4 Financial Moves You Must Make to Start Off 2023

Be sure to put all of these on your list.

Whether 2022 was a good year for you or not, at this point, it's in everyone's rearview mirror. And that means it's time to focus on setting yourself up for financial success in 2023. With that in mind, here are some moves it pays to make early on in the year.

1. Assess your emergency fund

Do you have enough money in your savings account to cover at least three months' worth of essential bills? If the answer is no, then ramping up should be a big goal for you in 2023. But you won't know to do that until you take a look at your savings account and compare your balance to what it costs to pay your non-negotiable bills for three months.

Keep in mind that it might cost more now to cover three months of bills than it did in the past thanks to inflation. Furthermore, three months' worth of expenses is really the minimum you should be aiming for in your emergency savings. So if you've managed to get to that point, great job -- but also, don't assume your savings efforts are done with.

2. Set up automatic transfers to savings

Whether you're looking to ramp up your emergency fund or contribute steadily to an IRA account for retirement, the start of the year is a great time to put the process on autopilot. If you arrange for automatic transfers to a savings or retirement account, you'll be more likely to meet your goals, since money will leave your checking account each month before you have an opportunity to spend it.

3. Map out a debt payoff plan

If you're starting off 2023 with lingering debt from 2022, don't beat yourself up. A lot of people are in that boat, largely due to inflation. And also, you may have incurred some debt in an effort to make the holidays special for the people you love.

But either way, now's the time to figure out how you'll shed your debt as quickly as possible. Maybe you'll pick up a second job. And maybe you'll do a balance transfer so you can consolidate your various credit card balances and make them easier to manage. If you make a plan, you'll have something concrete to focus on -- and that alone could help alleviate some of the stress that comes with carrying debt.

4. Refresh your budget

Maybe your salary is going up in 2023 -- but some of your expenses may be doing the same. That's why now's a good time to take a look at your budget and make sure it's up to date and accurate. And if you've never followed a budget before, it's a great time to dive in. You can set up a budget using a spreadsheet to keep things simple, but it could also pay to dabble with different budgeting apps that make your expenses easy to track.

As you ease your way into 2023, spend a little time focusing on key financial matters like these. In the long run, you'll be thankful you did.