What You Can Do Now to Reach Your 2022 Money Goals (2024)

 Witha few weeks to goin 2021,you’reprobably morefocused onyear-end festivities than setting intentions for next year.

But if you’ve got bigmoneygoalsfor 2022,you might want to start thinking aboutthemnow.Not only will you be ahead of the pack by the time the ball drops,butyou’ll also be giving yourselfthe freedom toaccomplish your goals on yourowntimelinerather thanan arbitrary calendardate.

Below are some tips to set yourself up for success so that, come New Year’s Eve, you can toast to the fact that you’realreadymaking progressonyourmoney goals.

Money goalNo. 1: Save more

Whatyoucandonow:Review where your money isactually going.

This is a classicgoalforgoodreason. Who doesn’t want to save moneyandstart the year off on the right financial footing?Truth is, it takes time to form a new habit, so rather than gocold turkey onyourspending all together,a better first step is to seewhere your money is going in the first place.

Start by lookingover your bank or credit card statements from thepast year. If you’re able to sort your transactions,go a step further and examine yourspending by category. Do the figures surprise you? Drill down even further andtrack your spendingover the next few weeks. Were there things you spent money on that you could have lived without? Would you have felt better if that money had been set aside for, say, an upcoming vacationora future down payment?

This exercise isn’treally aboutspending less — it’s about making sure your money is going toward the things you value. Once you know where your money goes, you cancreate a budgetthat reflects where you want to pare down, and which savings goals you want to redirect that money toward.

Money goal No.2: Pay down debt

Whatyoucandonow:Take stock ofwhat you owe.

Paying down debtis a challenge, but thereare ways to be strategic about it.Before you do anything, there are a few things to know.For everydebt you have,check to seehow much you’re paying in interest, what your remaining balances are,and any potential benefits you may get from the debt(for example, you could get a tax break on student loan interest).

From there, you’ll want toprioritize paying down your debt.Ifyouhave any credit card debt, you’ll probably want to focus on that first,as it’s likely to have thehighest interest rate. Taking stock of your debt now can also help you decideif you couldlower your interest ratesby transferring balances to a lower APR card, or refinancing or consolidating your debts.

Money goal No.3: Ramp up retirement savings

Whatyoucandonow:Increaseyour contributionsby 1 percent.

If youalready have aretirement planin place, like a 401(k) through your company, consider bumping up your contributions by 1 percent (or to the amount your employer matches, if you’rearen’ttherealready).It’s a smallamount,which means you’reunlikelytofeelmuch ofan impact on your budget. Plus, theearlier you start saving, the more time you’re giving your money to potentially grow.

If youhaven’t startedsaving for retirementjust yet,don’t wait until the new year; consider opening a retirement account now. Take time to review your options carefully. You’ll have to decide whether it makes sense tocontribute to a Roth or traditional account, as well as how much you can carve out of your budget to contribute. And remember that with an IRA, you have until the tax filing deadline tomake a contributionthat counts for this year.

Money goal No.4: Get a raise

Whatyoucandonow:Start tracking your accomplishments.

If youwereplanning toask for a raisein January,thatmay be too late.By then,your company’sbudget mayalreadybe locked downfor the year,soit’sa good idea tostartbuilding a case now,before any decisionsaremade.

First, ask your manager orHRdepartmentabout the timing of compensation decisions. If there’s still time to makeyour case,let your manager know you’re interested in having that conversation. Thenstart gathering data about yourwork wins, such ashow you’ve increased your team’s productivity,how you contributed toa successful campaign,orany other big wins that prove your worth—particularly if they went above and beyond job expectations.Doing this kind of due diligence is important becauseit’s hard toargue with solid facts.

Money goal No.5: Land a new job

Whatyoucandonow:Begin yourjob search.

Like so many Americans whoquit their jobsthis year,youmay beinterested in making a career changein 2022. And while there’s some truth to January and February being one of thebest times of year to search for a new job,don’t let that deter youfrom gettingthe ball rollingnow.Even if the process moves slower than you’d like, you’ll still be ahead of where you planned to be in January — not to mention you’ll have less competition for any jobs you apply to before then.It’s alsonever a bad idea to get your name and resume in front of hiring managers who’ll have a new budget to work with in January. Don’t be afraid to ask a recruiter for help; they’re not going to want to slow down over the holidays, either.