How to take control of your financial future in 2022

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As we enter a brand new year, it’s a perfect time to start thinking about ways you can take control of your financial future in 2022.

Wherever you are in your financial journey right now, there’s plenty you can do to supercharge your progress next year and keep tracking along towards your goals.

This article dives into a range of ways you can ensure your financial success in 2022, starting with the building blocks: designing your financial goals and creating a plan to reach them.

What are your financial goals for 2022?

This is always a topic worth talking about, given that many of us don’t always feel comfortable talking to family and friends about our financial goals.

Spend some time working out your financial goals and clear timeframes for working towards them. The way you work towards saving for a holiday will look very different to the way you save and invest for retirement. 

Think about your various goals in different areas and clearly articulate what they are and why you want to achieve them. It might also help you identify your current priorities, because it could be difficult saving up for a house, overseas trip, paying for childcare and investing for retirement simultaneously. 

How are you going to reach your goals?

Once you work out what you need to put aside to reach those goals each month, put together a plan and a budget to pay yourself first each month.

If your goals require more funds than you can currently put away from your paycheck, start to work out ways to increase your income over time. The next part of setting yourself up for success in 2022 is creating or refreshing your investment strategy. This could be one broad plan or different investment strategies to reach your specific goals.

Consider whether you want to take a passive or active approach (maybe even both), how you want to diversify your portfolio and whether you want to manage it yourself or bring in external management. This could include side hustles, negotiating a pay rise, or taking on a second job.

What is your investment strategy?

There’s plenty of other things to consider when creating your investment strategy, as explained in the free ETF and share investing courses on Rask Education, but it’s important to have some sort of plan and direction when investing.

A clear plan will help when setting up the accounts you need to enact your investment strategies (e.g. broker accounts, high-interest savings accounts etc.).

How are you automating your financial plan?

Automate as much of your financial plan as possible by including automations like auto transfers when your pay check comes in, monthly calendar events to purchase your next ETF and scheduled yearly check-ins with your super.

By using tools to keep on top of and check in with your plan on a regular basis (e.g. budgeting apps, spreadsheets, calendar alerts, a scheduled monthly review with a trusted friend/family member etc.) you’ll be able to ensure your financial plan for 2022 is actually realised to the best of your ability. 

Do you need help maximising your financial future?

After spending some time thinking about how you’re going to maximise your financial future in 2022, consider if you have come across any pain points or areas you need a bit more help with?

Research professionals like accountants, financial advisers, lawyers, investment research services and coaches to help you in actioning your financial plan.

There’s absolutely a place for getting experts involved, and you might find they help you reach your goals much more quickly, while also giving you added confidence along the way.

How are you increasing your personal finance and investing skills?

Finally, a key part of maximising your financial future is to always be learning.

The best investors have a strong commitment to self-development and lifelong learning. This is something to prioritise by putting it into your calendar, because it can easily be forgotten in a busy schedule. 

Make your financial future a priority in 2022 and set yourself up for success, by implementing some of the strategies mentioned in this article.

If you’re keen to learn more, check out our free courses on Rask Education, tune into The Australian Finance Podcast and ask your questions in our FB Community

Kate Campbell @ Rask

Kate Campbell @ Rask

Kate Campbell is the co-host of The Australian Finance Podcast with Owen.

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