9 Must-Try Financial Planning Tips For The New Year
A new year means a fresh start, and for many, that means an opportunity to use financial planning tips for the new year to get ahead with their financial goals.
If you’re heading into 2022 focused on money goals, here are our top financial planning tips for the new year to improve your financial security and know your financial emergency options, such as getting a Utah title loan.
9 Tips To Get Financially Ahead In The New Year
1. Review Last Year’s Budget And Make A New One
On top of our financial planning tips for the new year comes a tip that may not be the most fun thing on your new year agenda. But good financial planning requires a hard look at your budget and spending for 2021.
Take a look at your financial status right now, determine what you’re pleased with and what still needs improvement. Most importantly, don’t give yourself a hard time for any of last year’s financial missteps. It’s part of life, and you have a whole new year to look forward to.
2. Make Some Goals And Write Them Down
You should now be in a good place to start thinking about new money goals, but don’t stop there. Write them all down, whether it’s a short-term goal like saving for a new car or a long-term goal such as saving for retirement.
Financial planning tips for the new year aren’t worth anything if they don’t include action items to get your financial goals actually going.
3. Take A Look At Your Investments
If you are fortunate enough to have a 401(k), stocks, mutual funds, or an IRA, the new year is a great time to look at how you’ve allocated your money and what shape those investments are in. New goals or financial needs may dictate some rearrangement.
4. Address Your Debt
If you have an amount of debt tied to your name for any reason. One of the best financial planning tips for the new year is committing to paying down some of your debt over the year.
Start with small actionable items – such as committing a certain amount a month to lowering your debt level — and go from there.
5. Address Your Savings
Working on increasing your savings is very close behind lowering your debt when it comes to great financial planning tips for the new year. It can be just as tough — but also just as doable. Having emergency savings is vital to a healthy financial life.
As with debt, set some goals, even small ones at first, and commit to getting your savings up.
6. Make Smart Investments That Take Inflation Into Account
It’s hard to predict the economic future, but inflation is a safe bet for the new year. At the top of inflation-specific financial planning tips for the new year: considering investments that are usually inflation-proof, such as equity funds or certain commodities.
7. Eliminate Unnecessary Expenses
When it comes to spending there are needs and there are wants. Needs always include such expenditures as rent or a mortgage, food, and utilities. Much of the rest probably falls under the category of “wants,” such as entertainment, restaurants, and more.
To follow most of the other financial planning tips for the new year on our list, decreasing unneeded expenses is a must.
8. Pursue A Raise
With mass resignations come more funding at more workplaces to be used to retain great staff and reward employees who have gone too long without financial reward. This year may be a good time to talk to your boss about your hard work over the past year and why a raise is due.
9. Know How To Deal With Emergencies
The last piece of advice on our list of financial planning tips for the new year is knowing how to overcome a financial emergency. One option available in Utah is online title loans.
A Utah title loan, which uses your car’s title as collateral for a short-term loan, is an option to address pressing financial issues such as unexpected medical bills, last-minute travel, or necessary home repairs.
Utah Title Loans Are Simple And Fast To Qualify For
Qualifying for a Utah title loan of up to $15,000 from Utah Title Loans, Inc. can take as little as a single day.
The qualifying requirements are easy to collect: your driver’s license or state-issued ID, the lien-free title to your car, and your car for inspection.
It’s easy to get started, too, especially since you can get the Utah title loan process started online. Simply fill out and submit an instant online title loan form, wait for a phone call from one of our representatives and they will guide you through the rest of the process.
Your Financial Future Begins Today
Using our financial planning tips for the new year, you can make sure that the new year will take you to a more financially secure place!
But sometimes good financial planning begins by knowing how to maintain every bit of progress you made, especially when it comes to coping with a financial emergency. To qualify for a Utah title loan today, simply submit our online form to get started.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.