Financial Planning for Your 2022 Goals

Picture yourself sitting in an oversized armchair in front of a roaring fire, with the snow falling softly outside. If this sounds like your dream, then this could be you on your next winter vacation for 2022 if you start planning for your financial goals. When you’re making your New Year’s resolutions don’t forget to plan for your future financially. Whatever your goals may be, here are the steps to help you achieve them.

Not everyone’s financial goals have to be the same. What do you want to accomplish in 2022? Maybe it’s taking that vacation you always wanted to go on, maybe you’re looking to purchase your first home. Determining what is important to you will help you set your goals.

Okay – now that you have figured out what’s important, it’s time to prioritize those items. Depending on your list, you may not be able to achieve all of your goals in 2022. Pick the top three that are most important and attainable.

When determining your budget, make sure you account for all of your expenses. Remember the 50/30/20 rule. Fifty percent of your income should go towards your essential living expenses, such as housing, groceries, and transportation. Thirty percent or less of your income should go toward your lifestyle, such as entertainment, fitness, and shopping. Twenty percent of your income should go to your retirement fund and emergency fund. This will help you determine what can be a reality.

Now that you have all the facts, it’s time to start saving. Consider using a savings account that is just for your future goals. This will help you keep the money separate and discourage you from dipping into it. 

Make sure you have monthly checkpoints to see how your savings is adding up. To hold yourself accountable, write down your goals on a piece of paper and hang them on your fridge or make a note in your phone. This will be a constant reminder of what you want to accomplish.

Sometimes it takes a little help to reach your financial goals. Consider looking into a financial advisor to assist you on your path to your future.

Try these steps to help plan for your financial future. Still need a little help? Pioneer’s Personal Finance can help you organize your finances, set goals, and even help you understand your net worth. Speak to a branch representative today to learn more.