5 Financial Mistakes To Avoid in 2023 (and Beyond)

5 Financial Mistakes To Avoid in 2023 (and Beyond)

Heather Taylor   Thu, March 2, 2023

The most financially savvy person isn’t immune to making money mistakes, and this is OK. Sometimes it can be helpful to check up on where you stand financially to ensure you’re not accidentally overspending on something you don’t need or putting off any financial commitments with deadlines.

Review some of these most common money mistakes and, if necessary, make the appropriate adjustments.

Sticking to Outdated Financial Goals

Most individuals set financial goals when they first start a budget and work carefully to reach these goals accordingly.

Take a moment to check in with your financial goals. Did you recently meet any of these goals, such as paying off credit card debt? Are any of your financial goals no longer relevant to you and your needs? Review the financial goals you have right now. Re-determine the priority of each goal. If you find some are no longer relevant or you already met these goals, make a note to set new financial goals to align with your life changes.

Delaying Maxing Out Your Retirement Account

Do you have a traditional or Roth IRA retirement account? There’s still time to max out your account contributions in 2022. Anyone younger than 50 may contribute up to $6,000 to their account for the year. Those over age 50 may add an extra $1,000 each year as part of their catch-up contributions.

While it’s not a financial requirement to max out your retirement account each year, it is highly recommended you do so if you are able to afford it. This is also true of any employer-sponsored retirement plans you may be participating in at your workplace. Maxing out these accounts allows your investments, and any potential earnings, to grow on a tax-deferred basis.

Not Reviewing Credit Card Statements

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