14 Money Moves to Make ASAP in 2022

Improving your financial situation is a good goal to set each new year.

As 2022 gets underway, there are a few key money moves you may want to make ASAP if you hope to end the year in a better place than when you started.

Not sure what to do to improve your money management this year? Consider completing these 14 tasks that can set you on the path to more financial security by 2023.

5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

Your net worth is one of the best measures of your overall financial security.

A negative net worth means you owe more than you own. A positive net worth means your assets exceed your liabilities and you're working on building wealth and becoming financially independent.

You should calculate your net worth each year to see how your financial situation is improving (or to become alert to the fact that things are getting worse).

Simply add up the value of everything you own and subtract all of your outstanding debts to determine what your net worth is.

You should be living on a budget to ensure that you're using money as wisely as possible.

If you already have a budget, review it ASAP in 2022 to see if you've done a good job sticking to it or if there are any adjustments that you want to make for the upcoming year.

An emergency fund protects you against unexpected disasters. Anyone can face surprise costs or a reduction in income. An emergency fund ensures you're prepared when this happens to you.

Ideally, you should have three to six months of living expenses saved for emergencies. If you don't, you should seriously consider working on building up a sufficient emergency savings account this year.

Tax Day is coming up quickly. You'll want to make sure you get your tax return in by this year's due date of April 18, if not sooner. The IRS has already begun accepting returns for the 2021 year, so there's no reason to wait to get started.

Many people should file taxes this year, even if they haven't in the past, as they may be owed unclaimed stimulus money from the American Rescue Plan.

ALSO READ: Stimulus Update: Millions of Americans Can Claim More Stimulus Money Starting January 24, 2022

It's important you have the right mix of investments given your age, investing timeline, and current risk tolerance. Since your portfolio balance and the appropriate risk level can change over time, you should rebalance your investment portfolio each year.

This means you should take a close look at the types of assets you own to ensure you're not being too conservative or too aggressive and to confirm your portfolio is diversified.

5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

Your credit score determines many aspects of your financial life, including whether you can borrow, the rates you'll pay, and where you'll live.

You should keep tabs on what your credit score is and whether it's improving over time or you need to make changes to increase it. You'll also want to check your credit reports to ensure there are no errors or signs of identity theft.

At the start of each year, make it a habit to check your report and score to see where you stand. Then, commit to checking it every few months during the year to assess any changes.

Each year, it's a good idea to set some financial goals for yourself.

This can include long-term goals, such as saving for retirement, and short- and medium-term goals, such as saving for big purchases or a home down payment.

You should make sure your goals are specific, that you break big goals down into small ones, and that you have a way to track your progress to see if you're on schedule to accomplish them.

Everyone needs to save for retirement as you can't live solely on Social Security. Make sure you know what your retirement savings goals are and check in at the start of 2022 to see if you're on schedule to achieve them by your target retirement date.

If you find you're falling behind on your efforts to build a nest egg -- or discover that you're missing out on an employer match or tax breaks for retirement -- then prioritize saving more for your later years during the course of the year.

ALSO READ: 3 Retirement Planning Mistakes That Will Haunt You for Years

Owing money to creditors can make it more difficult to live on a budget and accomplish financial goals. That's because some of your income is eaten up by interest.

If you're in debt, assess how much you owe, what interest rates you're paying, and when you're likely to be debt free.

If you find you have a lot of high-interest debt, refinancing could potentially help make payoff cheaper and easier. If you're paying the minimum on your credit cards and loan balances, you may also want to become debt free faster by creating a comprehensive debt payoff plan and devoting more to retiring your debt for good.

Most people aren't saving enough. Unless you're saving 20% of your income already (or more), then increasing the amount you're paying yourself could be an important 2022 goal.

Even inching up your savings rate by a percent or two can make a big difference in the long run. So take a careful look at your budget to find cuts that you can make to better prioritize investing in your own future.

5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

Making your savings automatic can help you accomplish financial goals. For example, if you've determined you need to invest $600 each month for retirement, transferring this money automatically to a 401(k) or IRA on payday can help ensure you actually do that in 2022.

Automating your bills also means you won't have to worry about missed payments that hurt your credit score.

Once you've made a budget you can live on that prioritizes investing and debt pay down, set up transfers to all the right places, and then you'll know anything you have left over is yours to spend.

With the "Great Resignation" and many employers desperate to find workers, there's never been a better time to try to get a raise. Research what you are worth, make a list of recent accomplishments, and consider asking your boss for more money.

If you aren't successful in getting a raise where you currently work, consider searching out new job opportunities where you could potentially make more.

ALSO READ: 1 Big Reason So Many Americans Are Quitting Their Jobs

Your Social Security earnings statement determines how much your benefits will be when you retire. It's a record of how much you make each year.

You should check it annually to make sure your wages are reported correctly and you don't miss out on money that should be yours. If you catch a mistake, it's a lot easier to correct it when you have all of the recent paperwork to prove what you actually made over the course of the year.

Finally, you'll want to confirm you have the right insurance coverage. You don't want to go unprotected -- especially as the costs of homes or cars have gone up. And you don't want to pay more than necessary for your policies.

To make sure you're protected for the right price, review your policies and coverage limits carefully and consider shopping for insurance quotes.

5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

By taking these care of these tasks as soon as possible in 2022, you should set yourself on the path to a better retirement and make it easier to accomplish both long-term and short-term financial goals.

If you want to end this year better off financially than when you started it, work on completing as many of them as you can.

The Motley Fool has a disclosure policy.