With a new year on the horizon, now is the time to be thinking about making major life changes that impact you positively.  Finances can have an overarching influence on your life so getting them in order can be vital to your mental wellbeing. We’ve put together our top tips to help you on your way so you can have a fresh financial start in 2022.

1. Make A List Of Necessities

There are some things in life that you have to pay for whether you like it or not. Food, a roof over your head, and transport are outgoings that are difficult to alter, however narrowing down this list to the absolute essentials and reducing the cost of each item as much as possible is a sensible way to minimize your outgoings and necessary spending.

If you have an expensive car, why not trade it in for a more reasonable model, or look into financed deals from KO Auto Finance. If you rent a large home but live alone, think about more compact living by moving to a condo or smaller apartment and save on huge rent fees.

• Check Your Subscriptions

Netflix, Amazon Prime, memberships for gyms you never step foot in, Canadian’s waste hundreds of dollars a year on unused subscriptions and services. Go through the last three months of your bank statements and write a list of what you have coming out of your bank automatically. Review what you do and don’t use and cancel all of the wasted subscriptions. You’ll be saving yourself money each month that can be used elsewhere.

• Focus On Your Credit Score

Bad credit can mean huge limitations on your financial freedom. Without a good credit score, it can be difficult to get a mortgage, apply for a loan or even purchase a cell phone contract. Companies like Experian can help you gain a good score by advising small changes. The better your credit rating, the better financial products you’ll have access to like credit cards and insurance.

• Start A Savings Plan

Putting a few hundred dollars away a few times a year is not the best method of saving. Set up a direct debit so that every payday you automatically save a chunk of your wages. Keep your savings goal realistic and don’t put away more than you can afford or you’ll end up dipping into your rainy day fund.

• Ask For A Raise

Knowing your worth in the world of work can seem easy on paper, but putting it into practice can feel intimidating and difficult. If you know that you are paid less than your peers for the same work, or others in your field then do something to change it. Collate information about what you have personally brought to your company within the last 12 months. Maybe you’ve landed a big deal, maybe you retained tricky clients, whatever it is, put together a short presentation and talk to your boss about the financial gains you have brought in and why you deserve a raise. If you can pinpoint your value, you’re more likely to be successful.

Are you aiming for better finances in 2022? Let us know your plans in the comments.