For many people, January is considered a fresh start with 12 “new” months to work toward your financial goals. Here are a few tips to help you get 2021 off to a great financial start.
Write down your financial goals
Zoom into January with a visible set of financial goals. Write down the financial milestones you plan to achieve to help put your money situation into perspective. You’re more likely to complete your goals when you’re able to see them on paper. You can even post them someplace you’ll see on a daily basis to help hold yourself accountable.
Audit recurring charges
A great way to refresh your budget for the new year is to audit your subscription services. According to Statista, more than 60 percent of U.S. adults currently subscribe to a streaming service. Keep an eye out for charges to services you rarely used or benefitted
from in 2020 and cancel them. This can include subscriptions to apps, websites, magazines and other online services.
Review your cash flow
Review your most recent pay stub or statement and take note of your investment, retirement and credit union account allotments. This will allow you to see what was saved and what was spent. Evaluate whether or not that number
aligns with your financial goals and make adjustments as necessary.
Adapting your lifestyle to reflect new money goals may take some time. Don’t be afraid to trial and error your budget.