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FINANCIAL RESOLUTIONS FOR 2022 BY ANTHONY GARZILLI
New year’s resolutions are not only about improving your health and finally reading that book that’s been on your nightstand for months. There are financial considerations that you can put in place to help make 2022 a banner year. Consider these financial resolutions to help you achieve your goals.
MAKE YOUR MONEY MATTER
PAY YOURSELF FIRST To save money intended for a new car or high-tech gadget, start by setting aside funds from your paycheck that are connected to your goals before you spend on groceries, the mortgage or rent. This will put a portion of your paycheck directly into a savings account either through direct deposit or via a schedule automatic transfer. The goal is to ensure your money is put somewhere you will save it, not spend it. The key to the strategy is having the discipline to always put money aside. How much should you put away? That’s up to you. It can be $2 or $200, but the goal is to routinely make a point to put some money away into a savings account. AVOID AN IMPULSE PURCHASE It’s easy to scroll through websites and see a few “must-have” items. But it’s also easy to have buyer’s remorse. According to User Interface Engineering, a study found that impulse purchases account for almost 40 percent of all the money spent on e-commerce sites. Some items are worthwhile, but often others end up rarely used or in a drawer never to be seen again. When thinking about a purchase, consider if you truly need the product. Wait a day and then assess if you can live without it.
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