The start of a new year opens the door to a whole new set of opportunities, which is why many people emphasize New Year’s resolutions. Traditional goals include those surrounding health and fitness, but it can also be a window for establishing some financial goals. Here are four goals you can strive for that will replenish your wallet.

Build an Emergency Fund

Emergency funds are essential when disaster strikes. When unplanned bills sneak up on you or your income depletes, they can be your best resource. Ideally, it would help if you had fun in your savings to cover a few months of living costs, but that is not always the case. I recommend that you take the time to use an Emergency Fund Calculator to determine how much many you should have tucked away. COVID-19 has shown us that when disaster strikes, it is vital, you have extra protection, and an emergency fund can be just the tool to prevent any unplanned financial strains. 

Pay Off High-Interest Debt

The issue with most credit cards is that they charge high interest whenever you fail to pay your balance in total, and the longer you carry your balance, the more interest you accrue. Taking care of that debt should sit high on your list of priorities, mainly because it could save you a ton of money in the long run. Also, the process of paying off credit card debt could help you improve your credit score. The best action plan should be to pay off your credit debts from the highest interest rate card to the lowest.

Save for retirement

When you retire, you may be entitled to some money from Social Security, but for the most part, those benefits aren’t enough to sustain most seniors in the absence of additional income. Your retirement money isn’t going to pay for itself. That’s why planning sooner rather than later will allow your money to grow. If your employer offers a 401(k) opportunity, you can participate in that plan and have money deducted from your paychecks. 

Make a Budget and Stick to It

Designing a budget and seeing it through will not be the most exciting thing you do in 2022, but it’s an essential strategy for managing your money. Without a budget, you might fail to track how much you’re spending on different expenses. And that could make it challenging to meet other goals, like saving for emergencies or paying down debt.

 It would help if you took the time to create a spreadsheet of your different expenses or find a user-friendly budgeting app. The good about many apps today is that they will help you pinpoint your different expense categories and link your credit cards and checking account withdrawals to those areas.

Many people are excited about 2022. These resolutions are worth following if you’re hoping to improve your finances. Think about your individual needs and map out goals that are important to you. Set your priorities to know what to focus on in 2022.