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Dec 30, 2021

Do you have your 2022 goals and resolutions ready? Even if you can’t keep up with all of these throughout the year, try revisiting them and see how you can implement them within your life and financial plan.  

Reduce Your Debt – This one is different for everyone. Whether you have student loan debt, consumer debt, or another type of debt it’s always a good idea to pay down debt. 

Increase Your Savings – Once debt is out of the way this is much easier and can be done in a variety of ways. You’ll need both emergency and long-term savings. You can also save more in your retirement accounts. 

Prepare for the Unexpected – If 2020 and 2021 taught us anything, prepare for the unexpected. Do you have a strong emergency savings? 

Establish a Spending Program – Not everyone likes the word budget. So, let’s call it a spending program instead. What are your spending goals for different parts of your life? 

Check Your Spending – Try to do this once or twice a year. Assess where your money is going and whether it aligns with your values. 

Check Your Beneficiary designations – People will set their beneficiary designations and forget to update them later in life. Don’t do this! This often isn’t time-consuming at all. 

Have Tough Conversations – Have you discussed long-term care with your spouse? Have you explained to your family your health care wishes? Even if you are perfectly healthy, these are tough conversations to have but they are necessary to protect yourself and your family. 

Review Your Insurance – Do you have too much coverage or too little? Now’s a great time to look at your policies and how they match your needs. Car insurance, house insurance, health insurance, life insurance, etc. 

Think About Refinancing – Interest rates are going to go up. Have you thought about refinancing? It won’t be a good fit for everyone, but it’s something to consider. 

Organize Your Financial Life – Whether you like to organize with a binder, file cabinet, or in another fashion, get your important information organized. Make sure a trusted person knows where your account information and passwords are as well. 

Check Your Credit – If you haven’t checked it in a while, do so! You get free reports every year. Make sure everything is in good standing.  

Check Your Fees – What are the fees on your investments? Anything you own? Subscription services? If you are concerned about your investment fees ask yourself if they are worth it and discuss them with your advisor. 

Review Your Tax Bracket – We’ll do this one in a few months again, but if you review your tax bracket now it can save you from being surprised later. 

Plan Your Retirement Transition – You may have some time off during this time of the year. Do you like being off? What will your transition into retirement look like? Some people prefer retiring slowly and getting a part-time job. Others have plans to travel. 

Consolidate Your Accounts – If you have multiple accounts, now may be the time to consolidate them. Having everything in one place helps with visualizing your finances. 


What we discuss in this episode:

1:20 Revisiting and reassessing our goals 

2:57 – Reduce your debt 

4:00 – Increase your savings goals

5:09 – Prepare for the unexpected

5:51 – Establish a budget or spending program

8:00 – Check your spending 

8:51 – Time flies 

10:09 – Check your beneficiary designations 

11:17 – Have difficult conversations 

12:04 – Review your insurance

12:34 – Think about refinancing 

13:04 – Organizing your financial life 

14:04 – Check your credit 

14:17 - You can always begin again 

14:31 – Check your fees

15:10 – Review your tax bracket 

15:37 – Plan out your retirement transition 

16:31 – Get excited about the future 

17:39 – Consolidate your accounts 


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