Finding Financial Health – Your 2022 Financial Planning Checklist

Finding Financial Health – Your 2022 Financial Planning Checklist

Wouldn’t it be interesting to have been in the room when big ideas were first presented? Who was it that first had the idea to catalog all the world’s knowledge…using volunteers – like Wikipedia? Or take a picture of every street in the country – like Google Street View. Did these seem like ridiculous ideas when first conceived? Now we take it for granted that we can find info on the medieval wool trade or the Glorious First of June (yes, those are my recent Wikipedia searches). We know we can take a look at almost any building in the US using Google maps. But someone first had to have these crazy ideas.

What big ideas do you have for 2022? 

As we start the third year of a pandemic, my gut says more people are dreaming about big changes they want to make in their lives. A year ago, most were still in the fatigue of whatever form of chaos 2020 introduced into their lives. We were just content with hanging in there the best we could. Another year in and I hear many saying, “I need to make changes.” It might be pandemic pounds that need to go. Or maybe a career shift that has gone from being a crazy idea in the back of your mind to an actual plan.

It’s possible your 2022 resolutions include money-related goals. If so, we’ve put together a list of monthly financial planning to-dos you can work on throughout the year. Clicking a month on this page takes you to a full write-up of how to do each. The idea is not to complete all of these; it’s just to try doing one small thing each month. By the end of the year all those small steps will have turned into big progress!

If you’re not sure where to start, try using our principles to get going. These timeless keys to financial success can be used to create a financial planning checklist. Here are seven questions you can ask yourself this year to build toward stronger finances:

  1. Do you have a spending plan in place? Now is a great time to review your expenses from last year and build targets for what you want to spend in the coming months. 
  1. If you have debt, what’s your plan to pay this off? Debt restricts cash flow and limits flexibility. Most households live with it in perpetuity, but the healthiest financially eliminate it.
  1. Are your emergency savings adequate? Do you have what’s needed to cover a major, unexpected bill? Three months’ of expenses is a good target, but most do better with even more.
  1. Do you have a long-term plan and are you making progress toward it? Where are you going on this path? What would happen if each year were just like the following?
  1. Are your investments appropriately diversified? A good portfolio is designed with your plan in mind. 
  1. Have you thought beyond yourself with your plan? An updated estate plan, accurate beneficiaries, and adequate insurance will help those closest to you.
  1. How can you grow your giving in 2022? Even the most successful can have an unhealthy relationship with money. Proactive generosity practices are key aid to long-term financial well-being.

If you’re looking for someone to coach you through financial change this year, the Wealth Advisors at Sound Stewardship would be glad to help you accomplish your goals.

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