It’s that time of year again where we start to think about our financial goals for the next year. Most of us want to save more money, make more money and be able to afford to do the things that we want.
But with 2020 being such a financially challenging year, it’s possible that many of us are starting close to zero again and we’re not sure where we should be going.
With that in mind, let’s talk about what kind of financial goal ideas we could be thinking about for 2021. There’s no time like the present to start making big changes, even if the times are challenging.
Financial Goal Ideas
Create an Emergency Fund
It’s possible that if you had an emergency fund, you used it this past year. That means it’s time for a new one. If you never had one, you probably experienced the need to start building one. So, if you’ve got the limited capacity for financial goals this year, this should probably stop it.
Cut Unnecessary Expenses
Do you really need half-a-dozen streaming services? Probably not. I have a rule, if I’m not actually using a streaming service it’s time to let it go. That doesn’t mean that I can’t get it back later but I don’t need it if I’m not watching anything on it.
If you haven’t taken a hard look at your spending habits lately, it might be time to do so. Go through your credit cards and see what you’re paying for and not using and cut those expenses!
Budgets aren’t nearly as boring as people think and they can help you control and manage your money. If you’ve never budgeted before, it’s definitely time to start. Try creating a budget for this year and checking in with it on a monthly basis. It’s OK if it’s not perfect, just doing it will likely help you keep in touch with your money.
Make Some Side Cash
Couldn’t we all use a little side cash?
We know we could! Make 2021 the year you start something and make a little extra money. As an added bonus, side hustles can help occupy your time when you’re stuck at home.
Pay Off Debt
Your debt is probably holding you back. Working towards trying to cut back on it and pay off what you owe can help free up more cash this year and make you feel a lot more financially secure. Talk about a BIG accomplishment.
Automate Your Savings
Make saving easier by adding a little automation to the mix. There are a ton of ways you can do this, like setting up automatic transfers to your savings account through your bank if it’s available to use a third-party app that can help you put some money away.
What financial goal ideas do you have for 2021? Share your thoughts in the comments below!
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Tae started out as a journalist before following the money into the corporate world. But it turns out that the grass isn’t always greener and now you can find her spending most of her time writing about all the things she loves. Namely, money, travel and business with a hefty dose of self-deprecating humor. She is a podcast fanatic, blogging aficionado and loves to find new ways to turn passions into cold hard cash!