You have your personal goals for 2022 written down somewhere or perhaps it’s still a rough sketch in your mind - what about your finances? What goals have you set? What ideas do you have? Would you like to do things differently this year?
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It's a good idea to assess your financial condition on a regular basis. It assists you in identifying your areas of strength and weakness. A change in lifestyle, budgeting tools - whatever measure you decide to take - boosting your finances in 2022 requires some level of commitment.
Perhaps the question is, are you willing to commit to them? Here are five steps to enhance your financial situation in 2022.
Have periodic assessments
To boost your finances in 2022, periodically assess your growth. You can start by calculating your net worth at the start of every month. Your net worth should be a combination of all your assets including cash in savings accounts, investments, cars, etc minus loans, mortgages, etc.
To help you with this, create an Excel tracking sheet or use financial management tools. This way, you’ll be able to know the exact growth you’ve made regarding savings and investments and also hold yourself accountable for every transaction.
Observe your accounts
There’s no way you can give your finances a significant boost in 2022 if you still take cybersecurity with levity.
Protecting your money is as important - even more important I dare say - as tracking it. Don’t be clueless when it comes to all your accounts (banking, retirement, loans etc). The basic step to take when protecting your accounts is turning on the two-factor authentication.
You also need to start using a password manager - if you haven’t started yet. Password managers help you oversee your usernames and passwords for your accounts across all devices. This way, it’s easier to use different passwords for each account.
Get paid for your worth
If you want to greatly increase your finances in 2022, ensure that you are not being underpaid. Ask for a raise. Get a better-paying job. Ensure that you are being paid for your worth and value. Your finances will thank you for it.
Slash your expenses
It’s impossible that you’ve spent all your money, say in the past three months, on only essential goods and services. Think about it: you must have indulged yourself a number of times - all of which in the long run affect your finances. Now also think about how much you could save if you slashed your expenses by half, cutting down on your wants while prioritising your needs.
Find a suitable retirement benefits plan
Boosting your finances in 2022 goes beyond taking committed steps such as slashing your budget, increasing your knowledge of cybersecurity, and getting paid what you are worth. You also need a retirement plan to cater to your dreams even after your active work years.
Boosting your finances in 2022 goes beyond taking committed steps such as slashing your budget, increasing your knowledge of cybersecurity, and getting paid what you are worth. You also need a retirement plan to cater to your dreams even after your active work years.
A financially stable life in retirement starts with opening a retirement savings account (RSA) with a Pension Fund Administrator (PFA) of your choice. Your RSA is money set aside from each paycheck and deposited with a Pension Fund Administrator (PFA) for a financially stable life in retirement. To save for retirement, open a Retirement Savings Account (RSA) and have 10% of your income go into your RSA. For more information on RSAs, contact Oak Pensions via www.oakpensions.com, info@oakpensions.com or call the Marketing Manager on 09087448661.