How Did I Do on My Money Goals? (2022)
It's that time when every blog runs through the highs and lows of the past year. This is no exception.
Below are the goals that I set for 2022 (verbatim and in order of what I thought was most important). For reference, the green highlight means that I succeeded and followed through on a goal, yellow means I fell somewhere in between, and red is for falling short or realizing that the goal needed revising.
1. Get a new job that maximizes work-life balance (going completely remote?) and increases salary
The first 5 months of my new job were incredibly painful and I couldn't picture myself staying for even 4 more months. But now that the hardest part is over, my cortisol levels dropped precipitously.
For context: When I switched jobs, I received a salary increase that would have taken 2-5 more years to receive at my previous employer and I cut my commute time by more than half. The primary reason I was considering fully remote work was because I wanted to reclaim lost time, but the faster commute fulfills that need.
2. Contribute to ROTH IRA and 401k
I contributed to my ROTH, but I was very slow to start contributing to my company's retirement plan because I wasn't sure I would stay for more than a year. A short employment stint would have meant I wouldn't get an employer match and I wasn't sure if my earnings during a bear market would justify the expensive rollover fee. Now that I want to stay at my job, I wish that I set up the 401k sooner but I know that I was thinking logically at the time.
3. Save more and spend less
2022 was a hard year professionally. I'm not proud of all the retail therapy I took part in or the restaurant meals I ate because I was too tired to cook. I could have done a lot better and I have unsubscribed from many marketing emails to increase my chances of success in 2023.
4. Get an FSA card for health savings
You forfeit all of your unused FSA funds when you terminate your employment and even if you stay active, only $610 rolls over to your next plan year. I was very careful with how much I put in my FSA and saved about $100 from pre-tax savings.
5. Crush it at the credit card game
Take a look at My Biggest Money Wins in 2022 for my credit card optimization.
6. Maximize cash back rewards in all outlets (Ibotta app, Fetch Rewards, Retailmenot) (Be better about coupons and app deals)
Another money win I mentioned in the last post was how I stack discounts and cash back deals whenever possible. I check sites like Retailmenot and Rakuten to see cash back deals AND I also check my credit card deals to see if I can get discounts on discounts. But as for why I gave up on using Ibotta and Fetch Rewards, I decided that the effort to get a $1 food rebate was not worthwhile. Also, the discounts are usually for subpar items that most people wouldn't even be interested in if not for getting a good "deal."
7. Get educated! (savings books, retirement advice, investing)
I've been enjoying personal finance podcasts while doing chores around the home. I am a huge fan of layering more enjoyable tasks over boring ones, so that folding laundry doesn't feel so monotonous.
8. Invest in quality: quality of food, health, experiences
I am incredibly grateful for the experiences that my husband and I spent money on in 2022 and I wouldn't have nixed any of them. But our diet and exercise took a major hit in 2022. We're trying our best to tear down barriers that are keeping us from exercising and cooking so that we can get back on track for 2023.
After all, money can only go so far if you're getting sick more frequently and get winded going up a flight of stairs.
