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2021 was certainly a curveball of a year but 2022 is an opportunity to start fresh and set yourself up for a year of success.

Financial goals are a popular New Year's resolution for a reason. Whether your goal is a complete overhaul of your finances or to make a few small adjustments, we have ideas to help you get started.

Setting a Budget - Having a budget is the foundation of being financially well. Knowing where every single one of your hard-earned dollars is coming from and going to gives you a better perspective of your financial situation. If you don’t set a budget and monitor your spending, you might miss some financial opportunities. Having a budget can help you pay off debt faster, save and invest more for retirement or grow your emergency fund.

Cut Back on Unnecessary Spending - This resolution is all about awareness. Cutting back on extra expenses is an easy change to make if we are willing to take a closer look at what we are spending daily, weekly and monthly on small purchases. Take your online shopping sprees for example – do you ever compare prices to similar products or just buy the first one you see? When you do the math those one-click purchases can add up. Reduce your spending by comparing prices as well as adopting a wait-a-day approach. Give yourself 24 hours to think about your purchase before impulse buying and you may find you decide to spend your money more wisely.

Another area you could save on is subscription services such as streaming services, apps and other digital purchases. Often these expenses are automatically charged to you each month – making it easy to lose track of how much you're spending. Evaluate the services you're currently paying for and cut any that you don't use often. 

Increase Your Retirement Contributions - No matter where you are in your career, from just joining the workforce to being close to retirement, saving for your future is always important. While many people think that they have plenty of time to save for retirement, starting sooner rather than later has a lot of benefits. The main advantage is the effects of compounding interest. 

Try to make a mindful decision to increase your retirement contributions a little bit each year, putting yourself higher on the ladder for retirement readiness so that you are as prepared as possible when the time comes. If you feel it is too late to start saving, you are wrong! It is never too late to start saving for retirement and we have financial representatives to help you create a strategy.

Advance Your Financial Literacy - Understanding how to afford a home, follow a budget, pay for college and save for retirement are all necessary life skills. One simple way to increase your knowledge of financial literacy is to join and follow a financial wellbeing program. MEFCU offers numerous resources on financial literacy. 

You can make financial wellness a priority in 2022 with any one of these ideas. Make plan with our Financial Wellness Counselor, Sokha Yous. She can meet with you virtually or in person to help you with your goals.