January 13, 2022
5 Surprising Money Resolutions to Navigate through the Pandemic, Become Financially Fit in 2022
Consider adopting these key savings strategies to help you make good on your resolutions and reach your financial life goals this year.
ST. LOUIS (Jan. 13, 2022) – As 2022 begins, Buckingham Strategic Wealth lays out five key considerations to help you reach your financial goals in the year ahead. These strategies will help you make more than promises; they will make 2022 the year that you make progress.
“Now is the perfect time to take action on your 2022 financial goals,” said Erica Bouchard, CFP®, Wealth Advisor at Buckingham Strategic Wealth. “The pandemic continues to challenge us on many levels, but we know that planning can help us achieve our goals and stay on track. These tips will help you make the biggest impact while keeping your investment strategy at the core.”
1. Take Stock of Your Year: We know that college funds matter; we also know that vacations matter. Before you begin planning for 2022, take a look back at 2021. Did you check off any of your goals? Make progress on your bucket list? What do you want to do in the year ahead? Do you want to go on vacation, put more money in the college fund, increase your philanthropic contributions? Now is the time. Understand what you want to accomplish and put a plan in place to get there. We are talking about creating a realistic plan, not one that just sounds great.
2. Crunch the Numbers: Adding up your assets and your debts will give you a good outlook for where you are sitting financially. Look at what you own and what you owe. This includes all assets - home value, savings accounts, checking accounts, 401K and other savings. It’s also important to understand what you owe - home mortgage, car lease and more. This simple math exercise will show you the roadmap for achieving your goals for the next year or 10 years down the road.
3. Review & rebalance your portfolio: Last year was a wild ride! The pandemic has required us to take a look at all parts of our lives to see if a little shaping up is needed. Our finances need a review from time to time as well. Are you still on target to meet your financial goals? No time like the start of a new year to reassess and determine if last year’s strategy works this year. It’s important to make sure your portfolio is balanced and will help you realize those must-haves and want-to-haves.
4. Take advantage of the (free) money: Who doesn’t like free money? The IRS recently raised the 401K annual limit for individuals and allows those 50 and older to add an additional catch-up contribution. Yes - they are showing you the money. Your employer is also offering you free money if they have a company investment match. Be sure you are investing enough to receive your employer’s full company match. Don't leave money on the table. Even if you don’t do all of your investing with your company plan, ensure you are contributing the maximum to receive this benefit.
5. Examine all savings vehicles – more free money: Maximize your savings throughout the year by utilizing more than one savings vehicle. This is another chance to take advantage of free money! Your 401K is a good option as you plan for retirement, but don’t forget about the Roth IRA. Once you put money into your Roth IRA, you will never pay taxes on that money ever again. Go for both of these options as they offer different tax benefits.
“The pandemic will continue to throw new curveballs to the markets. Laying the groundwork now to ensure you reach your financial goals in 2022 is key,” said Bouchard. “Sound planning ensures long-term financial success no matter what the short term brings.”
The above strategies are for general and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Individuals should speak with a qualified professional based on their own circumstances. R-22-3128
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About Buckingham Strategic Wealth
Buckingham Strategic Wealth (“BSW”), a Securities and Exchange Commission registered investment advisor providing an extensive range of fiduciary financial advisory services, supports individuals, families, nonprofits and organizations. With a passion to progress, serve, and do the right thing for clients at all times, Buckingham Strategic Wealth helps to fulfil client’s financial dreams using the organization’s proprietary Design | Build | Protect™ methodology and an array of evidence-driven investment and planning strategies.
Headquartered in St. Louis, MO, Buckingham Strategic Wealth has 44 offices in 22 states. BSW along with the community of independent advisors that make up Buckingham Strategic Partners collectively manage or administer more than $60 billion dollars of assets (as of June 30, 2021). For more information, visit www.BuckinghamStrategicWealth.com.