Are you looking for some new year’s financial resolutions to make in 2022?
We’ve got 25 New Year’s Financial Resolutions that will help you get your money working harder for you. These are the best ways to save, invest and grow your wealth so that it can work even harder than ever before!
You won’t believe how easy these tips are to implement into your life. They’re simple, straightforward and they’ll have an immediate impact on your finances. If you want to be financially successful in 2022, then this is the place to start!
The new year is a time of reflection and looking to the future. We all want to do better in the coming year, whether it be through our relationships or careers or financial life. And what better way to start off on the right foot than with financial resolutions?
In this blog post, we will look at 10 New Year’s Financial Resolutions for 2022 that can help you make your money work harder for you!
2022 New Year’s Financial Goals
It’s time to make a new year’s resolution, and this year it should be about your finances! Here are some of our best ideas for New Year’s goals you can stick with from now.
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1. Start a budget and track expenses
One of the best ways to get your finances in order is by creating a personal budget and tracking your expenses. Yet few people actually do it. A budget is nothing more than a financial plan that states what you will spend money in different spending categories each month or pay period. It isn’t complicated to create.
If tracking expenses sounds like too much work at first glance, think again! There are personal finance apps that make it easy to track your spending. And if you’re old school, there are always good ol’ fashioned Excel spreadsheets and paper budgeting notebooks!
Budgeting will help you see where your money is going each month and what areas you can cut back on. Plus, a realistic budget will help you determine how much money you can save each month.
2. Open a savings account and put it on autopilot.
One of the best ways to do start putting money in savings is by automating your savings deposits. There are many different products available today that let you set money aside on a regular basis, without having to think about it too much.
You can set up monthly transfers from your bank account into your savings account at whatever frequency works for you–weekly, bi-weekly, monthly–and then forget about it.
One of the best ways to start saving is through employer-matched retirement accounts or other tax-advantaged plans. With an automated high yield savings account, you can easily start building your nest egg in your retirement accounts little by little so you won’t even miss the money.
3. Choose a Cash Back Credit Card
It is easier than ever to apply for and use credit cards. One great option, in particular, is the cash back credit card that most credit card issuers offer. With this type of card, you can earn money every time you make purchases with your credit or debit card! This is a great way to save on the things you buy every day, and can really add up over time.
To find the best cash back credit card for you, do some research online or consult with a financial advisor. There are many options available, so it is important to find one that fits your needs and spending habits. Be sure to read the terms and conditions carefully, as some cards have limits on how much cash back you can earn.
Frugal Tip: Be sure to pay off any credit card debt monthly so that you pay no interest charges!
4. Invest in yourself
Invest in yourself in 2022. Investing in yourself is one of the most important things you can do for your money to improve your financial situation! Take courses, read books, and learn all you can about money management. The more you know, the better equipped you’ll be to make wise financial decisions.
Investing in yourself is one of the best things you can do for your finances! By taking courses and learning all you can about money management, you will be making wise financial decisions in the future.
5. Pay down debt.
One of the best financial goals you can make is to pay down your debt. Paying down debt is a New Year’s Resolution that people make every year. And yet, many are still left with too much debt to start the new year off.
Start by creating a plan to pay off as much debt as possible in the coming year. A good plan is starting with what you need to pay off first, such as credit card debt, and then working backward from there.
Paying off debt will help reduce your monthly expenses and free up more money for savings and investments.
6. Start an emergency fund.
The last thing you want is to have an emergency happen and not be able to pay for it. That’s why many people consider starting an emergency fund.
An emergency fund helps protect you from the unexpected, like a job loss or medical bill that may exceed your current resources. You can’t predict what life will throw at you, but an emergency fund can help lessen the blow if something does go wrong.
Open a separate account and label it “Emergency Fund”. Use this account in case of unexpected expenses or job loss.
7. Make a will.
Making a will is one of the most important things you can do to ensure that your hard work pays off for those who depend on you. It’s also one of the easiest to put off, which makes it even more important. (If you don’t know what a will is, see this article.)
A will ensures that your assets are distributed according to what you want. If there’s anything in your estate worth fighting over, like property or money, then having a will could save everyone time and trouble because it tells them how things should be divided up without any arguments about who should get what.
And if all else fails? A well-written will can help minimize family discord during an already difficult time by providing a roadmap for how to divide your assets.
8. Cut back on dining out.
One resolution that many people make every year is cutting back on dining out. Dining out can be an enjoyable activity, but it can also eat away at your budget if you do it too much.
