what is your financial outlook for 2022

With only 3 days left into 2021, the end of the year is creeping up on us and it’s important that we prepare our financial plans for 2022.

If you want to predict your financial outlook for 2022, you must take the time to prepare it

• Create a budget if you do not already have one

  Break down your income and expenses to see if you need to increase your income or reduce your expenses

• Do a year-end review for 2021 to see what needs adjustments for 2022

  You’d be surprised to find out where most of your money was spent after reviewing your last 6 months bank statements

• Automate Your Savings and Debt Payments

• Do you foresee any big purchases that require budgeting for such as vacation, new car, house renovations?

  If so plan to save a set amount monthly in your budget for big purchase

• Most importantly don’t forget to pay your yourself which is paying your future self into investments or savings

• Choose a budgeting system that works for you, the budget that works for you is the one you will stick to.

Once you breakdown your budget with a line item for each expense, it’s much easier to control, this can take away the anxiety associated with budgeting

Remember, the sooner you start planning your 2022 budget and financial goals for the next year, the better off you’ll be.