Financial success in 2023 is as simple as focusing on the right things, and making regular progress toward them
, maybe allocating $500 a month to each. By the end of the year you still allocated the same amount of money as if you contributed to each goal monthly, but by focusing on one at a time, you experienced quick wins. Being able to mark goals as complete every few months gives you motivation and momentum for tackling the next, which can make it easier to achieve all of them.
I personally always found it challenging to contribute $500 a month to my TFSA, but $125 a week never strained my budget. The smaller amount was simply easier to absorb week-to-week, even though the end result was the same as contributing monthly.. Because interest on a balance owing is typically calculated daily, making more frequent payments will reduce the amount of interest you pay over the lifetime of the loan and can even get you out of debt sooner.
Even if you can’t max out your TFSA, it’s better to contribute $2,000 than $0. If you can’t pay off a $5,000 debt in a single year, it’s still better to pay off $3,000 this year and $2,000 the next. You’re not a failure if you don’t achieve every goal you set for yourself. The only way to fail is to quit.
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