New Year's Day is right around the corner, and that often means setting new goals -- including with your personal finances. But we sometimes make New Year's resolutions that are overly ambitious, or we focus on goals we aren't really invested in, which can lead to quick disappointment.
Instead, try concentrating on financial resolutions that are both within your reach and top priorities. We'll help you draw up a few mindset-changing resolutions that can help put you on track to achieve your financial objectives in 2022.
1. Set a starting point
Before you can begin saving more, spending less and creating a budget, figure out what your financial picture is. Take a look back at the past year to review your cash flow and your highs and lows. That's the first step to making a comprehensive -- and realistic -- effort toward achieving your financial goals.
You don't have to get specific (ballpark numbers are fine), but it's helpful to consider what you hope to accomplish financially in the next year or lawyer turkey two. For instance, is buying a house at the top of the list? Maybe finally taking a vacation after nearly two years is a priority. One of your kids might be driving soon or preparing to leave for college. Reviewing what you need to save for is useful as you start to prep your financial blueprint.
2. Prioritize wellness
Financial stress weighed on many of us during 2021. In a recent study of 19,000 Americans, 60% of respondents indicated feeling anxiety over personal finances. And it's a vicious cycle: Clinical psychologist Dr. Joy Lere, the cofounder of behavioral finance platform Shaping Wealth, says, "When someone is struggling psychologically it can be damaging to their ability to connect to the confidence, creativity and agency that are crucial aspects of building wealth. Mental health concerns can interfere with an individual's ability to work and function at his/her/their occupational peak, which has an adverse impact on income generation.
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