Setting Yourself Up for Financial Success In 2022
Reflect on Your 2021 SpendingThe best way to get to where you want to be is to review where you’ve been. The start of a new year is a great time to make an honest assessment of last year's finances and address what went well and what didn’t. Were you able to stick to a budget? Did you save $50 from each paycheck like you’d planned? A simple financial review will help you identify where you succeeded, have gratitude for all you accomplished and then build upon those goals.
Reviewing your finances also clarifies the areas in which adjustments need to be made. Develop a plan you can commit to in order to avoid making the same mistakes this year. Overspending is a common oversight that can be detrimental to any budget. Combing through your expenses will help you identify the things you may not have realized you spent so much money on. It also provides the opportunity to focus on where you want your money to go. Identifying trends in your spending can help you create different strategies for the year ahead.
Understanding where you've been will make it easier to form, and stick to, healthier money habits this year.
Consider Life Events in 2022Life brings unexpected expenses we often can’t plan for. However, there are some events we can prepare for. A new year clears space for new goals and dreams. After completing a financial review, it’s a good idea to look to the future and start planning for the expenses you can foresee in the year ahead. Do you want to buy a car this year, or maybe a home? Are you planning to add a child to your family or take a big trip? Depending on where you are on your financial journey, this might be a good time to shift from budgeting to financial planning. We can help you identify when you are ready for that transition and create a plan to accomplish your future financial objectives.
Talk to a Specialist at CommunityAmericaNo matter where you are on your financial journey, our Wealth Advisors will meet you where you are and walk alongside you every step of the way. We offer several services from financial coaching and wealth management to retirement and college planning. Our team will meet with you one on one to assess what is most important to you and how we can help you be intentional with your money.
Listen to our podcast for a more in-depth conversation between Branch Manager Essence Yancey and Director of Wealth Management Heath Burch about these topics as you continue your journey to achieve financial peace of mind.