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.
- 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.
- Set aside 3 to 6 months of cash for a rainy day fund.
- Save for retirement. You can’t afford not to start.
- Use automatic drafts for your rainy day and retirement accounts. Placing contributions on autopilot is the best way to stay on track.
- Pay down and pay off credit card and auto loans.
- Just because you have room to borrow doesn’t mean you should borrow.
- Look beyond your own needs and consider charities that are important to you.
- Get your affairs in order, including life insurance, beneficiaries, and a will.
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.