The new year 2022 is finally here and even a few days old already, and for a good number of persons – they look to improve their finances, make more money and afford even more simply without duress, the life of their dreams. At such, so many people had already drawn out a plan to work with in the year 2022, already penned out clearly their financial goals as it concern their businesses, workplace, family, savings, spending etc. All, in a bit to avoid unnecessary surprise demands that may take a toll on their finances and make them bankrupt when they are still actively working.
Nevertheless, we cannot completely forget those lot who are late planners, who realize the reality of the need to have some serious financial knowledge and plan ultimately until being hit by something that jolts them into the consciousness of life, that financial success only comes as a result of conscious strategies and efforts. Good thing, though money language seems to be very mathematically inclined, yet even the most illiterate of persons seems to figure out a few bucks, hence one doesn’t need to understand math or how to short a stock in order to master the fundamentals of money, all you need is actually a set of clearly defined goals and the discipline to run with them.
A good place to begin is by segmenting your goals clearly into three basic parts e.g (Short-term, medium-term and long-term) precisely. But in this particular article we look to take one at a time (Short-term), while subsequent articles will treat both medium and long-term financial goals.
Short-term Financial Goals for 2022
Refer simply to a type of goal that is looked to be achieved within a short period of time – a day, a week, a month or at most a year. They usually have immediate benefits, some good examples of short term financial goals you may want to set for 2022 include.
1. A Vacation Fund
Would you like to travel within the next couple of days, weeks or month in the year? If your answer is yes, then you might want to consider this – While you get to pick a place, that most appeal to your interest, you may need to also think of funding – Most atimes, you pick a place based on your personal interest and based on your pocket size but how about if the later could be better sorted out in other ways.
Set up a Short-term savings plan: To do this all you need is some discipline and a little patience. Utilize the service of your local bank: Check in with your local bank to be oriented if they offer an old-school “Christmas Club”-style account, or for security, some interest rates and flexibility consider opening an online, FDIC-insured savings account. This works, and saves you unnecessary credits. Also, it’s a plus for retired people and older folks.
But setting up an aggressive, short-term savings plan for a specific goal is a powerful experience to get what you want without going into debt—all it takes is a little patience.
2. Inculcate Budgeting and stay Disciplined
Except you are on Forbes list, everyone could use a budget. In as much as we would like to live a little carefree, track less life on our finances, we must admit making those bucks back is going to take a lot more – perhaps months. Budgeting might not always be cool, but it could be a lifesaver! A budget is all about understanding your relationship to money— how you spend, how you save, basically your financial priorities.
When we budget, we cut down on impulse buying, we cut down on poor investments and have more discipline ultimately avoiding poor financial decisions – plus you will be amazed at some of the things budgeting helps you discover. Beyond that, a budget is the first step in having financial intelligence, ultimately growing your money and watch 2022 turn your financial story around. Now, you might want to make one and stick to the changes it inspires.
3. Invest in the stock market
Some of us are so concerned and enveloped in our physical assets that we do not have any regard or find the need to learn or give a shot at investing in the stock market. But perhaps you must know as this might likely change your mind and view about investing in stocks. It is important to know that most of the people who own stocks are wealthy, and also, owning stock is the best way to be the next wealthy person. Investing in the stock market is open for both young adults and old, particularly those looking to make it big in the nearest future. Though, this does not advice you to invest your money without having the nitty-gritty of how it works, rather it advices you meet with a financial advisor and set aside some funds that you can start investing with.
4. Reevaluate your recurring expenses.
Do a deep dive into your expenses and look for the ones you can eliminate. Are you paying for every streaming service under the sun? Consider rotating through them one at a time instead. Do you and your partner pay for separate accounts all the time? Sharing logins can save you some serious money. Look at every expense and ask yourself if you need it, or if there’s an alternative that would be cheaper.
5. Have a debt-reduction strategy.
Debt is not inevitable, you can actually live above debts. All you really need is discipline, and living within your resources. But while you consider that, how do you reduce your chances at being a debtor as well as pay off your previous debt? Both credit cards, loans, or medicals, there are a few measures you can take to reduce the chances of being caught in the debt web. Consolidate where you can with balance transfers or loans, start paying more than the minimums where you can, and apply the classic Snowball Strategy.
6. Review your types of insurance
A common blind spot for people are the things that are simultaneously necessary and mind-meltingly boring, like insurance. Yes, you need various insurance—health, home, renter’s—but a good goal for 2022 would be to review your various policies and ensure you have the right coverage. No sense in paying for coverage you’ll never use, but on the flip side, the worst time to discover you don’t actually have comprehensive car insurance is when a tree branch falls on your vehicle or your house starts to crumble.
7. Learn More Digital Skills
Learning just just about any skill is important but the world is apparently growing more digitally advanced by the day. Therefore, the high demand for persons with digital solving abilities is on the rise. There is a lot of hot digital skills you can learn to bring you good money, acquire at least one.
8. Ask For A Raise
The old saying that money can’t solve your problems is obvious hogwash: There isn’t a single problem you can have in this world that wouldn’t at least be improved by more money. So, a great goal for 2022 is to have more money coming in. In the long-term, that could mean a lot of things, like starting a business or changing jobs (or careers). In the short-term, why not just ask for a raise? This is especially important lately, as inflation is on the rise. Here’s some advice on how to ask.
9. Have A side Hustle
Another short-term goal for improving your financial situation could be identifying a way to make a little extra money using one of your many skills. The key to a great side hustle is to pick something you enjoy doing if at all possible, and to monitor how much time and effort you’re putting into it to avoid burnout. This can also be something of a long-term goal if you think you might someday make your side hustle into your main hustle.
10. Sell out unneeded personal stuffs
Combine two great goals into one by going through all your junk and identifying stuff you might be able to sell. This could be a single, old-school garage sale event or an ongoing project where you slowly sell off all the precious stuff you haven’t looked at in years.
Bonus: It can make your home neater and more comfortable, and if you’ve been carrying the cost of a storage unit, you might be able to get that money back. Maximize the positive effect by using the money you make to start a savings account or as an investment seed.
11. Try living below your means
Make it your goal in 2022 to live way below your means and bank the extra scratch. Lowering your living expenses significantly is the same net effect as getting a raise, after all.
But 2022 is when you change that narrative and start making plans. No matter how old you are or how much money you have (or don’t have) saved up, it’s literally never too late to start saving for retirement—you just might need to be more aggressive with your investment strategies.