Getting Back to the Basics
The unexpected rollercoaster ride that 2020 forced us to take part in was one for the books that created more than enough opportunity to truly prioritize what served as important factors in our lives. While there are a lot of unknowns on the horizon, one key area we absolutely know must be in order is our finances.
Refinement is the name of the game
In order to set something that’s reasonable and restrictive where necessary, refine your current budget.
- Review at least 2-3 previous bank statements to obtain real information about how much you spent over the course of time
- Choose your ‘new’ number that will now become your maximum for ordering food
- If swiping your debit card serves as a daily temptation, adopt a cash system
- Developing new habits with very old tactics has serious benefits
Remain positive
Every year brings new challenges and it’s our responsibility to stay the course and see our personal finance goals through
- Accountability partners can be essential in providing us thoughtful words even when our minds don’t
- Solicit the assistance of a financial advisor that can serve as a sounding board to help provide guardrails
Tackle newly acquired debt
Review all credit card statements, potential medical bills, or anything from creditors and list them all cohesively
- Create an online document to keep track of all due dates, amounts, and creditors
- Starting with the lowest amount owed has benefits, as this builds personal momentum
Save, save, save and save some more
Every penny truly counts
- Set up an automatic draft every pay period
- Any unexpected money can be dedicated to beefing up your savings account
- Start where you are with what you have
- Planning ahead and saving for recurring bills also alleviate the burden of having a shortage later