What do you need most in 2022?

Early January is a traditional time for reflection:

  • What do you want most in 2022?
  • What do you need this year that you can’t get along without?

If you have a 14-year-old car that’s in the garage for repair every other week, you could say you need a new automobile. However, our basic needs are more practical . . . like air, water, food, or shelter . . . and very few of those essentials are free. That’s why it’s practical to plan today to meet our needs for tomorrow. Saving some of our money for the future is not only a smart thing to do, it could become a matter of survival.

In today’s unpredictable world, plan ahead for future needs

After another year of being constrained with a worldwide pandemic, most of us feel we need a nice vacation in 2022. To be honest, though, the pandemic taught us what we really need. To stay alive and healthy in tough times, it’s helpful to have things like:

  • Money saved for emergencies such as unexpected job loss.
  • Enough living space to distance ourselves from others in our homes.
  • Health insurance or health savings plans to meet medical challenges head on.

Living with Covid for the past two years caused most of us to realize that it’s more important than ever to prepare for our financial futures. Families with savings had a much easier time of meeting their basic needs. Some were even able to satisfy many of their wants.

Make saving for the future your #1 New Year’s resolution                                                                                                                                                                                                                  

One reason many of us find it so difficult to save money is that we can’t tell the difference between our wants and needs. Here are some simple distinctions:

Needs = What we need to stay alive (water, air, food, shelter, clothing).

Wants = What we don’t really need but like to have (entertainment, toys, vacations, desserts, etc.).

Distinguish between the two and face the fact that you don’t need everything you want. Measure all new purchases against your needs and wants.

Try something new in 2022

Consider setting five or six 2022 goals based on your needs, not your wants. Invest the money you save for the future by focusing only on needs this year. Your resolutions might look something like this:

  1. Enjoy just free entertainment and eat only wholesome food; then, invest your savings.
  2. Create more living space by decluttering every room in the house.
  3. Put a one-year moratorium on any new clothing you don’t actually need.
  4. Clean out your closets and donate items no longer worn to meet the needs of others.
  5. Plan meals ahead and stick to a shopping list every time you go to the grocery store.
  6. Start a new IRA or Roth IRA account with all the money you save by eliminating wants.

Manage Your Money . . . financial facts for a brighter future provided by Advancd Asset Management LLC                          

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Ronald Van Surksum, CFP               

4555 Wilson Ave SW – Suite 2               Grandville, MI 49418                            


Phone: (616) 531-5220                             Cell: (616) 450-8439                               

For permission to reprint:       ask@cameo100.com         01-03-22