3 Financial Resolutions For 2021
2020 has been a bit of a rough one. Heading into a new year is giving many a sense of hope in the future. Take this new year reset as an opportunity to start getting your financials in order.
You can’t reinvent your finances or switch to healthy habits overnight but you can use the new year as a springboard for making better choices down the line. Take this time to think about your finances and what you would like to improve. What are your goals? What are your bad habits?
Now use that to create some resolutions that you can put into practice throughout 2021.
Prioritize On-Time Payments
If you struggle with making on-time payments this is the first thing you will want to tackle. On-time payments are a crucial part of your credit score and can make an enormous impact both positively and negatively.
Challenge yourself to make on-time payments in 2021. Start by setting up a calendar and alerts and reminders so you don’t forget. Do this now! If you set it up in advance you won’t have to remember to remind yourself. Use the calendar on your phone or mark days off on a physical calendar you see often. The key is to make sure that reminders are someplace that you cannot ignore.
Make A Savings Goal
Want to save more in 2021? Make a plan! Determine how much you would like to save and divide it by 12. Now you have a monthly target amount to put into a savings account. Keep that number in your head or mark it down in a reminder alert around pay-day. Try and deposit that amount every month all year long.
Of course life is unpredictable and you may not be able to save every single month but that’s okay! Getting yourself into the habit and staying on track as long as you can will set you on the right path.
Start An Emergency Fund
If 2020 taught us anything it’s that anything can happen. Take this lesson and put it into action by starting an emergency fund! This fund is a savings fund separate from your normal savings. This fund can contain a few hundred dollars to thousands. A good rule of thumb is to try and save up around 3 months worth of your expenses - but you can choose your own amount. Start with a reasonable goal and build it up over the course of the year. You will be grateful for your foresight when faced with a sudden dire expense.
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