Are you ready to make 2023 the year of achieving your goals? Don’t let financial stress hold you back from reaching your aspirations. The time to start saving is (always) now! By setting aside a little bit each month, you’ll be amazed at how quickly your savings can add up and give you financial freedom. Don’t wait any longer to start planning for your future. Start with listing out your big financial goals in 2023.  Setting financial goals can help you stay on track with your money and make progress towards a more secure financial future. Planning is key here. Remember the 5Ps – prior planning prevents poor performance!

How To Set Financial Goals

How to Save Money for Your Big Financial Goals


Here are some steps on how to set financial goals. 

  1. Determine your priorities: Think about what is most important to you in your money management. Is it saving for retirement, buying a house, paying off debt, or saving for your child’s education? Having a clear understanding of your priorities will help you set realistic and meaningful goals.
  2. Be Specific: Identify exactly what you want to achieve in your financial resolutions. Don’t just say “I want to save money” instead say “I want to save $X by Y date.” Be specific about the amount you want to save and the time frame in which you want to save it.
  3. Make them measurable: This is related to being specific. Make sure your big financial goals in 2023 are measurable, so you can track your progress and know when you’ve achieved them.
  4. Make them realistic: Your big financial goals in 2023 should be challenging but also achievable. Start with small, manageable goals and work your way up.
  5. Make them time-bound: Set a deadline for achieving your goal. This will help you stay on track and motivated.
  6. Write them down: Put your big financial goals in 2023 in writing. This makes them more concrete and tangible, and it also makes it easier to hold yourself accountable.
  7. Create a plan: Once you’ve set your big financial goals in 2023, create a plan for achieving them. Identify the steps you need to take, and make a schedule for completing them.
  8. Review your progress: Regularly review your progress and adjust your plan as needed. If you encounter setbacks, don’t be discouraged – just adjust your goals or your plan accordingly.

Budgeting Strategies

How to Save Money for Your Big Financial Goals

Having set the plan, you will need a suitable budgeting strategy to progress towards your financial goals. Here are some popular budgeting strategies that can help you stay on track: 

  1. 50/30/20 budgeting strategies divide your income into three categories: 50% for needs, 30% for wants, and 20% for savings and debt repayment. This approach ensures that you’re meeting your basic needs while still allowing some room for discretionary spending and saving.
  2. Zero-based budgeting strategies involve creating a budget where your income minus your expenses equals zero. This helps you to identify any areas where you may be overspending and make adjustments to reach your big financial goals in 2023.
  3. Envelope method budgeting strategies involve using physical envelopes or a digital version to allocate a set amount of cash for different expenses categories like food, entertainment, transportation, etc. Once the cash in an envelope is gone, you can’t spend any more in that category for the month.
  4. Value-based budgeting strategies are based on the principle of aligning your spending with your values. It involves prioritising spending on things that are most important to you and align with your personal values, and cutting back on things that don’t.
  5. Reverse budgeting strategies involve starting with your savings goals and then working backwards to see how much you need to save each month to reach them. This approach can be effective for those who have difficulty sticking to a traditional budget.
  6. 80/20 budgeting strategies involve allocating 80% of your income to necessities and savings and 20% to discretionary spending. It’s a simple way to maintain a balance between savings and flexibility.

Ultimately, the best budgeting strategy is the one that works for you and fits with your lifestyle. The key is to find a budgeting method that is easy to stick to and helps you meet your big financial goals in 2023.

Money Management For Your Big Financial Goals In 2023

Saving money for your big financial goals in 2023 requires a combination of planning, discipline, and determination. Here are some steps you can take to help you achieve your goals: 

  1. Set specific and realistic goals determining what you want to save for and when you want to achieve it. Be specific and realistic about the amount you need to save and the time frame in which you want to save it.
  2. Create a budget understanding your income and expenses and figuring out where you can cut back.
  3. Automate your savings so that you save money without having to think about it. Automation makes it easier to meet your savings goals and also helps to establish a habit of saving.
  4. Prioritise your savings by paying yourself first before you pay your bills or spend money on other things.
  5. Pay off high-interest debt such as credit card debt. If you have high-interest debt, focus on paying it off as quickly as possible to free up more money for saving.
  6. Increase your income. Take on a part-time job, ask for a raise or consider starting a side business to increase your income.
  7. Be Flexible because achieving your savings goal might require you to make sacrifices and adjustments, but that doesn’t mean you can’t enjoy life. Find a balance between saving and enjoying life.
  8. Stay motivated by keeping an eye on the prize and remind yourself why you’re saving. Celebrate milestones along the way and adjust your strategy as needed.

 Saving money for financial freedom takes time and effort, and it is here that a financial advisor can be a great help. A financial advisor can provide guidance and expertise in creating your personalised financial plan to achieve annual goals and make informed investment decisions. Leave your comments and queries here and we will be glad to answer them.

Asfar Ibrahim - Top Financial Advisor Consultant Dubai UAE, Qatar, Oman and Saudi Arabia

Asfar is an Independent Financial Advisor and Associate Partner with Continental Group based in Dubai, UAE with over 12 years of experience in the region. His clientele includes high networth individuals, corporations, C suite executives, business owners, and entrepreneurs in the region.

Although with proper planning and consistent effort, you can save, invest and distribute your own finances. It is always good to get some professional advice. If you need help in planning your finances in the short, medium, or long term, I can help you do so. You can write to me with your questions and comments to

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