Here are 10 Money Resolutions for 2022, shared by 10 people who have successfully achieved these goals. Do you have any? Read on to learn how to make better financial decisions. Maximize your 401(k) and IRA accounts. Invest in short-term investments. Don’t get trapped by click-bait headlines – statistics never lie.
10 people share their money resolutions for 2022
The new year is fast approaching, and many Americans are thinking about making financial resolutions for the coming year. Some people are limiting their spending while others plan to increase their savings, and a third of Americans hope to make more money in 2022. Whatever your money resolution, there is no better time to start than now. Read on to discover some of the top financial goals that people plan to make in the coming year.
401(k) maxed out
If you are not maximizing your 401(k) contributions, it might be time to start now. lån med sikkerhet i bolig kalkulator The 401(k) contribution limit is currently $19,500, but that will increase to $20,500 in 2022. If you are fifty-plus, you will also be able to make a catch-up contribution of $6,500 per year in 2022. This change will allow you to save more aggressively if you are approaching retirement age.
IRA maxed out
The contribution limits for both traditional and Roth IRAs will remain the same in 2022. The catch-up limit of $1,000 per year is set by law at age 50, and both are unchanged for 2022. However, if you’re already in the highest tax bracket, it may be best to contribute more money now to get maximum results. Investing in your IRA now allows you to enjoy compounded returns and faster tax-free growth.
Investing in short-term investments
Investing in short-term investments can be a great way to grow your money without much risk. These investments are geared toward buckets of money you will need in the next month or year. However, you can invest in a variety of other short-term investments if you need extra money for a larger purchase. In this article, we’ll look at some of the best options for investing in short-term savings accounts.
Managing inflation
The United States is continuing to break inflation records as early as 2022, according to the Consumer Price Index. In 2022, the CPI increased 8.6%, a new 40-year high. This trend will present special challenges for investors, as it will decrease the value of investments. To combat the effects of inflation, investors should focus on investments that benefit from the rising cost of living. In addition, they should avoid investments that are negatively impacted by rising prices.