Helping with 2022 Financial Resolutions

Hello and Happy New Year from YoungMoneyFinance! I hope your holiday season was restul, recharging and that you got to spend some time with friends and family. The YMF family enjoy great time with both friends and family, and Mrs. Money and I actually got a little vacation just the two of us to the beach in Florida for a short getaway.

In the spirit of making resolutions this year, I imagine (or hope) that a few of your resolutions will be personal finance related. In an effort to help you get a little boost or nudge on your financial resolutions, here are a number of resources I’ve put together in the past that I hope can be helpful! Best of luck with your resolutions!

1) Make a budget

It’s tough to know where you stand financially if you don’t have a budget. A budget is not only a great tool to keep track of how much money you’re spending, but also a tool to help you set and achieve financial goals for yourself.

If going old school with a spreadsheet isn’t for you (which you can download my template over on the right side of the site), have you considered Mint.com? A lot of the readers here really enjoy it and rave about it. If you’re still not sold, check out this article on one of our readers and their experiences with Mint: Interview with mint.com user

2) Spend less money

Isn’t that everyones goal! It’s tough saying no to going out to lunch with coworkers or saying no to ordering dessert at dinner. There are two ways to manage your money; either make more money or spend less. Unfortunately, it’s much tougher for young professionals to make more money (unless it’s a side hustle!). One of the quickest and easiest ways to get your finances in a better place is to spend less money. It’s all about having the right attitude and mindset!

3) Save more for retirement

If you’ve been reading this blog for any amount of time now and I somehow haven’t convinced you of the need to put aside some money for your retirement, I’ve certainly failed! To save beating a dead horse, I’ll focus on helping you save more for your retirement.

4) Improve my credit score

It’s incredible how one little number can make or break you. Having a good credit score will help you getting a lower interest rate on a house, get a job, buy a car or even qualify to rent an apartment. How’s yours look? Could be better? Let’s make that happen.

5) Have more fun with my money

Honestly, the point of money is to enjoy it. YOLO!

6) Get out of debt

Debt can really weigh you down and hinder your progress towards financial success. First; decide you want to conquer your debt, then understand how it works, and finally, make a plan to get rid of it!

7) Insurance

Learn to protect yourself in the event of a loss. No one likes paying for insurance until you need it.

8) Invest your money

Of course investing in retirement is super important, but what happens once you’ve maxed that out, or have some extra money that you’re looking to invest? Or maybe you’re looking to up your investment game with some new types of investments?

Phew! A lot of hopefully helpful resources for you there, and I hope you find an article or two that proves helpful! Best of luck achieving your 2022 resolutions (both financial or not!).