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Four Simple Tips To Reach Your Financial Goals in 2022

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Whether you’re happy with your current financial situation or wish to improve it, now is a great time to set financial goals for 2022. Here are four simple tips to help you get started.

Tip #1 – Build an Emergency fund

A financial emergency may occur in 2022, so to ensure you’re prepared, build an emergency fund. If you already have one, continue to contribute toward your emergency fund. Many financial professionals recommend saving three to six months’ worth of expenses in an emergency fund that you can easily access if needed. 

Tip #2 – Create a monthly budget

A budget can help you make the most of your hard-earned money. It’s essentially a spending plan for your income and expenses. As long as you stick to your budget, you increase your chances of meeting your short-term and long-term financial goals. While there are plenty of budgets out there, you may want to consider these options.

  • 50/30/20: The 50/30/20 budget is when you put 50% of your after-tax income toward your needs, 30% toward your wants, and 20% toward your savings goals.
  • Pay Yourself First: With this budget, you determine how much you earn after taxes and subtract your expenses. The figure you come up with can help give you an idea of how much you can set aside to “pay yourself first.” 

Tip #3 – Pay off your debt

Debt can make it difficult for you to achieve financial security and freedom. If you have credit card debt, car loan debt, student loan debt, or any other type of debt, make 2022 the year you pay it off. Numerous debt relief strategies may help you, such as the debt snowball, debt avalanche, debt consolidation, credit counseling, and debt settlement.  

Tip #4 – consult a financial professional

A financial professional can help you review your financial situation and determine a strategy for your situation for the upcoming year. Contact our office today to get started.

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© 2024 Trajan® Wealth LLC. Nothing in this blog is intended as investment advice, nor is it an offer to buy or sell any security. Please consult your financial advisor for questions about your personal financial situation. All investments involve risk, including the potential for loss. Trajan Wealth clients and employees may have a position in any of the securities mentioned. Portfolio holdings and other data are subject to change at any time and without notice. Additionally, the above links provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by Trajan Wealth, L.L.C., of any of the products, services or opinions of the corporation or organization or individual. Trajan Wealth, L.L.C., bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. These materials are for informational and educational purposes and are not designed, nor intended, to apply to any person’s individual circumstances. It does not take into account the specific investment objectives, tax and financial condition, or particular needs of any specific person. Please consult with your legal and/or tax advisor before making any tax-related decisions.

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