You might think that not eating out would mean missing all those delicious restaurant dishes – but don’t worry! You’ll find plenty of recipes online or cookbooks you can buy at bookstores that will let you recreate your favorite restaurant meals at home.
Eating your meals at home can help you save each month, with little sacrifice!
9. Make an extra mortgage payment.
Making an extra mortgage payment is a great resolution to make in 2022. When you make an extra payment it can put you on track to save on interest and pay off your mortgage sooner.
In order to make this resolution work, you need to make sure that you have enough money left at the end of each month to cover the extra payment. You can use a budget planner to help you stay on track.
10. Save money on groceries by using cash-back apps.
Using a cashback app to save money on groceries is an easy resolution to make and keep! One great thing about cashback apps is that it makes saving money on groceries easy for all families. You can use these apps even if you only have a little bit of time to spare or very little extra income in your budget (as long as you have a smartphone, of course!).
There are many different cashback apps to choose from, but my personal favorite is Ibotta. With Ibotta, you can earn cash back on purchases from a variety of retailers, including grocery stores, convenience stores, and drugstores. All you have to do is download the app, select the offers you want, purchase the items specified in the offers, upload your receipt to get verified by Ibotta, and watch the cashback add up!
11. Get taxes filed on time.
A good financial resolution for 2022 is to get your taxes filed on time. Each year around the time of tax filing, you’ll hear about people who missed out on refunds or had to pay more money because they failed to file their taxes.
But for most people, filing taxes is a relatively painless process. If you’ve never filed before or if it has been a few years since your last return, check out Turbo Tax to get started.
Filing early will reduce the likelihood of tax-related identity theft and allow you to receive any refunds that are owed to you sooner. It will help you avoid any penalties and keep more of what you earn!
12. Create sinking fund accounts.
Another good financial resolution for 2022 is to create sinking fund accounts. These are separate savings goals you work toward each month, such as vacations or a new car!
Sinking funds allow you to save for specific expenses without having to raid your general savings. If something unexpected comes up and you need to use your emergency fund, you won’t have to worry about ruining all your progress on your other savings goals.
To create a sinking fund, start by setting a goal for the expense you want to save up for, then set a monthly contribution goal. You can create separate sinking funds or contribute an extra amount toward your main savings goals every month until the money is there when you need it!
13. Make charitable donations.
One of the best resolutions people can make is to give back and donate money to charity. Doing so will help others in need while also teaching children about the importance of philanthropy.
There are many different ways to donate money to charity, so finding one that’s right for you shouldn’t be too difficult. If you want to make sure your donations are going toward a good cause, check out Charity Navigator to find reputable charities.
14. Be proactive with retirement planning.
A great way to save in the New Year is by being proactive with your retirement planning. Being proactive means starting to save for retirement as early as possible and contributing to your 401k or IRA retirement account on a regular basis.
Consult with a financial advisor to get started. They can help you map out a savings plan that will work best for your unique situation. Retirement may seem like it’s a long way off, but the earlier you start saving, the more money you’ll have in the end and you will ensure you have enough saved up for a comfortable and happy retirement!
15. Avoid using credit cards unless needed.
One of the best resolutions for 2022 is to avoid using credit cards unless absolutely necessary. Credit card debt can be incredibly difficult to pay off, and it can take years (or even decades) to do so.
If you find yourself in a situation where you need to use a credit card, try to stick to ones with low-interest rates that are cashback cards. And make sure things like groceries and gas are paid for with cash so you can avoid racking up interest charges.
One of the best ways to avoid credit card debt is by setting spending limits on your cards before you leave home, then leaving them at home! It will help ensure that every purchase gets approved in advance instead of just assuming you have enough money available to make a purchase.
16. Clean up my credit report.
Another good resolution to have in 2022 is to clean up your credit report. If you don’t have a high credit score, then you need to start working on it now. Having a high score can help you get the best interest rates on loans, so make sure yours is as high as possible!
You might think that there’s no way that your credit score could be that low but if you’re one of those people who always pay their bills late or doesn’t pay them at all, this is probably where the problem lies.
Paying off any outstanding debts nd making sure you always pay your bills on time will also go a long way in improving your credit score so make sure to take care of this for 2022! Also avoid opening too many new accounts at once. It can negatively impact your credit score.
