Episode 161: 15 Money Resolutions For 2022

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Today’s Smart Money Question:

You might not be able to follow through on all 15 of these resolutions, but implement even just a few of these and you’ll be well on your way to a more prosperous financial life in the coming year.

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(Click the featured times below to jump forward in the episode)

Here Are Just A Handful Of Things You’ll Learn:

The new year means getting on track and trying to set new goals for what we want to accomplish. Money is always at the top of the list so we wanted to help you with your financial growth in 2022.

So on this episode, we’re sharing 15 money resolutions that will get you on a better financial track in the new year. We’ll give more detail on each one during the podcast, but here’s a list to bookmark for 2022.

  1. Reduce your debt.
  2. Boost your retirement savings amounts.
  3. Plan for emergencies
  4. Don’t overact to the headlines.
  5. Implement a budget (or at least look for ways to track some areas of your spending to see if you can find some waste that can be easily eliminated).
  6. Check beneficiary designations on all your accounts.
  7. Carve out time for a tough conversation or two (talk to your spouse or family about your healthcare wishes, powers of attorney, legacy planning, etc.)
  8. Audit your insurance. Do you still need all your policies? Are you over or underinsured in some areas?
  9. See if refinancing your home mortgage is a good idea.
  10. Check your credit. If it’s been a while, use the free reports to make sure everything is accurate and in good standing.
  11. Share your knowledge. If you work with a great advisor or have picked up some helpful financial tips, don’t be afraid to share those resources with a family member, friend or co-worker. Financial literacy: pass it on!
  12. Review your tax bracket, so you don’t get surprised later in the year.
  13. Rebalance your portfolio. Again, if you don’t know how, ask your advisor.
  14. Consolidate accounts. If you have three 401(k)s, 4 IRAs, and 5 brokerage accounts it might be a good idea to simplify things in 2022.
  15. Listen to more episodes of this podcast so you can continue to get smarter about money every day!

Let us know what you think and please contact us if you’d like some help executing on these items in the new year.

Listen to the full episode or use the timestamps below to jump to a specific section.

4:08 – Reduce debt

5:22 – Boost savings

6:41 – Plan for emergencies

7:05 – Don’t overreact

7:49 – Budget

8:54  – Check beneficiary designations

9:32 – Tough conversations

10:34 – Audit insurance

11:15 – Refinance

11:48 – Check credit

12:54 – Share knowledge

13:56 – Review tax brackets

15:09 – Rebalance portfolio

15:39 – Consolidate accounts

16:40 – Listen to our podcast

 

“People who are very successful have maintained very good financial habits for an extended period of time.“

-Matt Hausman

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