A new year means new resolutions that bring new financial plannings and goals to achieve. More than two-thirds of Americans consider having financial New Year’s resolutions. Many people start a decade with a list of resolutions in which they add some of their financial to-dos, like improving their credit score or planning to pay off their debt.
Can you guess the most crucial and common financial resolution among people? Save more money, pay down debt and spend less. But simply making a resolution doesn’t mean you will be able to keep it.
If you want to be among those who succeed, you should learn to overcome trials that make it harder to achieve financial aims. New Year can be an excellent time to commit to your money goals, ditch bad habits and improve your financial picture.
Today, we bring you a few innovative financial resolutions to achieve in 2022 that will help you increase your cash flow.
Let’s dive in!
1. Own A Decent Budget
Your entire year’s financial success rests on having a decent budget. Therefore, one crucial financial resolution for 2022 should be a financial plan, and part of this process involves doing an economic analysis of your income, expenses, and investments.
If you are demotivated by the idea of being buried in data and can’t afford an accountant, then don’t worry because there are plenty of My EasyFi money management software at your service. They can help you budget, compute your expenses, and save your money like a pro.
2. Save Money Every Month
What should go in your budget is how much you plan to put away in an emergency fund or savings account. Try to save your money every month regardless of the amount. In this step, you have to be consistent throughout the year.
If you struggle with saving money, we recommend keeping the spare change on each debit or credit card transaction into a separate savings account. You will be glad to see how quickly all the extra coins can add up.
3. Pay Yourself First
Paying yourself first means paying your future self. It’s crucial to do it first because if you pay yourself last, chances are you won’t pay yourself at all.
An easy approach to pay yourself first is funding a 401k plan, especially if your employer offers matching contributions. We suggest you set a goal of putting aside at least 10% of your income each month for a future need.
4. Evaluate Your Outing Budget
It is not rare to eat out three to four times a week when working. Whether you take out or dine-in, this could easily add up to $100-$200 a week or more. The food budget can be even worse for the couple, especially if they have kids who eat or order out 3-4 times a week.
If only you could cut in half to $50-$100 a week on an ‘eating out’ budget, you may be able to save money into your account. By the end of 2022, you will have saved somewhat like $2,600-$5,200 a year for other needs, goals or dreams.
In A Nutshell
It is time to embrace your financial needs with a fresh start this year and improve your financial stability with these financial resolutions.
In case you are searching for budget management software, contact My EasyFi for money tracking and other financial services.