FINANCIAL RESOLUTIONS FOR 2021

Here are some financial resolutions you can do in 2021. So you are not more worse off than you were in 2020.

2020 a year many of us would like to forget.

So lets set some financial resolutions to make sure 2021 is a better year, no matter how it unfolds.

piggy bank picture

COMMIT TO PAYING OF YOUR DEBTS

This includes credit card debts too, high-interest rates on credit cards can be a deterrent more times. And may keep you in the debt cycle for longer than needed due to knowing about the interests which is added to the amount owed each month.

In the future lookout for credit cards with lower interest rates, that also last for a long period of time.

Try to commit to paying off one credit card debt at a time. And if you have many focus on one at a time in 2021 to clear them off.

Make sure you are familar with all your debts and put them on a priority list. Most important to clear at the top including household debts and low priority debts at the bottom. And work out which ones you can tackle first and take it from there.

IMPROVE YOUR CREDIT SCORE

We know that having bad debts can have a impact on our credit score and credit file and can affect when getting things in the future. But as you gradually reduce your debts your credit score gets better.

To have a good credit score, can open up many opportunities for yourself. It helps you to be able to buy a car, morgage or start and expand your business opportunities. If you have a low credit score, like mysefl due to many financial issues. It will have a negative effect on your financial lifestyle for many years after. As defaults on debts stay on your credit files for upto 6 years. But things happen through no fault of your own, so try not to stress about this too much.

KEEP A GOOD EYE ON THINGS

It’s a good idea to check your credit score regular. So you can notice any changes good or bad on your credit score. And to know what is causing the changes good or bad, so you can know ways to improve it.

You can get free credit scores from many credit file companies such as EXPERIAN and EQUIFAX. And some companies send you emails alerts if there has been a change on your credit file.

TAKE A GOOD LOOK AT YOUR BUDGET

Look closely at your budget income and outgoings. Look at where you can reduce bills and shopping for food and other essential items. Have a look on Price checking utility companies for Gas, Electric, Water and Insurances for the home, health, and car. Can you save money by switching providers? You can do this by going on comparison websites like COMPARE THE MARKET.

And make sure you stick to your budget. BE A SAVVY SHOPPER

BECOME A BETTER AND SMARTER SAVER

Put the time in, to pay less. This will benefit you in the long run.

Online shopping is booming right now, but do you really need these items/products that you are enticed or attracted to? That are being sold on the internet.

Sign up to reward schemes with supermarkets, that actually reward you for shopping with them, and you get benefits and saving from shopping with them also. Offering money off items/products that you really need.

DON’T FORGET TO HAVE A LITTLE FUN

Yes reward yourself. Make sure you’re able to treat yourself sometimes, but try not to go overboard.

The purpose of the Financial resolutions is to be able to save better and doing better in 2021.

And don’t forget to save those pennies.

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2 Comments

  1. My take from this post is to have a bit of fun 🙂 lol
    2020 was an interesting year for me which involved little to no spending on anything remotely fun or exciting as we were building a house. Now that I’ve gotten used to not spending at all unnecessarily, I do want to enjoy life a little more.

    Liked by 1 person

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