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Top 10 Financial Resolutions for the New Year

Not sure where to start or just searching for some financial inspiration for the new year? Here are 10 recommended resolutions for 2022.

By Gaurav Sharma

The new year presents the perfect time to take account of your financial health, and identify opportunities to grow, improve, and change old habits for the better. Even small adjustments can make a big difference over the long-term.

Gaurav Sharma

Gaurav Sharma

Whether you’re a savvy investor or newly interested in personal finance, there are plenty of aspects of your financial picture that you can focus on in 2022.

If you’re not entirely sure where to start or just searching for some finspiration, I recently spoke bloggers and influencers about the resolutions they recommend for 2022. Here’s what they had to share:

  1. My resolution for 2022 is to focus less on the numbers and focus more on the LIFESTYLE. In the personal finance world, it's too tempting to get wrapped up in the spreadsheet and try to optimize, often at the expense of our personal care. My goal in 2022 is to restore balance between my money and my life. – Katie Gatti, Money with Katie 
  2. My financial resolution is to stop buying things twice 一 meaning, I want to buy the higher quality item once. Now that I'm getting a little older, I've found that younger me attempted to cut corners on things like kitchen utensils, luggage, and even furniture. Now I'm having to replace them just after a year or two, but I'd like to start investing in items that are really going to last me for 5, 10 years.  – Vivian Tu, Your Rich BFF
  3. If investing more is your goal in 2022, get specific on the where and what. "Invest more" is very vague, but saying, "I'll invest $5,000 into my 401(k) at work and $2,000 into my IRA by December 2022" is much more powerful and even more likely to happen! – Kara Perez, We Bravely Go
  4. Start scheduling monthly money dates. First, reflect on your 2021 finances and then make a game plan for the new year. Monthly money dates help you check-in and stay on target with your goals! – Tori Dunlap, Her First 100k 
  5. Resolve to finally open that IRA and put in as much as you can. Don't let the big number of $6k stop you from starting 一 every bit helps and gets you closer to securing your financial future." – Chloe Daniels, Clo Bare
  6. Begin your budget 一 getting on a budget will help you find more disposable income. When I did my first budget, I found an extra $1,000 per month – Brennan Schlagbaum, Budgetdog 
  7. Having an open dialogue about money is one of the greatest opportunities to create financial unity within a marriage. If you desire to have fewer arguments, disagreements, and true reconciliation within your marriage, allow yourself to be vulnerable and get to the root of any money issues between you and your spouse. – Danielle Davis, Money in Matrimony 
  8. If you have the opportunity to invest in your retirement through an employer-sponsored retirement plan, consider updating your budget in January so that you can contribute to your retirement account each month. Don’t forget to inquire about employer 401(k) matching! – Dasha Kennedy, The Broke Black Girl 
  9. Research your employer's 401(k) and commit to invest at least your employer's matching percentage within your 401(k)! This ensures you’re not leaving free money on the table while investing for retirement. – Chris Chung, The Everyday Millennial 
  10. Start tracking your net worth. It’s the ultimate financial scorecard and helps you focus on staying the course as you make progress with your finances. – Rob Berger, Author & YouTuber

There’s no one-size-fits-all fix when it comes to personal finance. Whether it’s balancing your budget or saving for retirement, set goals that make sense for you this year. And, regardless of the resolution, good habits are a lot like interest - they compound over time.

For example, many people have old 401(k)s or other retirement accounts they left behind when changing jobs. Unfortunately in this case, “out of sight, out mind” might mean a poorly allocated account that’s being eroded by high fees. By taking just a few minutes to roll over these accounts into a personal IRA, the average person could save up to $700,000 over the course of their lifetime. That’s one easy action to start your new year off strong.

So when it comes to your resolutions, remember to start small and stick with it, so you can reap the rewards in your bank account and beyond.

About the author: Gaurav Sharma

Gaurav Sharma is chief executive and co-founder of Capitalize, the first independent platform helping people rollover their retirement accounts. If rolling over a 401(k) on your own seems like a daunting proposition, Capitalize’s free service can help every step of the way. Learn more at www.hicapitalize.com.