Top 5 Financial Goals For 2022 (Simple & Realistic)

In this video, we discuss 5 financial goals you can set and achieve in 2022.

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GOAL #1 - SAVING

Saving is the foundation of personal finance. Doesn't matter if you make a lot of money, your savings rate will determine how wealthy you become.

There are 2 ways you can save:

1. Set a budget and stick with it and save whatever is left at the end of every month.

2. Pay yourself first by saving a certain amount immediately after you get paid (recommended). You can use auto-debits or auto-transfers for this.

We recommend separating your savings from your spending account to make it easier to track your money and make progress.

You can also do challenges like saving every $5 note you encounter or the 52-week money challenge.

Adjust your savings amount to fit your situation.

GOAL #2 - DEBT

Pay off all high-interest debt (anything more than 4% if it's not making you money).

Set automatic transfers every month to clear off your high-interest debt and you can use the debt snowball or debt avalanche method.

If you don't like carrying any debt at all, go ahead and clear all your debt if it gives you peace of mind.

GOAL #3 - INVESTING

Your money is worth a lot more when you're younger than it is when you're older. So the sooner you invest, the better.

If you're completely new to investing, don't worry about getting the highest returns. Just start investing and creating the habit.

If you're already investing, aim to increase your contributions to your portfolio.

Watch our videos on the channel for investing tips, strategies and tutorials.

For complete beginners we recommend robo-advisors like StashAway: https://themillennialfinance.com/stash

GOAL #4 - EARNING

If you want to pay off your debt quicker or contribute more to your portfolio, focus on making more money.

If you’re working a standard full time job, you can aim for an X% in increment where you can outline it to your manager and set targets you need to achieve this year in order to get it.

If things aren’t going great, you can also job hop to get the increment you’re aiming for.

If you want to make extra money outside of your job, think of side hustles you can start. This can be anything from blogging to selling cookies, just think of the things you enjoy or are good at.

You have a lot more control over your side hustle than your job so it might be easier to increase your income that way.

If you're completely new, just aim to make your first sale or RM50 in a month and go from there.

GOAL #5 - LEARNING

Start investing in your education and learn new things that will improve your finances.

You can learn about investing, budgeting or any new skill that can give a source of income.

If you want to change careers, start learning about new topics and find something that interests you and pays well.

Here are some videos we mentioned:

🎥 The Complete Beginner's Guide To Investing In 2022:    • The Complete Beginner's Guide To Inve...  

🎥 5 Painful Investing Lessons From 2021:    • 5 Painful Investing Lessons From 2021...  

🎥 Stop Paying Off These Debts EARLY:    • Stop Paying Off These Debts EARLY (Pa...  

Hey! Thanks for reading the description. We can't fit everything in here, so make sure to watch the whole video to find out more :)

⌚ Timecodes:

00:00 - Top 5 Financial Goals For 2022 (Simple & Realistic)
0:23 - How to save more money in 2022
2:52 - How to pay off debt fast
5:01 - Investing goals 2022
6:49 - How to make more money in 2022
8:51 - Learning new skills
9:55 - Money goals 2022

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