FI Weekly – January 3, 2023: New Contribution Limits for 2023, Net Worth Calc, Better Habits
New Year, New Contribution Limits Happy New Year! It’s a new year, so that means there are new contribution limits for retirement and tax advantaged accounts and even if we maxed these accounts out in 2022, we’re back down to $0 contributed in 2023 and are ready to fill the accounts up again. My family can contribute to an HSA since we have a (very) high deductible health insurance plan. I saw the recurring reminder in my ToDoIst app on January 1st to max out the HSA, then quickly googled what the new contribution limits are for 2023 ($7,750 for a family), and initiated the contribution via Fidelity. This all took about 5 minutes and it’s an example of the continued action we’re taking to optimize and make our financials lives better. What action are you going to take this month to improve your financial life? Net Worth Calculation for 2022 Speaking of taking action, here’s a timely one: I think it’s really important to track your net worth on a yearly basis (I personally do it on a quarterly basis but since the year and quarter just ended, this is a nice easy two-for-one to get started!). Really simple to