Three Financial New Year's Resolutions for 2022

If getting your finances in order is one of your New Year’s resolutions, three things need to happen – save more, make more and spend less.

Save more: Small steps to reach your savings goals quicker.      

Pay yourself first

Have an automatic savings withdrawal set up for the day after your direct deposit hits. If you wait to save what is left after bills, there usually isn’t any.

Focus on your goals

Cut out a picture of your goal and put it in your wallet. If you look at a picture of Hawaii every time you use your debit card, it will help you skip those impulse buys to meet your goal even faster. If you share funds with a partner, talk about mutual goals and how
saving will help you reach those goals, like saving for a down payment, dream vacation or remodeling project.

Boost your monthly income.

Look for a new job with a higher salary

The biggest salary boost often comes from moving to a new company. Or, ask how you can increase your income at your current job by taking on more responsibilities.

Consider a side hustle

Do you have a talent you could teach or tutor? Playing an instrument, teaching sign language, editing papers – many can be done while social distancing thanks to Zoom or FaceTime. Make sure the side hustle is worth your time. Don’t continue a side hustle unless it’s profitable and doesn’t interfere with your regular job.

Spend less: Cutting expenses while still enjoying life.

Cutout unused subscription services

Maybe you signed up for Disney Plus to watch Mandalorian, but you no longer use the service, or you purchased a gourmet coffee subscription box and the bags of beans are piling up. Since subscriptions are withdrawn automatically from your account, it can be difficult to catch un-used or under-used subscriptions.

Use a budgeting program or app.

Sometimes it’s hard to see where we’re overspending until we see the data on our spending habits. CCF’s free Cash Coach tool helps you budget, save and track spending all within Online banking and in our mobile app.