Simple Financial Resolutions That Get You Off to a Fast Start in 2021

We make New Year’s resolutions, but few seem to follow through. Yet, a New Year gives us a new beginning. It’s time to look forward and set goals.

Here are several ideas that will help put you on the right path to secure your financial future.

  1. Make a budget and track your expenses. You will struggle to get a hold of your finances if you don’t know how much you’re spending or where your income is going.
  2. Set aside 3 to 6 months of cash for a rainy day fund.
  3. Save for retirement. You can’t afford not to start.
  4. Use automatic drafts for your rainy day and retirement accounts. Placing contributions on autopilot is the best way to stay on track.
  5. Pay down and pay off credit card and auto loans.
  6. Just because you have room to borrow doesn’t mean you should borrow.
  7. Look beyond your own needs and consider charities that are important to you.
  8. Get your affairs in order, including life insurance, beneficiaries, and a will.

Bottom line

A comprehensive financial plan will encompass each of these goals and more. If you have a holistic plan, you are well on your way. If not, consider the ideas above and put yourself on a sound financial footing in 2021.