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2023 Financial Forecast: How to Prepare for the Year Ahead

. Now, for the good news: Although there’s bound to be factors that are beyond your control, feeling more confident about your finances can help you navigate whatever comes your way.What does financial security look like in 2023? We talked with five experts about everything from the economy to the job market to financial markets to find out what to expect.

Here’s what they told us.Just to set things straight, Doug Boneparth isn’t a big believer in New Year’s money-related resolutions. “Just because the earth went around the sun once doesn’t mean anything,” says Boneparth, a certified financial planner and president of Bone Fide Wealth.

“No matter what the calendar says, it’s always a great time to focus on the foundational pieces that lead to success.”That said, a new year can be a good excuse to take a fresh look at your finances—and make some changes, as needed. If you don’t already have a good understanding of how money comes in and out of your life, that should be your No.

1 focus heading into 2023 because so much of managing your personal finances comes down to behavior and establishing good disciplines that you stick with, Boneparth says.“You need to get a firm understanding of what you’re spending your money on so you can become a disciplined saver or investor,” he says. “If you don’t have a good idea of what those numbers are, then you’re not giving yourself the opportunity to succeed.”It’s become more difficult in the past year, however, to know what your expenses will be each month—and that makes it all the more challenging to stick to a budget.Americans increasingly pulled out their credit cards to pay for a whole slew of more-expensive goods and services, which resulted in the biggest in more than 20 years.

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Doug Boneparth

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