Why life insurance
Life insurance is a financial safety net for your partner, your kids, your life...Read more
How are you doing on your 2022 financial resolutions? Now that we’re two months into the year, it’s time to check in on our progress — and congratulate ourselves on everything we’ve achieved so far.
“If you’ve been moving towards your goals, whether it’s 1 percent or 10 percent, consider yourself a success,” says Jim Wang, founder of WalletHacks. “Many people have quit, or forgotten, their resolutions by the end of January — so the fact that you’re still committed is an encouraging sign.”
Want some more encouragement? We reached out to the same financial experts who helped us make our 2022 financial resolutions and asked them to help guide us through the process of putting those resolutions into action. After two months, what milestones should you be looking for as markers of success — and if you’ve fallen short, what can you do to get back on track?
How can you tell whether you’re making progress on your 2022 financial resolutions? It all comes down to identifying measurable milestones, such as “increased my emergency fund by $250” or “stuck to my budget in January and February.”
If you’re having trouble coming up with milestones, try dividing your 2022 financial resolution into twelve monthly goals. This gives you an easy way to determine whether you are on target to achieve your resolution by the end of the year.
“If you broke down your larger financial goals into smaller SMART goals, it’s time to look at your list and see how you’re progressing with the time-based part of your goal,” explains Steffa Mantilla, Certified Financial Education Instructor (CFEI) and founder of Money Tamer.
SMART goals are specific, measurable, actionable, realistic and time-based. If you set the goal of saving $2,000 by the end of 2022, for example, you can check your progress by asking yourself whether you were able to save $334 by the end of February. If you achieved your goal, good job! If not, it’s time to ask yourself what got in the way — and to re-evaluate whether your SMART goal is realistic enough to achieve in a single year.
If you haven’t hit your financial milestones, don’t worry. There’s still plenty of time to catch up.
“A two-month checkup can be a really good idea and can help you gauge what you need to do going forward,” says Matt Schulz, Chief Credit Analyst at LendingTree. “If you resolved to save $2,000 this year and you’ve only saved $100 in the first two months, you can adjust your budget to ramp it up in the next few months and make up for lost time.”
To make up for lost time, start by making a plan. “If you still want to reach your original goal, it’s time to gameplan what you can do to get back on track,” Mantilla explains. “This may mean finding ways to cut expenses or make additional money.”
It helps to stay positive — and proactive. If you’ve already put $100 towards your $2,000 savings goal, you still have ten months in which to save the additional $1,900. This month, think about how you’re going to save the extra money. Will you use your tax refund, for example? Cancel your least-favorite subscription service? Automatically deposit a portion of each paycheck into your savings account every two weeks?
Don’t forget that any progress towards your 2022 resolutions is still progress. “You’ve already done more than the vast majority of people who make resolutions,” says Schulz. “Just making it this far is no small feat, so keep on going.”
Wang agrees. “As long as you’re still moving towards your goal, consider it a win.”
Many people may be slightly behind their financial goals for 2022 — but some people might find themselves ahead of schedule. What should you do if you’ve already sailed past your monthly financial milestones?
“If you are ahead of schedule, consider making your resolutions a bit more aggressive!” suggests Wang. Can you save $2,500 this year instead of $2,000? Pay off a little more credit card debt every month? Tackle a different kind of financial task, like making a will?
“Do whatever it takes to keep the momentum going,” Wang advises — and we agree. If you’ve already hit your financial goals for January and February, see what happens when you try to exceed your goals in March and April.
Life insurance is a financial safety net for your partner, your kids, your life...Read more
Checking in with your financial resolutions will let you know whether or not you’re on target — and, in some cases, whether or not you need to update your 2022 financial goals.
“If you realize you need to change your goal slightly, don’t think of this as a failure,” Mantilla advises. “Any progress made towards your financial goal is a win for your future.”
If you end up saving $50 per month instead of $100, that’s still an extra $50 every month that you weren’t saving before. Same goes for the progress you make on your debt, your retirement fund and your other long-term financial goals. Every dollar you put towards those goals still counts — even if you aren’t able to put as much money towards your 2022 financial resolutions as you originally planned.
“Life is expensive, busy and stressful in 2022,” Schulz explains. “Progress, not perfection, is what is really important.”
Nicole Dieker has been a full-time freelance writer since 2012, with a focus on personal finance and habit formation. In addition to Haven Life, her work regularly appears at Lifehacker, Bankrate, CreditCards.com, and Vox. Dieker spent five years as a writer and editor for The Billfold, a personal finance blog where people had honest conversations about money, and is the author of Frugal and the Beast: And Other Financial Fairy Tales.Read more by Nicole Dieker
Haven Life is a customer-centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.
Haven Life is a customer centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.
Our content is created for educational purposes only. Haven Life does not endorse the companies, products, services or strategies discussed here, but we hope they can make your life a little less hard if they are a fit for your situation.
Haven Life is not authorized to give tax, legal or investment advice. This material is not intended to provide, and should not be relied on for tax, legal, or investment advice. Individuals are encouraged to seed advice from their own tax or legal counsel.
Haven Term is a Term Life Insurance Policy (DTC and ICC17DTC in certain states, including NC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a Simplified Issue Term Life Insurance Policy (ICC19PCM-SI 0819 in certain states, including NC) issued by the C.M. Life Insurance Company, Enfield, CT 06082. Policy and rider form numbers and features may vary by state and may not be available in all states. Our Agency license number in California is OK71922 and in Arkansas 100139527.
MassMutual is rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of Aril 1, 2020 and is subject to change. MassMutual has received different ratings from other rating agencies.
Haven Life Plus (Plus) is the marketing name for the Plus rider, which is included as part of the Haven Term policy and offers access to additional services and benefits at no cost or at a discount. The rider is not available in every state and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made accessible under the Plus Rider, which are provided by third party vendors (partners). For more information about Haven Life Plus, please visit: https://havenlife.com/plus
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