Financial Goals List: 20 top ideas - Boss Of My Money

Financial Goals List: 20 top ideas

Categorised as Money Management
black woman celebrating financial goals list

At the start of a new year, it is definitely not too early or too late to create your financial goals 2022 list.

Goal-setting is a great way to focus on achieving your wants and needs. It is also a great way to make a plan for your money.

You might even be able to begin working towards some of these goals now, so you can tick some off your list early next year.

There is always something we can work towards and if you are stuck on your financial goals for the year, here is a list of our top 20 Financial Goals for 2022.

Different types of goals and how to categorise your financial goals 

There are various types of financial goals you could have. Some might be more achievable in less time than others.

1. Short-term financial goals

These are smaller financial goals that can be reached within a year or so. This typically includes things like creating a new budget (try the 50/30/20 budget rule), paying off a small credit card, buying a laptop, etc.

2. Mid-term financial goals

Midterm goals can take around three to five years to achieve. Mid-term financial goals usually have bigger figures involved and might include things like paying off a loan, saving to buy a car etc. Mid-term goals require full-on discipline.

3. Long-term financial goals

This type of goal usually takes much more than 5 years to achieve. Long-term financial goals examples may include saving for a downpayment on a new home.

It is always good to set some short-term goals or long-term goals, but don’t worry about these labels too much.

There are certain long-term goals that you might be able to achieve in a shorter period of time and vice versa.

These are just a good guide to gauge your focus. In fact, for this reason, our financial goals list is not listed in a particular order. You can decide for yourself which goal you consider to be short-term or long-term.

Of course, certain goals such as cleaning up your financial house might be a clear short term goal but you can be flexible. These are your goals.

The main thing to remember when setting out your goals is that they should be:

S – Specific: make your goals specific, so don’t just say ‘save money’ give yourself a figure I.e. £500

M – Measurable: how will you track your goals? Weekly check-ins with yourself or creating quirky graphs that can visually show how much you are saving overtime

A – Achievable: create a goal that you know is realistic and you can genuinely work towards

R – Relevant: your goal should align with your values and objectives

T – Timebound: set a realistic timeframe to achieve your goal. This is great for keeping motivated and having tunnel vision.

List of financial Goals examples 

1. Track your spending

If you are not used to using a budget, you can always start off by tracking your expenses and getting an idea of where your money is going.

You can set weekly reminders to check your accounts and list your expenses out or use a spending tracker app.

From there you can look at creating a monthly budget or if you already have one, you can see why you might not be sticking to it.

2. Organise your financial house

This is a key item to add to the list of your financial goals for 2022.

Gather your student loan documents, information relating to your credit cards, bank statements and have an idea of where you stand financially.

This is great for anyone starting out with budgeting but even if you are seasoned in the game, take time to check in on any investments you might have etc.

3. Create an emergency fund

Why not start saving for a rainy day? An emergency fund should ideally cover at least three months of your bills and basic expenses. If you already have a three-month emergency fund, why not increase this to six?

This goal should be a priority on the list of your financial goals.

4. Clear your debt

Depending on the amount you owe, your monthly minimum payment and disposable income, you might be able to clear your debts (including credit card debt) in a year, two or five.

Either way, it is a good idea to clear it as soon as possible to get rid of the financial burden. If you have extra money, consider making extra payments towards your debts.

5. Set up a new savings goal

You can have various savings goals or just create a new one. Maybe you want to save for a new car? or Christmas gifts (it is never too early).

If you and your family have been talking about a family vacation, why not actively begin saving towards it? You can also start thinking about saving for your children’s college tuition.

6. Increase your credit score

When last did you check your credit history? Understanding how credit works and how to improve it is an essential part of financial wellness.

Have a look at your credit score using one of the online credit bureaus and consider taking steps to increase your credit score. See our blogpost here* on how to do this.

A good credit score will show potential lenders that you are responsible for your money and may attract better interest rates on future credit or lending.

This item on the list of your financial goals is ongoing and doesn’t always need a timeline unless you have a date to buy your house or apply for credit of some sort.

7. Keep your debt-to-credit ratio low

We just touched on lending, but if you are someone who dabbles in your overdraft or likes to use your credit card, try to utilise it less.

Ideally, only 25% of your available credit should be used (if at all). If you have a £1000 spending limit on your credit card, aim to only use £250.

8. Take out insurance

Things happen and it’s just a fact of life, so think about getting additional protection.

You can get insurance for most things such as life, critical illness, home content, tech items etc.

