New Year. New Goals.
With the new year, many of us have committed ourselves to changing the way we live for the better. One of the most important improvement areas is banking. This year, make your personal finance, saving and investing a top priority.
Getting financially fit is a lofty goal and it can be an overwhelming task. Many people don’t know where to start, so here are 5 quick tips for prioritizing your finances better this year.
- Carefully assess where you are right now.
Before you set any goal, you need to know where you stand. Assess your savings, debt, and investments. Though it may be stressful, it’s important to understand where you stand so you can be realistic with your goals.
- Get organized!
Setting goals is futile if you are unorganized. This step is crucial to your success. Consider one of the many available budgeting apps to stay on track toward your financial success. As is true with many things in life, the more organized you are with your finances, the better.
- Set a budget and stick to it.
Setting goals is crucial, but they are no good if you can’t stick to them. Be realistic and cut back on non-essentials. Cut your daily trip to the coffee shop to once a week, bring your lunch and reduce takeout costs. Once you get into the routine of saving money, it will be easier, and you will appreciate those extra items even more!
- Plan for retirement.
It’s never too early to start planning for your retirement. If you’re late to the party with planning for retirement, make this a top priority for 2022. Make this the year you hunker down and focus. Max out the savings and contact your employer about your options. Put this on your to do list TODAY! You will be glad you did.
- Create an emergency fund.
It can be very stressful when an unforeseen emergency arises, and you must scramble to get by. It can take some time but setting aside an emergency fund will give you some peace of mind in case things go sideways down the road. The financial relief you will feel if you need it, will be well worth the effort. Planning for 2-3 months’ worth of expenses is recommended, however, the more you put back, the better.
Make 2022 your best year yet by prioritizing your personal finances. Get started today and let us know how we can help. Happy New Year!
published on 01/14/2022