New Year’s Resolutions: How to Achieve Financial Goals in 2021
As this year winds to close, most people are happy to say farewell to 2020 and usher in the New Year with open arms. Every year New Year’s Resolutions are made to help you set positive goals for the year to come. While many resolutions are frivolous, one that is always popular to make, and necessary considering the way 2020 has gone, is to have clear financial goals. This is easier said than done though most times. With these tips, you can have the best chance at success in achieving your financial goals in 2021.
1. Set a Budget: As cliché as it seems, setting a budget is the first step to achieving your financial goals. By taking stock of all your monthly obligations including mortgage or rent, utilities, phone, internet, food, and more, you can accurately understand how much money you have available for savings or to put towards outstanding debt.
2. Stop Paying for Things You Do Not Use: Whether it is a gym membership or a TV streaming service, if there are things you no longer use, consider canceling your memberships to save money and reduce your overall expenditures. Even an eight-dollar bill a month adds up over a year’s time, so cut these costs where you can.
3. Kick Costly Habits: There are several items people spend money on every day that may make you feel good at the moment but are really draining your bank account in the long run. Whether it is smoking, drinking alcohol, shopping, or eating sweets, consider reducing your use of these items to reduce the strain on your wallet and free up money to pay bills or add to savings.
4. Pay with Cash: Getting into the habit of charging expenditures to a credit card is common, but over time high interest can end up crippling you financially. Instead, pay for as many items as possible with cash. This allows you to track how much money you have spent and reduce the interest accrued from credit card debt.
5. Start an Emergency Fund: Emergencies can creep up out of nowhere and without an emergency fund, you may find yourself in a serious situation. Once you determine your monthly budget, allocate a certain amount that you can set aside monthly for your emergency fund.
When finances are tight and you need help in-between paychecks or to help you achieve these goals, consider a payday loan with EZ Money. We are here to help you achieve financial success in the new year and beyond. Contact us today to learn more.