It’s not necessary that all ideas work at all times and it is absolutely fine to learn and grow as you move along your financial planning journey.

But just to help you get started, let’s begin with the premise that it is always helpful to secure your financial future as well as that of your family and loved ones every financial year. Why should 2023 be any different then? Here we present some financial planning strategies that you can bear in mind while creating a checklist of financial goals for 2023 for you and your family:

1. Set your goals right: They are the starting point of your financial planning journey for 2023 so you have to make sure that they are well defined. Your financial goals for the new year could range anywhere between educational expenses for children and healthcare expenses for the family. Or, they could be some debt payoffs, carried forward from 2022. Whatever may be your financial goals, list them out properly in your checklist.

2. Review your insurance plans for the whole family: This should be the next important task on your financial planning checklist for 2023. When defining your financial objectives for the year, you’d realize that there are a couple of expenditures that would inevitably line up throughout the year. Running a family and house means expenses. And you don’t want to burn a hole in your pocket. So it only makes sense to review your insurance cover for the whole year for you and all your family members.

This would mean health insurance for yourself, your spouse, kids, and parents (if applicable). In addition to buying mediclaim for the family, it is equally important to prepare for any uncertainties that might hit anytime. This is where a term insurance plan comes into play, securing the life and future of your loved ones in your absence.

3. Make regular investments in savings plans: Saving is a good habit and inculcating it as a regular discipline in your life in the new year is a great idea. This is why we highly recommend making room for small savings plans in 2023 to invest in so that you can gradually build a corpus of wealth for a secure future for yourself and your family.

You can check PayBima for a number of savings and investment plans to start your investing journey in 2023!

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To Conclude

Based on the learnings of 2022, it’s time to set foot in 2023 with a bang. Keep your pen and paper ready, create a financial planning checklist that you deem appropriate, and get started on your financial planning journey for the year. We at PayBima are here to help you at every step of this process. Feel free to reach out to one of our representatives!

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Dec 01, 2022
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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