15 No-Brainer Financial Moves to Make This Year

Whether or not you're prone to making resolutions for the new year, early in the year is always a good time to make wise decisions that can set you up for a stronger and more stable financial future. If you're still looking for ways to better align your financial goals in the rest of 2022, you've come to the right place.

Here are 15 easy moves to make in 2022 that could improve your financial health for the long term.

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Whether you're wading through student debt, credit card debt, or some other type of liability, right now is the time to work on cutting that down. While you may not be able to dispose of certain types of debt all at once (for example, a mortgage), faithfully making payments to reduce -- or when possible, eliminate -- your debt will not only give you peace of mind but ensure you're in the strongest position possible if unexpected expenses arise down the road.

ALSO READ: 7 Mistakes to Avoid When Trying to Get Out of Debt

Everyone's financial situation is different. In an ideal world, you won't carry any debt and you'll pay all your liabilities down every month as you incur them. That said, setting realistic goalposts that align with your current situation and income as part of your overall financial strategy is key.

For instance, if you don't have the money to pay off all your credit card debt at once, pay off as much as you can each month, and always ensure you pay at least the minimum payment owed to reduce any accrued interest.

If you find yourself puzzled as to where all your money goes at the end of each month, you're not alone. But tracking your spending and saving habits is key to strengthening your overall financial position. Even a simple spreadsheet where you list your regular expenditures and discretionary purchases can provide a concrete visual that enables you to track what spending is essential and where you might need to scale back.

ALSO READ: The Best Budgeting Apps for 2022

If you're finding it difficult to cut back on your spending and save more, there's nothing quite as effective as making a budget. Make a list of your recurring monthly expenses (such as rent, car payment, health insurance, streaming subscriptions, etc.) and other purchases you tend to make each month (for example, lunches, coffee, and outings with friends and family).

Based on your monthly income, divide this amount into several brackets. For example, set aside money for your recurring monthly expenses, set aside a certain amount of money to save each month, and budget a certain amount for discretionary expenses. If you find you're close to going over your budget each month, it may be time to rework some of your spending habits to ensure you're living within your means.

Credit cards don't have to be your enemy. They are a financial tool, and when used responsibly, they can have a range of benefits from helping you earn rewards for trips to cash back. If you're currently carrying credit card debt, right now is the time to work on starting your repayment plan.

Ideally, you'll never spend more than you can pay off every month. However, if you have credit card debt that you're unable to dispense of in a single payment, set a reasonable timeline by which you can pay off the total amount due. And never pay less than the minimum payment due each month, or excessive interest fees could seriously prolong your repayment plan.

If you've found it difficult to wield credit cards responsibly in the past, scaling down the amount of credit cards you own to just a couple can also be a great way to curb the urge to spend outside what you can reasonably afford.

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In the day and age we live in, subscriptions are a part of everyday life, from paying for your favorite streaming platforms to your go-to grocery delivery apps.

That said, too much of a good thing can be -- well, too much. Subscription plans can be a great way to save money on goods and services, but too many can also whittle away at your monthly budget without you even realizing it.

Take stock of the current subscription plans you have, and see where you might be able to consolidate or even unsubscribe from a few. Even an extra $50 a month could go toward other key parts of your budget, like helping to pay down debt, save, or invest in the stock market.

ALSO READ: How to Invest in Stocks: A Beginner's Guide for Getting Started

Is your credit score getting you down? Don't be discouraged, it's never too late to get your credit score back on track. Habits like paying down your balance each month, paying by or before the due date, never paying less than the minimum owed, and aiming to utilize 30% or less of your total available limit are all fantastic ways to build up your credit score over time.

If the past few years have taught us anything, it's that unexpected emergencies and life events can and do arise. If you find yourself with a minimal or nonexistent emergency fund, you can start building that up with an amount as little as $50 or $100 a month, all while paying down your other liabilities and meeting your current financial obligations.

When you put money toward your emergency fund, put it immediately out of your mind as off limits for spending. This isn't money you should be using to pay down debt or even to invest. Your emergency fund should be strictly for emergencies, such as an unexpected medical bill or to stay on top of your bills in the event of something like a job loss.

ALSO READ: Should I Sell Investments or Tap My Emergency Fund?

Even if you're not in a financial position to save as much as you'd like right now, you can always put some money aside toward your personal savings. Your savings stash should be separate from your emergency fund.

For example, this might include money that you intend to put toward retirement or a down payment on a house. In a perfect world, around 15% to 20% of your monthly income should go toward your savings.

If you're finding it difficult to keep track of all the bills you have to pay in a given month, there's an easy solution. From credit card payments to your phone bill, setting up automatic payments will help you streamline your budget and ensure you don't accidentally skip one.

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Consistently investing in the stock market over a period of years remains one of the single most effective means of accumulating more personal wealth and a stronger financial future. When setting up your monthly budget, consider taking a certain amount of money each month to put into the stock market.

Even a small starting amount like $50 or $100 a month can build up over time. Plus, when you invest in the stock market regularly throughout its ups and downs, you'll save yourself the trouble (and unnecessary risk) of trying to otherwise time the market.

ALSO READ: These Are 5 of the Fastest-Growing Large-Cap Stocks on the Planet

At the end of the day, it's up to you to ensure you achieve your set financial goals. Whether it's setting aside a certain dollar amount for discretionary purchases each month or regularly tracking your spending in a spreadsheet or app so you can visualize exactly where your money is going, find the system that works for you and stick to it.

With ads constantly bombarding you every time you open your phone or computer screen, consumers are regularly enticed to spend their hard-earned dollars. And there's nothing wrong with putting the money you've worked for to good use and enjoying yourself with some "fun" purchases.

If you find that you're tempted to hit the buy button a little too often, one easy trick to scale back your spending is to commit to sleeping on it for one night before you make the purchase. Sometimes, an item that looked like a must-have purchase at 1 a.m. looks far less necessary in the clear light of day.

ALSO READ: American Households Spend $2,900 Per Year on Entertainment. 5 Ways to Have Fun Without Breaking the Bank

While it's always a good idea to cut back on discretionary purchases when you're on a budget, if you're currently paying down significant debt, the need is all the greater. Whether it's fewer coffees out every month or going on a modest staycation instead of a lavish trip, every little bit counts.

Living within your means is key to maintaining your financial goals. If you're finding it difficult to hit your savings, debt repayment, and investing targets with your current job, you might consider what other skills you can leverage to earn some extra money on the side.

Whether it's earning a few extra hundred dollars a month from freelance content creation, online tutoring, or another in-demand service, there's no shortage of side hustles you can start from the comfort of your home to work toward your financial goals faster.

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Presented by Motley Fool Stock Advisor
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Just because we're nearly a quarter of the way through 2022 doesn't mean it's too late to get your financial health on track. Whether it's building up your nest egg, paying down debt, or investing in the stock market, the financial decisions you make now could impact you for years to come.

Determine your personal financial goals for both the near term and long term, and tackle them step by step, one day at a time.

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