How Did I Do on My 2022 Money Goals?

It's that time when every podcast and blog runs through the highs and lows of the past year. This is no exception. The end of 2021 was the most dramatic turning point in my money journey, because that was when it felt like the world was opening up again. It was natural to save during a pandemic when we weren't traveling, there was student loan forbearance, and we were much more selective about social outings. But at the end of 2021 when future plans and goals felt tangible again, I realized I needed to be more intentional with my finances.

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.

And 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 do not have any regrets because I know that I was thinking logically at the time.

3. Save more and spend less (look into Certificate of Deposits)

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. 

Certificates of Deposits did not seem like the right move because I didn't want to lock up my money for just ~1% more APY than what online savings accounts could offer.

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: After calling different orthodontist offices in my area to ask for prices, it was clear that there was no way my adult braces would cost less than $5,000. I used NerdWallet and Bankrate credit card comparison tools to determine which sign-on bonus would be the best for me. With one swipe of my Chase Sapphire travel credit card at the dentist's office, I could finance future travel/hotel stays for my husband and I through points.

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 Chase 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 -- now, 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. And although we need to make changes, we are also not kicking ourselves. 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.

We're doing a good job hitting most of our money goals, but that money can only go so far if we're getting sick more frequently and get winded going up a flight of stairs.

Really, the money goals I need to focus on simply come down to taking care of myself. Keeping heart disease at bay and serving my wallet are one in the same. And I hope that's enough motivation for 2023 or else I will be very embarrassed writing a blog post a year from now.