15 Money Moves to Start 2022 Off Right

The start of a new year is a great time to assess your finances and get a jump-start on meeting your goals. With that in mind, here are a few steps you can take to begin 2022 on a positive financial note.

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Following a budget could help you better track your spending and stay on target with your financial goals. You can set up a budget using a notebook, spreadsheet, or an app. Just be sure to base your budget on actual figures from recent bank and credit card statements. Guessing at what your bills cost could throw your budget out of whack.

It's important to have cash reserves on hand in case unplanned bills come your way or you lose your job. Ideally, your emergency fund should contain enough money to cover three to six months of living expenses. If you're a little short, make an effort to trim your spending and pad your savings.

ALSO READ: 3 Signs Your Emergency Fund Will Fail You

A lot of people are ending the 2021 holiday season with debt. If you're one of them, try to cut back on spending and apply the cash you free up to that debt so it disappears sooner.

If you owe money on your credit cards, whether from the holidays or before, moving your balances over to a new card with a lower interest rate could make that debt less expensive to pay off. Some balance transfer offers even come with a 0% introductory APR that can help you shed your debt more easily.

It's a good idea to aim to set aside 15% to 20% of your income in a retirement savings plan. If you're not quite there yet, try to boost your savings rate from 2021. Even an extra $50 a month in your IRA or 401(k) could go a long way.

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The money in your retirement plan shouldn't just sit in cash. Rather, it should be invested so it grows into a larger sum over time. Do a review of your IRA or 401(k) investments to ensure that they're age appropriate, keeping in mind that you should be looking to take on more risk when you're younger and less risk as retirement nears.

If you have stocks or other investments in a brokerage account, be sure to give those a look. It may be that the value of some of your stocks has increased to the point where your portfolio is less balanced. If that's the case, you may want to make some changes to ensure that you're nice and diversified.

Savings accounts aren't paying much interest these days, but they're the best place for your emergency fund. And so it pays to look into different banks and see if it's possible to score a higher interest rate than what you're currently getting. You may want to specifically focus on online banks, which often offer more competitive rates than brick-and-mortar banks.

Your credit report is a snapshot of your borrowing history, and it's possible that it may contain mistakes. That's why it's a good idea to review your credit report and correct errors that may be dragging down your credit score. Even if your credit report is error free, it's still a good idea to see what your credit mix looks like and how much outstanding debt you have.

ALSO READ: Why It Pays to Check Your Credit Report Early on in 2022

Ironically, your credit report won't give you your credit score. To get that number, you'll need to buy it or access it via your credit card or bank account. But it's important to know what your credit score looks like, especially if you have big borrowing plans for 2022, like applying for a mortgage.

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Refinance rates are sitting at very competitive levels, so now's a good time to swap your existing mortgage for a new one. And the higher your credit score, the more likely you'll be to reap savings in the course of a refinance.

Side hustles may be trendy, but they're also useful. They can put more cash in your pocket, making it easier to pay your bills and meet your savings goals. Think about what your schedule looks like and find a gig that works for it.

If there are people in your life who depend on you financially, or who might suffer financial losses in the event of your passing, then it's important to put a life insurance policy in place. And the younger you are when you apply, the more likely you'll be to snag a competitive rate on your premiums.

ALSO READ: 3 Reasons Rich People Buy Life Insurance

You don't need to be wealthy to have a need for a will. In fact, if you don't create one, you'll have no say as to what happens to your assets once you pass away. You can create a will online using a free template, but you may want to pay a modest fee to have a lawyer draft one instead.

Many credit cards offer sign-up bonuses for hitting a certain spending threshold shortly after opening an account. It pays to snag one of these offers if you have large purchases coming up, or if you typically charge enough expenses to meet the spending requirement. It's an easy way to score free cash you can use to boost your savings, pay down debt, or even splurge with.

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Presented by Motley Fool Stock Advisor
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The moves you make early on in 2022 could set you up for a financially rewarding year. Tackle these items to improve your financial picture -- and give yourself something to be proud of.

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