Think Pink: Goals for 2022

.

by Olivia Pink

Is anyone else confused at how it is already 2022?! Growing up, I always felt that the years were so much longer. However, the older I get the more I realize how quickly each day goes by. I began my career at the credit union when I was young and fresh out of college. Now, I am in my late 20’s and my back pops when I bend over!  I only go out for drinks maybe once a quarter, and the other day I got overly excited at the grocery store when they had a deal on sweet potatoes. Either I am aging rapidly, or life is just flying by.  

Because life is going by so quickly, I want to make sure that I make the best out of the time that I have. One way of doing this is by taking full advantage of the New Year! While it may be cliché to some, the start of a new year represents a clean slate, which is why it’s so popular to make New Year resolutions. Some of my reasonable resolutions will be in the categories of my career, hobbies and personal growth, all of which I have control over. However, I have also established financial goals for myself and those are much bigger! 

Here are My Financial Goals for 2022:  

  1. Pay off student loans 

I want to take control of my financial situation and pay off my student loans. It will help me be able to reach my other financial goals sooner. I want to become a homeowner and by paying off my loan, my debt-to-income ratio will improve! This can help me qualify for funding, like a mortgage.  

I am aware that I am lucky to live with my parents in order to save enough money to pay off my loans. However, this isn’t the case for everyone. If you’re struggling with your loans, check out my College Loans blog for helpful tips and tricks to pay off your student loans faster! 

  1. Set up a budget 

I think it was quite evident during the “No Spend Challenge” that I am not great at sticking to a budget and saving my money. For 2022, I don’t want to quit shopping cold turkey because I realize that it does make me happy. However, I want to create a realistic budget for how much I will spend.  It may not be my most exciting resolution in 2022 but it is an essential step on the road to managing my money.  

  1. Buy a home 

This is my biggest goal of 2022. Buying a home is a serious financial commitment and one of the biggest purchases that I will make in my lifetime! Being well prepared and understanding the home buying process will make sure that I can meet those commitments.   

For starters, I need to make sure I have a comfortable amount to cover a down payment and closing costs. (This is not a necessary step for all! Many places have first-time homebuyer programs that can help get you into your first home despite low credit and a lower down payment.) I also want to have extra money set aside for unexpected expenses that might arise.  

As mentioned in my first goal, paying off debt can be a huge factor toward becoming a homeowner and may make it easier to qualify for a home loan. Mortgage lenders put a limit on the total percentage of debt payments, including the new mortgage, compared to income.  As a bonus, having one less thing to pay for can help cover the other expenses of life and homeownership!  

2022 is right around the corner and while you maybe haven’t had much luck with keeping your New Year’s resolutions in the past – it’s never too late to turn over a new leaf! I feel pretty excited to work hard toward the goals that I’ve set for myself to help bring my 2022 self into a better place than my 2020-21 self has been in. If you’re also up for the challenge, then let’s get started and have some fun!