5 Personal Finance Tips for 2022

Making financial resolutions to improve your situation is a smart move at any time of the year. Improving your personal finances requires action - and the beginning of a new year is a great time to take action. Here are five actionable tips to improve your personal finances in 2022 and beyond.

5 Personal Finance Tips for 2022

As the new year roles in many people will say things like "I want to save more money in 2022" or "I want to start investing in 2022". But meeting lofty financial goals isn’t a simple task. Making financial resolutions to improve your situation is a smart move at any time of the year. Improve your personal finances requires action - and the beginning of a new year is a great time to take action.

Here are five actionable tips to improve your personal finances in 2022 and beyond.

Get a better job or improve the one you have

The pandemic shook up the job market. It caused millions of Americans to loose their jobs. But it also led to millions more working form home. As the economy makes a recovery, companies are now struggling to fill positions. This is good news for workers - employers need to be both flexible and willing to pay more for talent. If you are looking to make more money in 2022 you have two choices: ask your boss for a raise OR go out and find a new position. It's an employers market in 2022.

Find a better bank

Banks supply customers with opportunities and guidance to better manage their finances. Compare your bank to some of the new online banks. Many of the new banking apps are fee-free, offer free credit checks, automatic transfers, and ability to buy investments and even crypto currency. Some banks even offer complimentary financial planning services. Make sure your money is in the right place.

Check out M1 Finance - our favorite bank and investment app.

Take financial risks

Does it seem like only the rich are getting richer? It's because they are. The rich are also the ones using their money to invest in new trends and technology making them even more rich. Start by transferring money out of every paycheck into an investment account to fund new investments. Have a bunch of money saved up? Keep a little to cover an emergency – and put the rest to work by investing in stocks, funds, ETFs or REITs. Here are a few new trends that are making people rich: bitcoin/crypto, meta verse, cloud computing, tech growth stocks, NTFs.

Set better goals

Want to save money for a car or house? Invest more? Get into bitcoin? Money management is easier when you have clear goals. Simply "saving more money" is too general and hard to achieve. When you set a specific short-term goal, you can also set actionable steps to achieve it. If you want to save for a down payment on a house, first find the amount you need. Then divide it by a realistic timeline and find a way to put aside a weekly or monthly amount to achieve your goal.

Learn more about money

Knowledge is power - a power that can make you richer. While saving and investing are great goals for the new year - the best goal is to improve your knowledge about money. What you learn this year will help you save, manage, and invest smarter for the rest of your life.

The journey towards improving your personal finances starts with better goals and habits. If you’re committed to the goals, you’ll end up actions you can achieve. If there is one thing you do better with your money in 2022 - have it be creating better and more actionable goals.