5 Steps to Reach Your Money Goals in 2022
In addition to the new year bringing confetti and a fresh calendar, it’s a time to set big money goals for the next 12 months. That might mean finally paying off debt, buying a house or taking a long-delayed vacation. With inflation and economic uncertainty clouding 2022, shoring up your finances this month can feel even more urgent.
For Americans hoping to pay off high-interest debt this year, David Gal, professor of marketing at the University of Illinois Chicago, says his research shows that consumers are more successful if they start by focusing on the smallest balances first, called the debt snowball method. “That gives the perception of success and progress, and increases the motivation to pay off the bigger accounts,” he says.