It’s the end of the year, which means many people are overspending to celebrate the holidays. The end of the year also brings about talk of New Year’s resolutions and promises to live new, improved lives. I enjoy making resolutions each year and setting goals for our family to reach. It is fun to review how far we’ve come along and all of the things that changed throughout the year. We’ve already started brainstorming what money goals we want to attack in 2022.
What Money Goals Are Next?
When we set about deciding what financial goals we want to tackle in the new year we review what we’ve managed to accomplish over the last 12 months. This year was a slow one in terms of financial progress for us, but we made a number of upgrades in our lives. We added a new member of the family, upgraded our office equipment, and became a two-income household. Because we expanded our family and business this year, debt payoff progress was slow, but it wasn’t nonexistent. We maintained and grew in so many more amazing ways.
So, what’s in the cards for our family over the next 12 months? Here are some of the money goals we’re discussing for 2022…
- IRA: One thing we’ve been talking about is opening retirement accounts. Both of us have worked as freelancers most of our adult life, so we haven’t had employee-funded 401K accounts or anything like that. We’d like to start contributing to IRAs and max them out next year. It will help with taxes too.
- Savings for our child: We’ve talked about it a lot and we want to send our child to private school. To do that, we will need some saving stashed away when the time comes. We are going to do some research on education savings accounts that we can put money into for her. We will also be opening a high-yield savings account for her some time next year as well.
- Tax account: We haven’t been organized enough in terms of keeping up with paperwork, etc. for taxes. One big money goal for next year is to set up separate accounts and have a system for electronically storing our receipts.
- More organization: Speaking of electronically storing our receipts, we need a new system of organization altogether. Since having a baby and returning to work, things have been a bit scattered. So, the last week of the year we are going to do decluttering, organizing, and vision board creating.
- Pay off one account: As far as our debt freedom goals go, we’d like to pay off one account next year (hopefully the car). Of course, I’ll keep you up to date on the progress on this here on the blog.
The Importance of Setting Goals
A lot of people chuckle at folks like me who set resolutions every year, but setting goals for yourself is important. It gives you something to work towards and helps you outline how you can reach your biggest dreams. For us, it will reaching debt freedom, having a home of our own, and providing a life for our family that we love. What more could you really ask for?
Readers, what money goals are you setting for yourself next year?
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Amanda Blankenship is the Director of Social Media for District Media. In addition to her duties handling everything social media, she frequently writes for a handful of blogs and loves to share her own personal finance story with others. When she isn’t typing away at her desk, she enjoys spending time with her daughter, husband, and dog. During her free time, you’re likely to find her with her nose in a book, hiking, or playing RPG video games.