Set Your Financial Goals for the New Year

2022 is here! It’s time to set your financial goals for this new year.

At the end of each year most of us make resolutions to change something about ourselves in the new year. You may want to lose weight, start exercising or get your finances in order. Here are a few financial goals you may want to consider for 2022:

Budgeting. How many of us can say that we have a budget and actually stick to it? A budget is very important step in your financial success. A good budget is one that you can easily follow and stick to each month. It can be an app or spreadsheet or handwritten list.

Budgeting. How many of us can say that we have a budget and actually stick to it? A budget is very important step in your financial success. A good budget is one that you can easily follow and stick to each month. It can be an app or spreadsheet or handwritten list. Just keep in mind that whatever method you choose it will likely determine your financial success for the year.

Savings or emergency fund. Commit to saving something each month regardless of the amount. A little extra cash in your savings account or emergency fund will go a long way. Pay yourself first by electing to have a specific amount from each paycheck automatically deposited to your account. An emergency fund is a good way to prevent getting into debt or going further into debt because you will have money saved to help pay for unexpected life events or emergencies.

Contributing to a retirement plan. If your employer offers a 403(b) plan, consider making regular contributions through payroll deduction. If you are already participating in the plan, consider increasing your contribution to at least 10% of your monthly income if you can afford it.

Cutting expenses. There are many ways to reduce your monthly spending. If you are like most working adults, you spend money each month eating at restaurants or picking up take-out. Cut down on this luxury by finding cheaper restaurants or cooking at home more often and put the money you would have spent into your savings account. Another way to reduce your expenses is to review your subscriptions. A lot of us are all guilty of signing up for a 30-day free trial and forgetting to cancel the subscription when the trial period ends. This goes for not only streaming services, but things like cosmetics and razor blades. Also, take a look at your insurance policies. Are you paying too much for healthcare, life, auto or homeowners' insurance? Do your homework and compare providers. You may be able to switch carries and pay less for the same coverage.

Paying down debt. If you are carrying a large amount of debt coming up with a plan to reduce it is really important, even if it means making sacrifices elsewhere to do it. Set a specific goal of how much debt you want to pay off in 2022, then work backward to calculate how much money you'll need to put toward that debt each month. The key is making a commitment not to incur additional debt.

Meeting with a financial planner. If you already have a financial plan, you should meet with your financial planner at least once a year to make sure that your plan is on track for meeting your financial goals. It’s the perfect time to make any necessary adjustments.

If you don’t have a financial plan in place or have not worked with a financial planner, MMBB has a staff of financial planner specialists available to assist our members. You can rest assured knowing the financial planners at MMBB Financial Planners, LLC carry the CFP^® certification, one of the most respected certifications that a financial planner can attain. To learn more about the financial planning process, visit Creating a Strong Financial Plan Can Help You Build a Stable Future | MMBB.

At MMBB, our goal is to help our members achieve financial wellness.
Visit our website Supporting Your Calling is Our Calling | MMBB for more information on all the ways that we can help.

CFP Board owns the marks CFP^®, CERTIFIED FINANCIAL PLANNERTM, and CFP^® (with plaque design) in the U.S.