8 Strategies to Reach Your 2022 Financial Goals

Inflation is the highest it’s been in decades. People are living on lower pay and waiting longer for the things they want. Whether they are long-term goals or tangible items, Americans need to be patient more than ever before.

Regardless of this fact, 2022 can be the year you reach your financial goals! Trimming your budget and actively saving doesn’t have to put a crimp in your pocketbook or your lifestyle.

1. Create that Darned Budget Once and For All

If you have struggled in the past to reach your financial goals, chances are good you haven’t yet created a budget to track your income and expenses. For some people, creating a budget can be a huge emotional trigger.

It might signal that they are failing, that they have lost control, or that they will no longer be able to get the things that they want due to the constrictions they put on themselves.

Creating a budget doesn’t have to be this way. If you find yourself struggling with these thoughts, push past them and sit down with the spreadsheet and the numbers. Taking control of your future means managing your present.

2. Be Prepared for the Unexpected

Making sure your family has recourse in case something happens, such as a car accident, is crucial. Finding a good, cheap car insurance policy can help you pay for the unexpected if there is an accident. Without insurance, you may be left with no transportation and no way to get to work.

3. Know the Difference Between Good & Bad Debt

Not all debt is created equal! There is debt that works in your favor, like a low-interest mortgage. And then there is high-interest credit card debt, which, if you let it, can get out of hand and reduce your credit score and overall ability to raise your standard of living.

Keeping ‘bad’ debt to a minimum by paying off credit cards or at least paying more than the minimum, can deliver you faster to your financial goals.

4. Know & Monitor Your Credit Score

toward and maintaining a high credit score will allow you to get loans easier at better interest rates. You will be able to afford things like nicer cars, homes, higher education, and even vacations when you are able to secure a reasonable interest rate.

Obtain your credit report (for free) and keep a regular eye on it to be sure that there aren’t any marks on it that shouldn’t be there. Plus, you’ll be able to resolve issues more quickly when you are aware of them.

    SUBSCRIBE TO BIKE HACKS NEWS

    Want the best cycling experience?
    Sign up for the latest bikes, gear, and accessories reviews out there.


    By signing up, you agree to our Privacy Policy
    and European users agree to the data transfer policy

    5. Delegate Debt Repayments

    Sure, it would be nice to have all of your debts paid off, of course, it would! But, unless you win the lottery or get bequeathed a substantial fortune, that’s not likely to be the case unless you make efforts toward that end.

    It might be confusing to know what debt to work off first, and the rule of thumb is to pay off what is closest to being paid off. Make larger payments and concentrate on this one instead of spreading equal amounts to all debts. Make sure to continue making minimum payments on the others.

    6. Install an App

    Apps abound to help you figure out where you are overspending and where your money is going with regards to subscriptions. These apps include Clarity Money; Halfdollar; Truebill; Budgt, and a host of others. You might be surprised at how much money is sifting through your fingers!

    7. Capitalize on Your Skills

    Use your free time to bring in money doing something you already know how to do. Do you like pets? Consider pet sitting or dog walking. Do you like caring for children or older people?

    While you might need specific certifications in some areas, there are gigs to be had to help out families with their various needs. If you have a degree you aren’t using or special training in one particular area like accounting, scour the internet for work – or list yourself on places like Fiverr or Upwork.

    8. Build that Nest Egg

    It’s a scary thought, that most people live paycheck to paycheck and the slightest monkey wrench can drain them of funds completely, leaving them unable to pay bills.

    Nobody knows what the unexpected will look like, but one thing is sure, you can expect the unexpected to happen at some point. Because of this, sock money away in a savings-only account that is designated to be used only for a rainy day.

    is still new, and there is plenty of time to implement some of these strategies so that you can feel more comfortable working toward a future that is in true alignment with your goals.

    ______________________________________________________

    Some other articles you might find of interest:

    See how bike riding makes its mark among other outdoor activities:

    How Bike Riding Compares to Other Popular Outdoor Activities

    Make a bike stand on your own with these tips:

    How to Easily Build a Bike Stand – 3 Methods Compares

    Ride bike comfortably and safely with these tips:

    Best Tips for a Safer Summer Bike Rides: Ways to Stay Healthy and Clothing to Wear

    About the author
    8 Strategies to Reach Your 2022 Financial Goals — Bike Hacks