Financial Resolutions You Can Make and Keep In 2022

December 30, 2021

Choosing the right resolutions for you can make all the difference when it comes to improving your financial health. Here are three financial New Year’s resolutions to help you start 2022 off right.
A good first financial resolution is to make 2022 the year you establish and stick to a budget. 
A budget is a plan for using your money based on priorities you identify and choices you make. Setting financial goals and incorporating them into a budget results in smarter spending choices. 
To begin, prioritize your monthly spending from necessities to wants. For example, buying groceries and paying your mortgage or rent and utility bills are necessities, but eating out weekly is not — even though you might want to.
Next, subtract those expenses from your net income, which is your income after taxes and deductions. Then, identify your financial goals and add them into your budget. Your goals might include saving for an upcoming vacation or for a down payment on a car or home.
The second good financial resolution is to pay off debt. 
If your credit is good, consider consolidating credit card debt to a lower interest rate loan or refinancing your car or home loan. This could save you hundreds or even thousands of dollars over the term of your loan.
You can also avalanche your debt by paying extra toward the credit card with the highest interest rate, while paying the minimum on other debt. Then, once it’s paid off, pay more toward the debt with the next highest interest rate, and so on until your debt is gone.
The third financial resolution is to start and add to your emergency fund. 
According to, only 39% of U.S. consumers can cover an unexpected $1,000 expense. A good rule is to have an emergency fund that can cover three to six months of expenses. To determine how much you need, calculate your living expenses including mortgage or rent, utilities, groceries, and vehicle costs. Then, start with an attainable goal and build from there until you can cover your living expenses for at least three months.
A robust emergency fund can protect you against unexpected expenses, and it helps you from accumulating more debt. Remember: this money is for emergencies only, so it’s important you don’t touch it unless absolutely necessary. 
MSUFCU has a variety of products and services to help you manage your finances. Our knowledgeable employees can help you with your budget and discuss whether a debt consolidation or loan refinance makes sense for your current financial situation. 
To assist in starting an emergency fund, our Savings BuilderSM account helps you establish savings faster by paying you higher dividends on your initial contributions. This is different from traditional savings accounts that require you to deposit more to earn the higher rate. To learn more, visit

Tags: Money Management, Savings, Tips and Tricks