2020 may not have been the year we all planned for, but we sure did learn some lessons! Now, as we begin 2021, let’s focus on bettering ourselves in any and every way we can. Last year hit many of us hard financially. This year, let’s refocus and take the steps necessary to improving our finances. Some financial resolutions to keep in mind as we take on the new year…
Make It A Habit.
The only way to ensure your finances won’t be neglected is if you make it a habit to give them the attention they need! Whether for a business or an individual, make it a habit to sit down every single week and record any transactions, income, and more. The more you get into the groove, the more it’ll become a habit.
Determine Your Goals.
Want to save more money? Pay off the remainder of your student loans? Make a big purchase like buying a home? Determine your financial goals for the year and then determine a sound plan to start reaching your goals one step at a time. Know your money, know your situation, know your goals and how you’ll reach them!
Talk With A Professional.
You don’t have to take on your finances alone! Speak with a professional or a family or friend you know with financial experience and knowledge. They will have a different perspective and be able to help you in any way you need. You can create a game plan for the year together that fits you and your unique financial situation. Don’t hesitate to reach out - you’re only hurting yourself if you don’t!
Manage Your Debt.
Create a plan to tackle your debt this year. Make a list of all your debts and start knocking them out slowly but surely, one by one. There are a variety of strategies to minimize your debt, so determine the one that works best for you and keep at it.
Set Aside An Emergency Fund.
Having three to six months of living expenses set aside in an emergency fund is essential. 2020 showed us that anything can happen and we need to prepare ourselves financially for that. Start adding money to this emergency fund whenever you can and watch it grow over time. Fingers crossed you won’t have to touch it, but you can at least rest easy knowing you have this cushion of security.
Improve Your Financial Literacy.
Ignorance isn’t bliss when it comes to your own money! Make an effort to learn more about your personal finances, how you can improve, your bookkeeping, and more this year. Better yourself by educating yourself! Your finances will follow you around for all time, you should know the ins and outs of your money.
The only way to make changes is to take action! Let’s thrive this year.