8 ways to better your finances in 2022 – Times Union
Save money, spending less and slashing debt are the cornerstones of a financial-themed resolution.
Did you spend too much this holiday season? If the sight of your credit card balance is scarier than political chatter at the Christmas dinner table or Aunt Sue’s mysterious homemade fruitcake, take a breath.
As we approach the end of another year, the calendar shift is a fine time to freshly assess finances, which is probably why money-related New Year’s resolutions are among the most popular annual pledges.
Nearly two-thirds of Americans make New Year’s resolutions. Sixty-eight percent surveyed for Fidelity Investments’ annual Financial Resolutions Study claim they are considering making a financial resolution for the new year, second only to a personal promise to improve health and well-being.
Making a money-related resolution may be one of the best ways to improve your financial health, according to Fidelity. People who made financial resolutions at the start of 2021 are more optimistic about the future and more financially secure. More people see the value of making plans and sticking with them, too. In 2021, 71 percent of Americans were able to stick with a financial resolution versus 58 percent in 2020. Looking ahead, 72 percent are confident they’ll be in a better financial position in 2022 than they were in 2021.
When it comes to money, the top three financial resolutions are what you might expect – to save more, pay down debt and spend less. But there are a number of things — some simple, some more complex — you can do to achieve greater financial contentment.
“One of the biggest resolutions people should make for 2022 is to maximize credit card rewards while minimizing credit card interest. If you can do that, you’ll be spending within your means, saving hundreds of extra dollars, and putting your finances in a safer position overall,” said Jill Gonzalez, an analyst with personal finance site Wallethub. “Alternatively, some of the most effective and popular financial New Year’s resolutions include making a realistic budget and sticking to it, looking for a better job and staying on top of your credit.”
Here is a list of financial resolutions you can make to save more money, reduce debt, curb spending and avoid financial stress, courtesy of Wallethub.com.