Important note: The statements made in this paragraph about the cover provided by Flip insurance for accidental injuries and the amount of benefits payable relate to the Flip Active product dated 31 May 2023. That product was withdrawn and replaced with the new Flip Active product on 27 June 2023, which has a different scope of cover for accidental injuries. These statements do not describe the scope of cover under that new product. Please refer to the current Product Disclosure Statement for details of that cover.
What do you want to achieve in 2023? January is a great time to take a breath and set some goals.
Looking back at 2022, it was a bumpy financial ride for many Australians. CPI rose by almost 7%, which resulted in eye-watering prices for many essential items. The RBA lifted the cash rate eight times, placing further pressure on homeowners and renters alike.
But the future looks brighter, with forecasts indicating inflation should decline in 2023 and interest rates should peak in mid-2023 before starting to ease. So, what will you do to keep weathering the storm?
Set goals to achieve more
Goal setting is a powerful motivator. Studies show having goals give us direction and help us focus our attention on relevant behaviour. It adds meaning to what you do today because it connects your actions with what you want tomorrow.
“Setting goals is the first step in turning the invisible into the visible.”
Tony Robbins, author and philanthropist
How to set your 2023 financial goals
- Think about what you want your future to look like in the short and long term
- Write your goals down, but don’t be afraid to adjust them over time
- Make them specific and give yourself a deadline
- Ensure they are realistic and achievable or they won’t be motivating
- Prioritise the goals and work on the ‘must haves’ ahead of the ‘nice to haves’
Common financial goals
Here are some popular financial goals people set. They might give you some ideas when setting your own:
- Pay off credit card debt
- Pay down mortgage
- Save a house deposit
- Save for something fun (holiday to Japan, giant TV, new shoes)
- Save for retirement
- Earn more money by getting a new job
- Undertake study to improve career prospects
- Start a side hustle to achieve financial freedom
Our financial goals for 2023
The team at Flip decided to share our financial goals with each other (and with you!) to keep us accountable in 2023. Will you do the same?
- Reduce Uber Eats and Milkrun expenses by 50%
- Pay off our car
- Keep my head above water with crazy high mortgage repayments
- Save money and put aside three months of income for an emergency fund
- Only buy clothes that are on sale - no full-priced purchases
- Squirrel away as much extra money into the mortgage as possible
- Review insurance to see if there’s a better deal out there
- Pay off credit card debt from too many frozen margaritas in Playa del Carmen
- Get our house revalued and refinance to get better interest rate
- Stop buying so many sparkly things
Take charge in 2023
Some financial factors like inflation and interest rates are well out of our control, but we can make a big difference to our situation by setting (and sticking to) our financial goals. We hope this blog post has inspired you to take 2023 by the horns and reach for the financial stars.
And don’t forget that we can help protect your finances if your accidental injury insurance is turned on when you get injured in an accident.
A snapshot of Australian injuries in Financial Year 2020
enough to require a
(up by 18%)
fracture, followed by soft
otherwise stated refer to
Financial Year 2019-2020