5 best financial tips for an amazing 2022
Are you financially prepared for 2022? With inflation rising, the continuing unknowns of COVID-19, and supply chain shortages happening everywhere, now is the time to prepare. Empower your 2022 financial success with these five financial tips!
- Build a budget for the new year
Whether it’s using a free budgeting app like Mint or the cash envelop system, building a budget is key for your first step to financial success in 2022.
- Use automatic payments to pay yourself first
Make saving money effortless by not even having to think about it! Harness that tendency to forget about automatic payments coming out of your accounts and use it in your favor. Pay yourself first and set up an savings account with automatic payments to yourself to eliminate the struggle of having to remember or find the self-control to save.
Putting away small amounts, even $20 at a time, really adds up! As a bonus, you could also end up spending less when you see less cash readily available in your checking account. To determine how much you should be saving each month, use the Savings Goals Calculator as a starting point.
BONUS TIP: Did you know that you can also automate bill payments to help you pay down your debt?
Set up automatic bill pay on your credit card or loan account, plus add in a little extra, whether it’s $5 or $50. Not only will this ensure that you don’t hurt your credit score by accidentally missing a payment, but think out of sight, out of mind… you won’t miss the small extra payment that will be automatically put toward your debt, and you will pay down your debt faster without even realizing it!
- Make a date with your debt
There are many avenues to pay down debt. For example, if you have high-interest debt, you may opt for a debt consolidation loan or credit card balance transfer. However, the easiest and first step to dealing with your debt is to set a date. Plan a day and time to call creditors to negotiate your debt down, chat with a debt counselor, or explore other getting out of debt strategies.
- Pick a rewards program and stick to it
Switch to a debit or credit card with rewards. Why not get cashback and rewards every month for the money you are already spending? You can redeem your rewards not only for cashback but also for things you love like merchandise, travel, gift cards, activities, event tickets, and much more. Make sure the card you choose to use is going to go the extra mile for you.
Once you have acquired points, make sure you use them! Make your debit or credit card rewards count by consistently using the same rewards program over 2022.
- Continue to educate and empower yourself financially
Sound financial management doesn’t happen overnight. Consistency is key, and a regular financial success newsletter can be a great way to keep up with the latest economic trends and continue your positive personal finance habits for years to come.
FREE financial wellness webinars are also a great way to empower your financial success for 2022. Ask financial expects questions and learn more about topics such as repaying debt, saving for the future, or buying your first home.
A new year is a chance to have a new start with your finances. Whether to simply improve your finances or completely get a grip on them, use these five financially empowering tips to prepare for an amazing 2022.