Happy (almost) New Year, and what a year it has been!
It is hard to believe that 2021 is coming to an end and that we have lived through 2 years of a global pandemic. 2022 promises to be equally as interesting. Let’s control the controlables and make sure our money is ready for the new year!
1. If you have student loans, make sure you are prepared to start repaying them again next month. While student loans were taking a snooze, inflation grew by 6%. Now is a good time to review your spending plan to make sure you are ready and able to start repaying those loans!
2. Did I say review your spending plan? With inflation being such a big issue, it’s a good idea to take a look to see if expenses, like food, transportation, or eating out have gone up.
3. Review your last credit card/bank account statements. Be on the lookout for any subscriptions you bought and don’t really use. I have had clients save $100 or more a month by doing this simple exercise
4. Take a look at your financial goals. Are you trying to save money or pay down debt? How did it go? What worked for you, what didn’t? What payments or savings can you automate to be sure you hit it next year?
5. Do a mock tax return. That’s right. Use your most recent paycheck and figure out if you might be getting a return. If so, consider changing your withholding to get more money in each check.
6. Did you get a raise in 2021? If so, can you up your contribution to your retirement account by at least half of that raise?
7. Pull your free credit report for the year and look for any discrepancies.
If you had a change in family structure, you will likely want to review insurance and beneficiaries as well. This basic check-in with your money will set you up to crush your money goals in 2022.