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How to Jumpstart Your Financial Goals in 2023

Each new year brings with it the whisper of promise, opportunity, and best of all: a fresh start. You might be one who loves making (and keeping) New Year’s resolutions every year . . . or you might be one to avoid it at all costs. No matter how you feel about New Year’s resolutions (like flossing every day or losing 50 pounds), thinking about what you want to do differently in the year ahead is always good practice–especially when it comes to your finances. That’s right, it’s time to start making your financial resolutions for 2023.

2023 Financial Resolutions

According to a new study by The Ascent, 66% of Americans are planning on making 2023 financial resolutions.1  You might think that number would make up the Gen X population, but you might be surprised to find out that 73% of millennials and 61% of baby boomers plan on making financial resolutions this year.2 And over 50% of those financial resolutions will be focused on paying off debt.3

It seems that making New Year’s financial resolutions are becoming more of a trend this year, especially as inflation hits our wallets. You might be tempted to think that inflation is a good reason to not make financial resolutions. But it’s just the opposite. With prices of food, gas, and pretty much everything going up, it may be a good time to take a close look at your money habits.

Four Financial Resolutions to Get You On Track in 2023

Now that you know financial resolutions seem to be things to consider, you might be wondering what a financial resolution looks like. Here’s a list of our top four ideas for creating your own New Year’s financial resolutions. But remember, these aren’t the kind of resolutions you should set and forget. In order to make and keep your financial resolutions, you’ve got to be intentional. Check in on them daily, weekly, monthly, and quarterly. And if you need help, your financial advisor would be a valuable resource to help you reach your goals.

1. Pay off outstanding debt.

Like we said earlier, 53% of Americans are making a goal to pay off debt this year.4 If you’ve got a pile of debt laying around, it may make sense to start making a plan to pay this debt off! You can use debt payoff methods like the debt snowball, debt avalanche, or just throwing any extra money you have toward your debt with the highest interest rate. It may seem daunting, but the relief you’ll feel when it’s completely gone is worth the effort.

2. Stick to a budget.

The best way to keep track of your finances in the new year (and stick to them) is by creating a monthly budget. When you plan out where your money is going every single month, you’ll be surprised at how organized your finances can be. And if you’re not sure how to get started, start with a zero-based budget, a 50-20-10 budget, or by keeping track of your income and expenses in a spreadsheet. But here’s the kicker: You have to stay on top of it. If you don’t track your spending through the month, there’s a chance you’ll overspend and forget about your goals altogether.

3. Invest for the future. 

This is a big one. Life never stops and the revolving door of our wallet doesn’t either. That’s why it’s so important to plan ahead for your future . . . right now. Dependent on your individual situation, there are numerous investment vehicles that are designed to help you get your money where you want it to be when you’re ready to retire. And if you’re already investing, maybe it’s time to invest a little more of your income each month. Remember, you don’t have to do it alone. Invite a SageSpring advisor to be on your financial team and we’ll help you design a plan to get to where you want to go.

4. Save.

Do you have a rainy-day fund? If not, it’s time to start one in 2023. Life is unexpected and comes with financial surprises at every turn. If you’re not prepared, you may find yourself in a difficult financial situation. This is where that rainy day (or emergency fund) comes into play. Making a goal to save three to six months of expenses—or more—will be a nice pillow the next time you need a new set of tires. You can also explore various higher interest-earning accounts that can pay what may be a favorable interest rate on your money you are saving.

Ready to get started on your financial resolutions for 2023? We can help. Schedule a call with a SageSpring wealth advisor today and let them help you reach your goals next year.


The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of SageSpring Wealth Partners and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Past performance does not guarantee future results.

Every investor’s situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

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615.861.6100
Jeffrey Dobyns
Jeffrey T. Dobyns

CFP®, CLU, CHFC

President, SageSpring | Financial Advisor, RJFS 
615-861-6102

Jeffrey T. Dobyns

President, SageSpring | Financial Advisor, RJFS

Jeff Dobyns has enjoyed extraordinary success providing comprehensive financial planning to retirees, entrepreneurs, entertainers, and executives by taking the time to truly know his clients, understand their goals and develop and execute their ongoing, strategic, financial plans.

