• Trustees Private Wealth

Mar 1, 2022

Tips on how to start your money plan for 2022

Tips on how to start your money plan for 2022

Planning and goal setting often comes with the start of a new year. We spend a lot of time planning our next holiday, a new eating regiment, our exercise and health routines, but how many of us set a plan in place for the year to manage our finances?

Here are some things I like to think about at the start of every year:

Set some goals

  • Set some savings goals, ensure you write these down, that you have a clear amount you will need and when you will need this by.
  • Have a look at your fixed expenses and check that you have allowed for these each payday.
  • Have some short and long-term savings goals. Don’t forget to make your short-term goals fun and rewarding.
  • Do you need to talk to your bank or a financial adviser to check that you have the best type of short and long-term savings plan?
  • Review your savings contributions. Will they get you to the short and long-term goals that you want to achieve for this year?
  • Where are you saving these funds? Do you need to open new accounts to better manage your expenses?
  • Decide how you will keep yourself on track. For example, will you diary to check your savings every 12 weeks, or even better, can you plan to purchase part of your goal as you go along, maybe put a down payment on a holiday? Telling others about your goals is a great way to keep you on track.
  • If you have children in your life, do they know the value of money? Helping our kids understand “why money matters” and how to save will set them up for their futures. Starting good saving habits early pay off in the long run.
  • Do you have an emergency fund and is this enough to get you through? An emergency fund is a great first step to reduce risk and stress on your finances. Read more about emergency funds here.


  • Have you reviewed your house, car and Home and Contents insurances lately?
  • Do you/your partner have life insurance? Do you have income protection or Health Insurance, is it at the right level for you and your needs, and did you make any claims last year?
  • With insurance you are swapping a small known loss (the premium) for a much larger loss that could be highly damaging to your or your family’s long-term financial wellbeing.

 Estate Planning

  • Have things changed in the last 12 months and do you need to review your Will?
  • Are the people that you nominated to be your Enduring Power of Attorney still willing to do this?
  • Is your life insurance owned by the right parties? In the event you die the proceeds of a claim need to flow readily to those intended to benefit.

Don’t let these tasks overwhelm you. If you find the idea of planning your finances a bit daunting, you can plan to do them over the next few months, or as insurance policies come up for review.

The reality is that our world is always changing, so taking control of these tasks is important so you can live in a world where you have no surprises.

Don’t let your money manage you, you should manage it.


Kelley O’Dwyer
National Business Development and Services Manager

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