2022 Money Intentions
It’s a new year, and I’m sure you’re setting new goals and intentions. It doesn’t matter where you are financially at this moment, you’ll want to be sure to make plans for your finances as well.
You may not know where to start, but that’s what I’m here to help with!
I’ve created a 4 step list to get you started. It’s time to take control or in some cases regain control of your finances.
1. Go for it!
Starting is the key here. When you’re in control of your money, you’re in control of your life. Money isn’t easy; that’s why you’re reading this. But it’s possible to feel good about it. Write down your money intentions, and be sure to put them somewhere you’ll see them daily.
2. Create a budget (If you haven’t already)
It's all about creating a budget that works in real life. Look for trends in your spending last month. You might notice habits forming that you didn’t even notice.
Your budget isn’t intended to be a financial diet or you tracking every penny you spend in a spreadsheet. Your budget should allow you to have a handle on how much money you have coming in and then make a plan for how you’ll spend it. Intentional spending is the goal here.
3. SAVE.
You don’t need to be debt free to start saving! Just start. I recommend opening a savings account that you do not have access to easily transfer. Ally financial has become a favorite of mine for easy automatic savings.
Save on autopilot. A lot of banking products like digit have features that allow you to save your change and more effortlessly. Every little bit helps! (Get $5 to start off with your first auto-save with Digit HERE.
New Year Challenge: Bump up your 401(k) contribution by 1%. (If you do not have a 401k, your challenge is to start one.)
4. Tackle Debt
Make a list of all your debts. Write them down along with their interest rates and balances. Debt includes credit cards, personal loans, student loans, etc.
Be sure you’re paying all the minimum payments on each debt (otherwise, you’ll get hit with late fees and maybe even a hit to your credit score). I highly recommend paying more than the minimum payment if you’re able to do so.
I’ve included a few of my favorite money habits for you to try below:
Automate your savings and bills
Add checking your account balances to your daily routine.
Start every month with a budget
Start asking yourself: “What do I want more than this?” It’s all about finding a healthy balance. There is a difference between denying yourself treats and sabotaging your financial goals for the sake of a cute impulse purchase.