Jeff earned his finance degree in business administration from Ohio University and has held executive positions with financial planning firms for more than two decades. After serving as Vice President of Investments of Lykins Financial Group, CPA’s, in his hometown of Westerville, Ohio, Jeff moved to Nashville, Tennessee to found SageSpring Wealth Partners in 2002. As its President, Jeff has led SageSpring to remarkable success, holding the distinction of being one of Raymond James’ top independent contractor offices, and a member of its Chairman’s Council*, every year since 2008.

Jeff’s true calling, however, is working directly with clients, helping them plan their financial futures in a manner that aligns with their values and helps provide them with financial confidence. To help meet these goals, Jeff leads the team of Dobyns Wealth Team and also incorporates the expertise of attorneys, accountants and other professionals to provide quality financial, tax and estate planning, and ongoing asset and risk management.

As independent advisory businesses, neither SageSpring Wealth Partners nor Dobyns Wealth Team hold any assets on behalf of clients, with such custodial and brokerage services being provided by Raymond James. As a leader in wealth management, Raymond James has an exemplary reputation and today serves more than $930 billion in client assets through 8,200 financial advisors worldwide (as of 9/30/2020).

In order to meet the highest standards of professionalism and ethics in the industry, Jeff is a CERTIFIED FINANCIAL PLANNERTM practitioner**, a Chartered Life Underwriter and a Chartered Financial Consultant. Jeff is also a participant of the Dave Ramsey SmartVestor program.

Jeff’s work and personal life are both guided by his faith and the Christian principles of honesty, generosity, compassion, and integrity. Accordingly, Jeff devotes considerable time and resources to a number of causes, including serving as a board member of Men of Valor, a prison ministry and mentoring program. He is also on the advisory board of The Signatry of Middle Tennessee, which works with families to increase their charitable giving to their favorite causes. Additionally, Jeff is on the advisory board for Halftime Institute, an organization that coaches marketplace leaders to discern and engage in their life purpose. Lastly, Jeff serves on the board of the Legacy Center of Nashville, a collaboration of independent coaching resources. He is a past board member of Porter’s Call, a Nashville charity that provides free counseling for musicians and their families, and the Martha O’Bryan Center, which empowers those in poverty to transform their lives through work, education, employment, and fellowship.

Jeff and his wife, Amy, are raising their family in Brentwood where they are members of the Brentwood Baptist Church, and their children, Gracyn, Hunter, and twins Tanner and Logan, attend the Christ Presbyterian Academy. For recreation, Jeff enjoys hunting, fishing and just being outdoors.

* Membership is based on prior fiscal year production. Re-qualification is required annually.

**Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

SmartVestor is an advertising and referral service for investing professionals (“SmartVestor Pros”) operated by The Lampo Group, LLC d/b/a Ramsey Solutions (“Ramsey Solutions”). Pursuant to an arrangement between Ramsey Solutions, SageSpring Wealth Partners and your advisor, your advisor pays Ramsey Solutions a flat monthly fee to: (a) be a SmartVestor Pro, (b) advertise services through the SmartVestor website, and (c) receive client referrals in the form of an initial introduction to interested consumers who are located in your advisor’s Pros geographic region. SageSpring Wealth Partners does not endorse and are not affiliated with Ramsey Solutions, except with respect to the arrangement described above, and neither Ramsey Solutions nor its agents are officers or employees of SageSpring Wealth Partners. Further, neither Ramsey Solutions nor its agents are authorized to provide investment advice or act in any way on behalf of SageSpring Wealth Partners, except in connection with providing your contact information to your advisor.

Ramsey Solutions’ relationship and agreement is between SageSpring Wealth Partners only. Raymond James Financial Services, Inc. is not affiliated with the solicitor arrangement between Ramsey Solutions and SageSpring Wealth Partners.

Raymond James is not affiliated with any of the organizations mentioned above.