Check your credit report to see where you stand and start working on fixing any mistakes that might be present. We recommend using Credit Karma or Credit Sesame to check your credit score and credit report from the three credit bureaus for free!
17. Cancel unused subscriptions and apps.
Make it a goal in 2022 to cancel any unused subscriptions and apps. Doing so can help you save money each month by avoiding unnecessary costs!
It can be difficult to keep track of all your subscriptions and apps. Sign-up and use an app like Truebill to help you find subscriptions and apps you’re no longer using so you can cancel them with ease.
Go through the list one by one. If you don’t use an app or service anymore, cancel it! And if there are any subscriptions you no longer need (like cable TV), cancel those too.
18. Compare insurance prices and policies.
During the first week of the new year compare insurance prices and policies. This will help ensure you are getting the best deal on your car, home, health, or life insurance policies.
There are a number of websites that allow you to compare rates for car, home, health, or life insurance policies for free, so take advantage of them! Just enter your information into the website’s form and it will provide you with a list of quotes from different insurers.
If you are using Truebill to find unwanted subscriptions, connect your insurance information and it will negotiate a lower premium!
19. Make an effort to avoid impulse purchases.
One of the best ways we can save money in 2022 is by avoiding impulse purchases whenever possible. Taking a few days or weeks before making any big purchase can help you save money and avoid making a decision you might regret.
To avoid impulse purchases, remove your credit card information from online shopping sites and delete store apps from your phone. This will help make it more difficult to buy something you don’t need!
20. Make some long-term financial goals.
People often have trouble sticking to their resolutions, but making a few financial goals for the year ahead can help you stay on track with your New Year’s resolution! And it doesn’t have to be that hard — just ask yourself what you want for your finances in 2022 and make sure you are taking steps toward achieving those things every day.
Some long-term financial goals you could set for yourself in 2022 include: saving for a down payment on a house, retiring early, or taking a trip around the world. Whatever your goal for your financial health is, make sure you have a plan to achieve it!
If one of your goals is to start investing, be sure to assess your risk tolerance and investment goals so you can choose the right investment portfolio for you. Look at exchange-traded funds (ETFs), municipal bonds, mutual funds, and real estate investment trusts (REITs) to see which one, if any, is right for your long-term savings.
Not sure what to do? Talk to a good financial planner or advisor. They can answer your questions and point you in the right direction.
21. Start some side hustles to make more money.
Increasing your income by starting a side hustle is a good New Year’s resolution for 2022. This can be anything from freelancing on the weekends to dog walking to delivering food!
The great thing about having a side hustle is that it gives you more flexibility with your time. You can work when you want and how you want, which is perfect if you also have a day job.
There are a number of ways to find side hustles. You can use websites like UpWork, Craigslist or Fiverr to find gigs or check with your friends and family to see if they know of any opportunities.
22. Stop stressing over finances.
One of the best New Year’s resolutions you can make is to make your mental health a top priority in 2022! We’ve all been through a lot in the last two years of the pandemic. Make a resolution to stop stressing over your finances.
If you’re feeling overwhelmed by your finances, take a step back and give yourself some time to relax. There are a number of ways to do this, like meditation or yoga. Don’t be afraid to seek assistance if you need it!
23. Plan for the unexpected financially.
A good resolution is planning in case something unexpected happens financially. Whether this means having a backup plan if you lose your job or creating an emergency fund, it’s important to be prepared.
One way to do this is by setting aside money each month into a separate account. This way, if something unexpected does happen, you have the funds to cover it!
24. Save more money by using cash-back apps on store purchases.
A good way to save money in 2022 is by using cash-back apps on your online store purchases. It will help reduce costs and keep you within a budget each month!
25. Be realistic with keeping the resolutions or goals.
It’s important to be realistic when it comes to keeping resolutions. While we can all do our best, sometimes making sacrifices isn’t always possible or sustainable!
If you find yourself struggling to keep your New Year’s resolutions, don’t be too hard on yourself. Just re-evaluate what you’re trying to achieve and see if there are any changes you can make so that it’s more manageable for you.
New Year’s resolutions often center around personal goals like getting fit and eating healthier. However, making resolutions related to your finances is a great way to set yourself up for financial success in the year ahead!
Whatever your resolutions are for 2022 make sure you hold yourself accountable by writing them down and updating the progress every day!
What are your financial New Year’s resolutions for 2022? Let us know in the comments below!
By following some or all of the tips we’ve given, you can make sure that you’re on track with your financial goals for 2022. Happy New Year!