Top 6 Financial Goals For Canadians 2022
Have you set your goals for the new year? Read this blog to find the top 6 financial goals for Canadians in 2022.
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We had a bumpy ride during the past couple of years. The spoiler is Covid-19, which stalled the world economy. Tens of thousands of jobs disappeared into thin air. Millions of people lost their jobs and livelihood.
As we are getting back to where we left, you get your acts together with a brand-new year around the corner. In the first step to attaining the desired results, you must set them up.
2022 ushers you into the world of new hopes and resolutions, unfulfilled dreams and desires, ambitions, and goals. Improving life and your financial health must top the list. Here is our list of goals to propel you in the right direction this new year.
The financial objectives for the year 2022 look like what follows.
Make a budget for 2022
Many consider creating a budget as the starting point to build robust financial health and, aptly so. A budget, in simple terms, is a listing of your income and expenditures. It gives you valuable insights into how to control the money outflow. Figure out the avenues where you should put in money and where you should not. It helps you track your money goes each month.
Save extra money
You bet; this is the most crucial resolution you can make. You would not know whether the world is preparing for another pandemic. Look for options to create liquidity for an emergency. You may raise your 401(k) contribution or open savings/checking account with a bank that provides a reasonable rate on deposits. Research the banks in your local area to find out. Keep your expenditures under check to save more money.
Boost your credit score
Maintaining a good credit score has always been the key to raising funds when all doors are closed. Meeting timely payments on your credit card bills or existing loans, lowering borrowing by limiting the amount of credit you take are the two time-tested ways to raise your credit score above 700. Monitor your credit scores periodically.
Pay off your credit cards
Always make it a top priority to pay off your credit card debt before the due date. Failure to do so will lower your credit score and affect other aspects.
Skip new credit cards and loans
The average Canadian has three to four credit cards. Most of them are not even in use. However, there is no clear idea about how many you should have. There is nothing wrong with having credit cards if you can manage the payments without defaulting.
Every time you apply for a new credit card, your issuer will request your credit reports, which might negatively affect your credit score.
Check your credit score more often.
You must check your credit score every 3-months. It offers a fair idea of where you stand financially and how to improve the score from its current state. You can check your credit score free on the credit bureau official websites or using verified partner websites. The affiliates may even let you know the reasons behind the credit score.
Make these goals your new year’s resolutions and stick to them. Maintaining consistency will lead to improved financial health and a more stable lifestyle. Make 2022 the happiest year of your life by opting for financial independence and solitude.
