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5 of the Most Common Financial Goals to Consider for 2022

A brand new year means a fresh, new start. Do you know what else it means? 

New goals!!

The last two years have been challenging, but 2022 is going to be amazing – and you can make it even more incredible by setting goals that challenge and reward you.

As we work our way into the New Year, now is the time to start planning out your goals – the ones you want to achieve for the next 12 months. 

If you’ve already set a New Year’s Resolution Goal, now’s the time to reflect on it. Is it:

  1. Realistic?
  2. Challenging Enough?
  3. Going to Make Your Life Better?

If you’ve already broken your New Year’s Resolution by missing a day at the gym or spending too much money over your holidays, that’s okay. It’s normal. Now’s the time to set new ones!

Whether you are saving for retirement, building an emergency fund, or next year’s holiday, it’s important to map out your finances so you can reach your financial goals.

Goals are directional, and they allow you to move ahead in the right direction. 

If you don’t know where to start, 123 Financial Group, a trusted financial advisory firm in Newcastle, can support you on your journey to success.

Here’s how to get started.

Getting Started: Categorise Your Financial Goals List

The best way to categorise the list of your financial goals is to evaluate each goal as either: crucial or nice-to-have. 

Which ones are a priority and which goals will have the most positive effect on your lifestyle? 

According to finder, in 2021, almost half of Australians had a goal to save more and spend less. 

So what do you want to achieve in 2022? If you need some inspiration…

Here are 5 of the most common financial goals to consider:

1. Create an Emergency Fund

If you currently have no emergency fund, it’s time to start one. Emergencies are an inevitable part of life so it pays to be prepared for them. 

An emergency fund is money that you can access in case of an emergency. 

An emergency fund is there to financially support you for those tough times in life: for unexpected vet bills, if you were to lose your job, get evicted from your home, or for unplanned car repairs.

2. Clear Your Debts

If you have multiple debts, such as credit card debt, personal loans, student loan debt, or even your mortgage, you may want to create a debt management plan for 2022. 

The longer you wait, the longer those debts will take to pay off. Whether you have $2000 worth of debt or $500,000, 123 Financial Group’s financial planners can help you create a smart debt management plan. 

3. Set Aside Money for Education

Whether this is your own education or your children’s, a lot of people plan to set aside money for education.

This doesn’t have to be a university course either. Maybe you’ve always wanted to do a short online course to learn another language, learn a new skill, or improve your finances? 

Education is important and you shouldn’t feel guilty about spending money on your children’s or your own education. But it can be expensive, so it can help to save a little bit every week in preparation. 

4. Save for Retirement

If you do not have a retirement plan, 2022 may be the year to start one. Saving for retirement can take a long time which is why it is ideal to start as early as possible.

But retirement planning isn’t all about money – it’s also about planning exactly how you want to spend your retirement and what you want to do with your golden years.

Do you plan to travel the world, move to a coastal town, or even retire early? All of these are possible with smart retirement planning. 

5. Set Aside Money for Fun

Don’t forget about saving fun money! While it’s great to be responsible with your money and set goals that will put you in a better financial position, it’s realistic – and rewarding – to set aside money for fun activities too! 

You can set aside money for fun, but it has to be money outside of the amount you need to set aside for essential matters. If you find yourself dipping into it, it’s time to reevaluate your goals.

You never know what 2022 has in store. But you can take control of your finances this year with smart goal setting. 

Ready to achieve your financial goals in 2022?

If you’re looking to achieve big things with your money this year and want some expert support, contact the financial planners and money experts at 123 Financial Group. 

123 Financial Group has a team of reputable financial advisors in Charlestown, Newcastle, and can also assist with tax and accounting, business advice and home loans. 

We can help you get on the right track so you can achieve financial freedom and your other goals, too! 

Contact us today to learn how we can help you achieve more this year.

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