The top financial goals for 2023

With the cost of living hitting people’s budgets, Commonwealth Bank has shared consumers’ top financial goals for 2023.

The bank questioned over 1,000 customers and found half wanted to reduce living costs and expenses and to spend less on non-essential items in 2023.

Some 41% wanted to save regularly and to find ways to earn extra income.

Interest rates in Australia had risen from 0.1% in April to 3.1% in December while inflation was 6.1%.

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CBA chief behavioural scientist, Will Mailer, gave five tips to help people meet their goals:

• Focus on the specific goal;
• Create an ‘if this, then that’ rule;
• Build in incentives;
• Disrupt your environment; and
• Don’t rely on willpower.

He said: “It’s that time of year when millions of Aussies will make New Year’s resolutions to get on top of their money, get in shape, or to live a greener lifestyle. Sadly, we also know that a huge number of these resolutions won’t make it to February, as statistics historically show that many of us fall back into old habits in the first weeks of the year.

“Behavioural scientists have spent decades looking at why we so often plan to make lifestyle improvements, only to then overspend on the weekend and skip our gym visit. These insights help us to set up strategies that will increase the likelihood that those health, wealth and professional goals actually become regular behaviours and stick over time.”