Three Realistic Financial Goals to Set for 2022
Setting New Goals for a New Year
The countdowns are done. The confetti and glitter are cleared (well, most of it, right?) The champagne flutes are back in the cabinet. The New Year is here, and once the celebrations are over, where are you sitting for the start of 2022?
If you are like most people, you are considering some sort of resolution, to take steps to better your future. It is common this time of year to focus on what you need to do to improve yourself, your future, your family, your life.
One wise way to step into 2022 is to focus on your financial future. Are you where you need to be? Are you investing wisely? Or at all?
Consider taking a moment this new year to weigh your options. Focus on where you are and where you want to be. The start of a fresh year is a fresh start to so many things, and the money in your pocket is just one way to improve.
Strong Goals for a New Future
At Gretchen Rehm Financial, we are always focused on financial futures. However, it is easy for money to be something lost in the shuffle of everyday life. Finances can be stressful and worrying… but they don’t have to be!
Start your 2022 with a bright, fresh approach to your financial future. Consider some new goals to get you started in the right direction, such as…
1. Make A Plan
This may sound like an overly simple first step, but it is an important one. If you have goals, make a clear plan, and stick to it, you can find success.
To begin your plan, consider the goals you have in mind. Where do you want to be? Where are you now? What is the focus of your new year?
Studies also show that writing goals down can also lead to success. Write your plan down and then break it into steps to make it easy to follow your progress.
Consider making a timeline when writing your plan. Hold yourself accountable to a predetermined time frame in which you hope to meet the goals.
Part of your plan should also be setting up your budget for the year. Have a set amount to spend, sorted by categories such as your living expenses, entertainment, insurances, and savings.
Writing out a budget will give you a solid start with a solid plan for 2022.
2. Start (or Add To) Your Savings
Everyone needs a safety net for a rainy day. Life is full of unexpected chaos. Your car may break down. You may need a new water heater. You never know what 2022 has in store.
By focusing on having a built-up savings, you will have yourself covered no matter what. A well-laid plan can be quickly and easily derailed if you don’t have a backup plan for the unexpected.
If you don’t have one already, start a savings account. If you already have one, increase your contributions to it. Make adding to your savings part of your plan and budget. By saving now, you can save a lot of headaches in the long run!
3. Pay Off Your Debts
A smart way to focus a portion of the budget is to also consider your debts. While it is common to have a mortgage payment or car payments, carrying a lot of debt can hurt your credit score and makes it tougher to reach your long-term goals.
Analyze what debts you have on your plate, and consider the smartest ways to pay them down. Debts like mortgages often have very low-interest rates over a long period of time. This is inexpensive money. However, something like a credit card could have interest rates in the 20 percentile or more. That is a high cost to borrow.
Weigh options for paying down debts, and be sure you are getting the best rates and borrowing the smartest ways.
The Helping Hand You Need
The roads to financial planning aren’t always easy. My team and I are here to help. Sometimes the best goal you can set is to seek help from professionals. We are always here to lend a helping hand, suggest the smartest planning, and help you find a bright financial future.
With the click of a button, you can make an appointment to meet with us today. We can create a plan that makes the most sense for you. And you can step into 2022 with a bright and fresh approach to finances!
