BY DYLAN ROCHE
Your Financial Checklist for 2022 Spending, saving, investing, and tax tips for the year ahead
What a strange, stressful, unpredictable past couple of years we’ve had. Just as many people are adopting wellness habits that will continue to keep them feeling their best in a post-pandemic world, many people are also adopting healthier financial habits that will help them make the most of their money, avoid debt, and live prosperously no matter what surprises they face. Whether you’re a seasoned investor or you’re just starting to set money aside in a savings account, there’s always going to be that element of what if? What if the market takes a downward turn? What if I find myself in an expensive emergency? What if my income is a comfortable amount for the first time in memory? Coming up with a savings and investing plan isn’t a one-sizefits-all practice—instead, you need to create one that’s uniquely suited to your resources and your goals. But there are certain parameters you should keep in mind if you’re resolving to make the year ahead your most lucrative yet.
New Year, New Habits If you’re committed to making a money-related new year’s resolution, let it be a combination of setting aside savings and paying down your debt. These two actions are crucial to good financial well-being, but far too few individuals adhere to them. “Saving is critical,” says Ann Alsina with CovingtonAlsina. “The average American can’t meet an unexpected $400 expense. Having savings on hand is both offense and defense. When life happens, your savings keeps things running.” But savings are about more than simply having money on hand to handle unexpected problems life throws your way. Having a little bit extra set aside will mean you have discretionary money you can put into financial opportunities that arise—thus, you’re making better use of your money.
whatsupmag.com | January/February 2022 | What’s Up? Central Maryland
41
