10 Financial Resolutions to Try in 2022!!

TL;DR

The recommended financial resolutions for 2022 include spending intentionally, targeting one student loan, reducing credit card debt, checking your credit, and rolling over old 401k accounts. The approach emphasizes focused, motivating goals, such as paying a $1,500 student loan down to zero or committing to clear one credit card within six months. Read on for practical steps, free resources, and ways to choose priorities.

Transcript

all right dfm fam if you're confused about what to do with your finances in 2022 instagram i have a top 10 list of financial resolutions that you must try a shout out to capitalize who is sponsoring this video today capitalize can help you roll over your old 401k but more on that later let's go ahead and jump into it hey guys it's justine with debt... Read More

Key Insights

• 😃 Prioritize intentional spending to focus on what brings joy financially.
• 🧑‍🎓 Pay off one student loan at a time for motivation and progress.
• 💳 Set goals to reduce credit card debt and achieve financial freedom.
• 💳 Regularly check credit reports for accuracy and fraud prevention.
• 🤣 Roll over old 401k accounts for better financial management.
• ❓ Contribute to current 401k to maximize employer matches.
• 🫠 Read financial books for valuable insights and knowledge.

Questions & Answers

Q: What financial resolutions should you try in 2022?

Start by creating intentional spending, paying off one student loan, cleaning up credit card debt, checking your credit, and rolling over old 401k accounts. Other resolutions listed on the page include contributing to a current 401k, reading financial books, opening a 529 plan, saving for a car, and saving for a down payment.

Q: How can you create more intentional spending habits?

Review your past spending and identify which expenses make you happy and which make you cringe. Continue spending on what you genuinely value while cutting expenses you do not value; Justine cites spending over $2,000 on therapy as worthwhile while wanting to scrutinize her Amazon purchases.

Q: Why focus on paying off one student loan at a time?

Concentrating payments on a single loan makes progress easier to see and can provide motivation when its balance reaches zero. Justine focused on her smallest balance of $1,500 instead of being distracted by separate balances of $4,000, $2,000, and $6,000.

Q: What student loan opportunity was available through May 1, 2022?

The transcript says administrative forbearance on student loans was extended until May 1, 2022. It describes this as four months in which borrowers could make student loan payments without interest accruing.

Q: How should you prioritize credit card debt repayment?

List each credit card debt by either its total outstanding balance or its interest rate, then choose a repayment order. You might commit to eliminating one card within six months, cutting total card debt in half by the end of 2022, or reaching zero credit card debt by the next year.

Q: How can you check your credit for free?

Pull a free credit report through annualcreditreport.com from TransUnion, Equifax, and Experian. The transcript also recommends using creditkarma.com to check your credit score for free.

Q: What should you review on your credit report?

Confirm that the information is current, closed accounts are reported correctly, and outdated details have been removed. You should also look for fraudulent activity under your name.

Q: How can Capitalize help with an old 401k rollover?

Capitalize is described as an independent platform that helps users roll old 401k accounts into new IRAs for free. Its experts can handle much of the process, let users compare rollover options, and complete most steps online; the platform may receive a referral fee from IRA providers listed on its site.

Summary & Key Takeaways

• Create intentional spending by cutting out unnecessary expenses and focusing on what brings joy.

• Pay off one student loan to stay motivated and focused.

• Clean up credit card debt by setting goals and prioritizing payments.