Cisco & Co CPA

  • HOME
  • SERVICES
    • ACCOUNTING
    • PERSONAL FINANCIAL PLANNING
    • BUSINESS FINANCIAL PLANNING
    • CHIROPRACTIC ACCOUNTING
  • WHY US
    • STAFF
  • FINANCIAL RESOURCES
    • DOWNLOADABLE FORMS
  • CONTACT US
CONTACT US

Ideas to Improve Your Financial Health in 2022

Stethoscope resting on top of several $100 bills
Thursday, 27 January 2022 / Published in Personal

Ideas to Improve Your Financial Health in 2022

A new year. New resolutions. Here are five ideas to consider to help improve your financial health in the upcoming year.

1. Save more for retirement

Plan for the future by feathering your retirement nest egg. For instance, you can contribute up to $20,500 to a 401(k) account in 2022, plus another $6,500 if you’re age 50 or older. Plus, your company may provide matching contributions up to a stated percentage of compensation. And you can supplement this account with contributions to IRAs and/or other qualified plans.

2. Update your estate plan

Now is a good time to review your will and make any necessary adjustments. For example, your will may need to be updated due to births, deaths, marriages or divorces in the family or other changes in your personal circumstances. Also review trust documents, powers of attorney (POAs) and healthcare directives or create new ones to facilitate your estate plan.

3. Rebalance your portfolio

Due to the volatility of equity markets, it’s easy for a portfolio to lose balance against your investment objectives. To bring things back to where you want, review your investments periodically and reallocate funds to reflect your main objectives, risk tolerance and other personal preferences. This will put you in a better position to handle the ups and downs of the markets.

4. Review, consolidate and lower debt levels

One sure-fire method for improving your financial health is to spend less and save more. Start by chipping away at any existing debts. This may mean giving up some luxuries, but it’s generally well worth it in the long run. Pay extra attention to debts with high-interest charges like credit card debt. If possible, consider consolidating several of these debts into one or two obligations if you can lower your interest rate in the process.

5. Contingency planning

No one can foresee every twist and turn that 2022 will take. To avoid potential financial hardship, look to improve your emergency fund by setting aside enough funds to pay for six months or more of your expenses in case of events like a job loss or a severe health issue.

What you can read next

Mason jar with Wedding tag on it
5 Tips to Help You Save When Attending a Wedding
Pencil lying on tax form
Taxes and Charitable Giving
Person looking at paper with credit score on it
Tips to Improve Your Credit Score

Recent Posts

  • A house that has been sold.

    The Home Gain Exclusion: Make Sure You Qualify!

    Across the country, many homeowners are cashing...
  • A family enjoying their vacation on the beach.

    Watch Out! Vacation Costs That Sneak Up on You

    Going on vacation is a time to get away, relax ...
  • A woman sitting in her office working from home.

    Maximizing Your Working From Home Opportunity

    Flexible working arrangements appear to be here...
  • A person buying something online on their phone

    Tax Consequences of Virtual Transactions

    As social distancing turns convenience into a n...
  • Student reading a scholarship acceptance letter she received in the mail.

    Knocking Down Scholarship Barriers

    There’s plenty of money available for you to pu...

Categories

  • Announcements
  • Business
  • Financial Planning
  • Personal
  • Retirement Plans
  • Tax Tips & Information
  • Uncategorized
  • Wealth Management

Schedule your 1-to-1 financial planning consultation today!

Visit our Office

Get Directions

Speak with a Staff Member

419.629.3494

Contact Us

Send A Message
Cisco & Co CPA

Mark J. Cisco & Co, Ltd.

419.629.3494

419.629.2444

Hours:

  • Monday: 8:30AM - 4:30PM
  • Tuesday: 8:30AM - 4:30PM
  • Wednesday: 8:30AM - 4:30PM
  • Thursday: 8:30AM - 4:30PM
  • Friday: 8:30AM - 4:30PM
  • Saturday: CLOSED
  • Sunday: CLOSED

5030 State Route 66
New Bremen, OH 45869

PO Box 114
New Bremen, OH 45869

  • HOME
  • SERVICES
  • WHY US
  • FINANCIAL RESOURCES
  • CONTACT US

PAYROLL PORTAL

SIGN IN

FOLLOW US!

Copyright © 2021 Mark J. Cisco & Co, Ltd.   |  Website design by Marketing Essentials, LLC   |   Privacy Policy | Site Map

TOP