It’s a New Year! And we’re betting and hoping its going to be a better 2021. Somethings are out of our control, some things are not. We want to start with New Year’s Financial Resolutions to help us get the year started right! Here’s our top seven for 2021!
1. Make A Budget
We always here it but sometimes we don’t do it. So get the year started with the basics and make a budget. Figure out your money in (income and earnings) and your money out (bills, mortgage, taxes, etc). Then you have an idea of your monthly expenses and how much you can save!
2. Fund Your Savings And Retirement
One great thing about creating the budget is it gives you a good idea of how much you can save monthly. So use that to plan your savings and retirement deposits!
3. Prepare an Emergency Fund
If 2020 taught us anything its that the unexpected will happen! So get that emergency fund ready to pay three to six (if you can) months expenses. Also prepare for sudden emergencies– have your key financial documents organized in case of natural disaster, review your insurance policies, and an emergency supply kit and shelter plan.
4. Consider Refinancing
If you haven’t done so recently – consider refinancing. Rates are at historic lows so even if your current rate is low, you still might be able to save a lot on the monthly payment! Check with us for a quick analysis.
5. Optimize the Auto-Payments!
Check those monthly auto payments we often are paying for stuff we don’t use (maybe you only watch 2 of the 5 streaming services :). Cancelling a few might just pay for that first post-Covid vacation! One automated payment you might want to set up is automatic payments to savings and retirement funds!
6. Schedule Regular Financial Checkups
Don’t leave your finances on auto-pilot . Check in on them every couple of months to make sure you’re on track.
7. Improve Your Financial Literacy
We can’t have a resolution list without some self-improvement can we? But seriously we often go to school, work hard but don’t take the time to become financial literate. Do a little homework to improve your financial literacy so the ship doesn’t sail you, but you sail the boat!
We hope this list helps and wish you a safe and prosperous new year! And if you’re reading this later, don’t worry it applies anytime 😀