A new year means new beginnings, new possibilities, new opportunities and new experiences. It also means new opportunities. Things may or may not have turned out the way you wanted last year, but reflecting on the past year and having a fresh perspective is the key to a better future. And if the last two years have taught the world anything, it is the importance of financial security and the need to be prepared for life and its uncertainties.
Working towards financial stability is a process and two days of work will not make us richer than yesterday. That shouldn’t deter one from cultivating the necessary habits, and instead be one more reason to start working towards them.
Scientific research indicates that it takes an average of 66 days for a behavior to become part of your lifestyle/routine, in other words, a habit. So if there’s ever a good time to start working toward our personal financial goals and instill some financial discipline, it’s now. Here are some habits one could cultivate to achieve their goals in 2022.
Track your spending
A good first step in financial planning is to start tracking your spending. Know where your spending is going and how much. Sometimes looking at things from one point of view helps to understand them better. So take a look at your income and expenses from a broader perspective to identify what can be reduced, and then narrow your focus to optimize your spending.