There are various insurance products on the market so you need to think about what is important for you.

9. Save towards your first home

If you plan to be a homeowner someday, you need to start raising the funds today.

This is more of a mid/long term goal that requires discipline and consistency, but it is achievable.

Once you have a figure in your mind to save monthly towards your home, one of the easiest ways to manage your savings is by opening a savings account.

10. Change your money mindset

Sometimes, your finances are in order and you might have a savings account but have you actually thought about what you want out of life? Some people pay bills, live frivolously, save and repeat but is this a mindset of abundance?

Think of what you want from life and the things you can achieve if you put your mind to it.

Some people might have a bad relationship with money because of how it has affected their family members or themselves in the past.

Take time to confront your thoughts, fear and mission with money.

11. Deepen your knowledge of financial literacy

A lot of people have money, but just do not know what to do with it or understand the principles of finance.

It is always worth knowing a bit more, so consider listening to podcasts (shameless plug BOMM), reading financial literacy books and even watching Youtube videos.

The best bit is that you don’t need to agree with everything you read or listen to, you can formulate your own opinion and deepen your understanding of how you want your money to work for you.

12. Give to charity

Finances shouldn’t only be about saving money or making more money, it is always good to give so if you are a Christian consider committing to tithing or increasing your offering, give to Charity or donate some food to a local food bank.

13. Open a higher interest savings account

Have you started saving but do not have a dedicated account for this? Or maybe you save with cash but would like to get some interest and start putting your money to work? Consider opening a high-interest savings account, which is a better idea for longer-term savings.

14. Maximise your ISA allowance

A cash ISA savings account is where you don’t need to worry about paying tax on the interest gained in your savings account. There is usually a specific allowance for this each year, so a goal might be to maximise your allowance.

If you don’t know much about ISAs I would suggest having a look into this. If you are saving for a house deposit the Life Time ISA is great tax savings account to start with.

15. Think about creating a retirement plan

It is never too early to think about your retirement plan. If you are near retirement age and you have a retirement account, now is a good time to review it and see where you stand.

If you are a bit further away from retirement it is still a good time to consider creating a retirement fund or organising your pension account, so they are in one pot.

16. Think about new ways to invest your money

This might include dabbling in the stock market, having an investment account, looking into real estate or even using your money to invest in yourself.

If you invest in yourself and learn new skills, you can create an additional income.

If you are new to investing and have a load of cash in your savings, you might want to meet with a financial planner to discuss your options, so you can reach your 2022 financial goals quicker.

17. Allocate some of your investments to Crypto Currencies

Cryptocurrency is a digital currency. As new and volatile cryptocurrency is they make a great asset in your investment portfolio as it can give you a very high return. As always never invest what you can not afford to lose.

Reduce the risk by doing your research and diversifying the coins you invest in. Since 2015 to date we have seen Bitcoin rise from £215 to up to £40k at its highest price.

18. Increase your monthly income

The New Year might be the best time for you to get into a side hustle, ask for a salary increase at work or even change jobs so you can broader your financial horizons. Saving money is great, but making more means you can do more with it.

19. Ask for a pay rise in your job

It’s only right that you are compensated for the work that you do. Being paid fairly and rewarded for the value and results you bring to your workplace is a must in this day and age.

Not only that, but the more money you contribute towards your financial goals the quicker you can achieve them.

As scary as it might seem to walk into your bosses office and ask for more money, it’s an empowering request to make.

The worst they can say is NO! And if you feel so strongly about being made more then that’s your queue to try something new.

20. Treat yourself

The financial goals mentioned in this list might apply to different people at different stages of their life.

This final goal is one that can apply to everyone.

Treat yourself. Life is to be enjoyed and there is nothing better than a nice treat. If you have reached your savings goal, or even if you haven’t and it’s been a tough year, try to give yourself grace.

Treating yourself does not need to be a large financial expense or an expense at all. You can factor it into your budget. The 50/30/30 rule allows you to put 30% of your monthly take-home towards your wants and desires 

It’s a wrap!

Achieving financial goals is challenging.

The important thing when it comes to goals is keeping them specific and measurable.

You might also find it useful to set a monthly reminder on your calendar to keep yourself accountable.

Start small and gradually grow your savings, with your financial priorities in mind.

With proper preparation, you can create long-lasting financial habits and achieve your financial goals in 2022.

We hope you found our financial goals for 2022 list helpful, if you used any of these goals feel free to let us know down below.