With 2022 right around the corner, it's a good idea to sit down and plan out what your goals are for the new year. If you’re having a hard time coming up with goals, we have a few ideas for you on the financial side. Let’s get started. 

Improve Your Credit Score 

Your credit score plays a critical role in determining the access you’ll have to other financial services in the future. If your credit score could use some work, 2022 is a great year to make improving it a priority. If you don’t have a credit card yet, visit banterra.bank to get started on the application. 

Create A Budget (And Stick To It) 

If you don’t have a budget, the first step is creating one. If you already have one, the next step is to make it a priority to follow it. Oftentimes the reason people have a hard time sticking to their budget is because it’s unrealistic, so consider adjusting your budget to make it doable. 

Open An IRA 

Many people wonder when they should start saving for retirement. The answer to that question is that it’s never too early to start saving. Consider opening an individual retirement account (IRA) to get started. 

Break Bad Spending Habits 

Whatever your bad money habit is, make 2022 the year that you get it under control. For example, if you’re an impulse shopper, find an accountability partner to help you out. If you’re in the routine of always getting your morning pick-me-up at a coffee shop, try making your coffee at home and limit buying a coffee to only once a week. 

Create An Emergency Fund 

Someday you might find yourself in a tricky situation, so having an emergency fund is always a good idea. It’s recommended to have between three to six months of basic living expenses tucked away into a savings account, only to be used when absolutely necessary.  

Start Paying Off Debt 

Whether you’re paying off credit card debt, student loans or another form of debt, make 2022 the year you make a dent in those expenses. You can try tackling it in a couple of different ways. Using the debt avalanche method, you could pay off your highest debt first and work your way down. Another choice is using the debt snowball method, which means paying off your smallest amount of debt first and then working your way up. 

If 2022 is the year you’re deciding to improve your financial health, we have the services and products to help. Contact us with any questions or to learn more about what we have to offer. 

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