During 2020, we have tackled numerous financial lessons along the way ranging from the best ways to budget to the easiest ways to invest as a beginner. So what better way to apply what you have learned by making a set of financial New Year’s resolutions for 2021?
Since we want to help you out, here is a KitaMo approved resolution list for you. From holding bank accounts, maintaining a budget, and getting insurance; we have got you covered in all aspects for this exciting and brand new year.
Here are five New Year’s resolutions you should stick with to ensure a smooth financial journey throughout the year.
Start placing your money in bank accounts for safekeeping
This is very important especially for the youngsters out there starting their financial journeys. Bank accounts allow for us to store our hard-earned money and allot them for different uses. From savings, deposit, health, to vacation accounts; this remains the safest and most efficient way of storing and organizing funds. With this being said, make sure to prioritize this for the New Year. Surely, you will not regret it.
Always have a budget and avoid spending too much
After splurging for yourself and your loved ones during the holiday season, make it a priority to start saving up again this year. Things as little as keeping a budget and mindful spending can really go a long way when it comes to the challenge of saving money. With this, give yourself a reasonable budget and try keeping track of your weekly, monthly, or even annual expenses. If you start this habit right away, you will definitely reap its benefits in the long run!
Get insured while you are still young and physically able
We cannot stress enough the importance of getting insurance at a young age. Although it may not be a priority right now, trust us when we say it should be the other way around! Life is full of uncertainties and tomorrow is never promised. The best thing we can do is to be prepared and make sure we are financially capable to handle whatever life throws at us. A small investment in insurance today will have huge benefits for you and your loved ones later on. So get insurance as soon as possible!
Spend your money in economical yet high-quality goods
We all know that no matter how much we try to save, spending is inevitable. In exchange for money, we receive our basic needs and wants. What matters is picking the best option out of the numerous choices in the market today. This year, we must try to be more critical of what we purchase and strike a balance between being cost-effective and buying high-quality goods. Saving money does not necessarily mean that you need to become a cheapskate, but it entails that we make smart choices as consumers. Bring this habit into 2021 and managing finances will be a walk in the park for you!
Learn to take smart risks when it comes to investments and business
When it comes to investing in stocks and starting a business, you should constantly try to step out of your comfort zone. Taking risks equals reaping more benefits in the long run! But you cannot just go around recklessly taking chances. This new year, make it a habit to take calculated risks that have potentially more advantages than disadvantages on your end. Not all risks will pay off, that is for sure; but take these failed ventures as valuable learnings for the future. At least you can say that you gave your all and did not lose much in the end!
2020 has not been the best year in many aspects, but at least you can say you learned a lot about managing finances along the way. You can make this New Year productive and successful in terms of personal finances by applying these resolutions into your everyday life. Someone once said, “Tomorrow is the first blank page of a 365-page book. Write a good one.” This applies to finances just like every other aspect of your life. It is up to you to start and end your 2021 with a bang.