Get a Jump on 2021 Finances

Tips to taking control of your finances in 2021

Have you made your New Year’s Resolution yet for 2021? This can be your year to take control of your spending. It’s never too late to have a plan. Getting started can feel ominous but taking small consistent steps to revise your budget and cut wasteful costs is not that daunting. You’re not alone; according Wallethub.com, 1/3 of the 97M resolution makers in America will have financial goals.

  1. Look for a better paying job. This might seem obvious, but many workers get complacent and forget there could be something better out there. New positions are created constantly, and if you haven’t looked you may be missing on something perfect for YOU.
  2. Take care of yourself. According to the American Psychological Association, money and the economy are our biggest sources of stress- the average person spends $5,193 on healthcare each year. This is a challenging time in our country, and stress can be distracting. Make small, healthy changes to your diet and get some kind of exercise every day. You’ll start to feel better.
  3. Set a realistic budget. Studies show over 40% of Americans don’t keep their resolutions. Look at your recurring expenses from the past months and make a list. You don’t want any surprises.
  4. Find the best personal loan for you. Debt consolidation can save you from extremely high credit card rates. In many cases you can even get approval for a small personal loan and get your cash the same day you apply.
  5. Refinance your home and/or student loans. Bankrate.com is a great source of financial information and options. You can now secure low mortgage rates and refinance private student loans, so compare some lending companies and see what’s out there.
  6. Build your savings with automated contributions.

Why have to think about savings? Ask your employer to divide your payroll into two separate accounts and pretend one doesn’t exist. Bankrate.com published a survey in June 2020 that showed America’s top financial regret was not having enough emergency savings since the coronavirus began. Saving for enough for retirement is also an important part of a sound financial plan.

“…no matter your age or life stage, take meaningful steps to boost your financial wellness.” -Lorna Sabbia, Head of Retirement and Personal Wealth Solutions, Bank of America