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Money moves 2022

As we move into 2022, it is a good time to assess, evaluate, and create momentum for starting the new year. Below is a list of five quick and easy money moves to make in early January. This is not an all-encompassing list but covers a variety of personal finance areas. Completing one, some, or all of them will help to kick off the new year in a positive manner.


Recurring expenses: Subscription services have become very popular recently and have many upsides. However, for all of their conveniences, they can easily go unused, unnoticed, and can add up quickly. That is why it is worthwhile to dive into a monthly bank statement and tally up your monthly subscriptions. Make sure you are still using them and that they are worth the cost. You may be surprised to find a price increase, a subscription you did not know you even had, or a service you forgot to cancel. Who knows, maybe you will find a pesky LA Fitness membership still there even though you have tried to cancel it for the past 3 months…


Debt planning: With interest rates still near record lows and potentially increasing in 2022, it is worth reviewing all outstanding debt. It might make sense to refinance or even just pay it off all-together. Just as important as the interest rate is that there is a specific plan in place. That plan should start by listing, prioritizing, and creating an estimated payoff time frame based on your current payment actions. If you are not happy with the results, at least you are cognizant of them and have the information needed to make changes for 2022.


Goals: Knowing what your household is trying to accomplish and how you plan on getting there is sometimes half the battle. Setting financial goals is an important step toward creating financial success. Everyone in the household should be working toward the same goals, and that can only be done if the goals are laid out and communicated clearly. Before we get too busy into 2022, it’s beneficial to revisit, refresh, and maybe even alter old goals.


Communication: Having regularly scheduled family money meetings can open lines of communication, set expectations, and lower stress / worry around money. Schedule a time, not on a whim and certainly do not blindside anyone, to sit down with your spouse or partner and discuss how the past year, six months, or quarter has gone financially. You can review how you feel about money, make any needed changes to habits or priorities, review and set goals, etc.… I would be more than happy to assist in this process or help with creating an agenda. For more information, see my prior article at https://www.ewwealth.com/post/family-financial-meetings.


Retirement savings: For those who are gradually increasing your retirement savings to hit your goal, now is the time to do so. That recommended retirement savings percentage is going to be different for every household based on your individual circumstances. Rather than make the full jump from 5% to 10% or 10% to 15%, increasing by 1% annually is a popular and easy option.


Please share your experience with me as you implement one, some, or all of these!


Evan Werckenthien, CFP



317-587-0858


Evan@EWwealth.com


600 E. Carmel Drive Suite 130


Carmel IN 46032



Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. E. W. Wealth Management and Cambridge are not affiliated. The information in this email is confidential and is intended solely for the addressee. If you are not the intended addressee and have received this email in error, please reply to the sender to inform them of this fact. We cannot accept trade orders through email. Important letters, email, or fax messages should be confirmed by calling 317-587-0858. This email service may not be monitored every day, or after normal business hours.

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