Looking for a New Year’s financial resolution? These ideas can help

By Jeanne Sahadi, CNN Business

The recent surge in Omicron cases may have put a stop to many of your vacation plans. But it can also give you more time to think about your goals for the new year.

If improving your finances is on your list of resolutions, here are some ideas to consider.

Boost your career

If your plan is to find a new job in the new year, determine how much you really earn in your current job, which is much more than your salary. This will help you more realistically compare the value of any new offer that comes your way with the value of your current compensation and benefits package.

Also remember that when a potential employer offers you a job, there’s a lot more to negotiate than your salary. Here are some tips for securing best compensation package for you.

As well, how you left your current job will say a lot about you. Do yourself a favor and resign in the most professional way. You never know when your paths with your future ex-boss might cross again.

Get life insurance

The pandemic has been a bracing reminder that we could be dying sooner than expected. And that means you might inadvertently leave the people you love embarrassed. If this is a concern for you and you are thinking of getting life insurance or increasing your employer’s offer, here’s a preview if you need it, how much it makes sense to get and what it might cost.

Start planning for your retirement

If you’re hoping to retire in the next 10 years, it’s time to strategize. Having a well-thought-out plan will minimize the stress that comes with such an important transition and maximize your financial security. Here are 5 essential things to do now.

Even if you’re not that close to retirement, it’s good to have at least part of your nest egg in tax-free savings Vehicles. You could lean on open a Roth IRAeven if you think you earn too much to qualify.

Something else to consider: finding ways to protect your nest egg from inflation.

Invest in real estate

If you’re one of the many potential first-time home buyers looking for a home, this has been a tough year, with fierce competition and house prices are rising at a record pace. But don’t get carried away by the frenzy. Start by reassessing your budget and determining exactly what you can afford.

Whether you want to buy a new home or refinance the one you already have, a big question will be whether you should get a 30-year mortgage or opt for a shorter-term loan. Here are the factors to consider.

Or are you wondering if it makes sense to invest in a rental property? It might very well, but only if you know what it takes to become an owner.

Learn more about cryptography

If you think 2022 might be the year you decide to try bitcoin and other digital assets, know what you’re getting into before throwing money at an investment opportunity. It’s still a very Wild West-y space, despite lawmakers and regulators starting to set rules to better protect investors.

Remember, too, you will owe tax on your crypto transactions, which will soon be reportable to the IRS.

Get on the same wavelength with your partner

Are you getting married, moving in together, or just want to better manage financial decisions with your partner? Since money can be such a difficult subject for couples – explosive even – here are some good ground rules and practices you may want to follow to maintain peace at home regarding your family budget.

– CNN’s Kathryn Vasel and Anna Bahney contributed to this report

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