It’s a new year which means it’s a great time to start on a clean slate with your finances. Set new goals and work towards making 2022 your (financial) year.

Assess The Situation
So where do you start? Take a look at your current financial situation. How much is coming in? How much is going out? Make a list of those reoccurring expenses that you know never change like your mortgage or rent, cell phone bill, utilities, etc. Next make a list of the extras, these are the wants that you like to have but don’t really NEED, like your Netflix subscription or Apple Music.
 
It’s a good idea to look back on your spending habits over the last year. Did you have unplanned expenses and were you able to save some? Analyzing all of this will give you a good idea of where you stand now and in the immediate future.
 
Create a Budget
Time to create a budget with your income and expenses. This will give you a good idea of how much you can save each month and where you can possibly cut costs. 

Set Goals
Once you have assessed your current situation and have an idea of a budget, think about your financial goals. Maybe you are saving for retirement or a new home. Think about your short term goals too, like taking a vacation or buying a new TV. All of these things need to be incorporated into your financial plan.
 
Look At Your Coverage
Now is a great time to review your insurance. This includes homeowners, rent, car, life, health, etc. Is your coverage enough? Our needs change and so should your insurance. Review your beneficiaries and quote out other agencies if you feel as though you may not be getting the best deal. 

Create Your Plan
Plan how you will reach your goals. Maybe you open up a separate account to save for that new home or vacation or download an app to help you save. Or you decide you need another income stream to be able to achieve your goals. Your plan should map out exactly how you will reach your goals. 

Check In
Set reminders to check in on your progress on a quarterly basis. Have you been doing what you planned to do? Are you saving enough? Make changes to your plan if you need to. Remember, your plan isn’t set in stone, it’s flexible and you can make changes if you need to.