5 Money Resolutions You Should Set for 2022

Have you set your money resolutions yet for 2022? If not, it could be that you're not sure what they should be. While everyone's situation is different, everyone should reach specific fundamental financial goals. 

This post will cover tips for taking stock of your financial life, uncovering what you want to achieve, and how to bridge the gap between the two. You'll learn simple ways to track your financial progress, stay focused on a critical money objective, eliminate debt, and set more resolutions to boost your financial wellbeing in 2022. 

Keep reading for the details on achieving these five essential financial resolutions.

1. Know your net worth

Knowing your net worth before setting your money resolutions is critical because it helps you figure out what to aim for. It should be your first step because it reveals your overall financial health. It's kind of like stepping on the scale before setting a goal to lose weight. If you don't have a starting point or metric, it's difficult to know if or when you make progress or finally hit your goal. 

I created a document to calculate and track my net worth called a Personal Financial Statement or PFS. It's a little different from a basic net worth statement because it includes additional information that you should keep up with. You can create your own PFS on paper, a Word doc, or a spreadsheet, but if you'd like a copy of my template, you can download it at no charge when you subscribe to my newsletter for free at LauraDAdams.com.

Knowing your net worth before setting your money resolutions is critical because it helps you figure out what to aim for.

Creating your PFS isn't difficult, but gathering and recording your information takes time. Using my template, you'll find a tab for listing your assets. These are things you own that have value, such as real estate, cars, jewelry, household furnishings, sporting goods, cash in the bank, taxable investments, and retirement accounts. 

Do the best you can to assign accurate market values to your assets. You can lump lower-priced items together under categories, such as furnishings; however, be as precise as possible for expensive items. For instance, you might use Zillow.com...

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