New Year, New Goals: Tips For Your Best Year Yet
It’s a new year. Time to make those resolutions. If your resolution involves a goal to improve your financial life during 2021, we say two things—good for you, and you’ve come to the right place. Keep reading for some easy steps to help you in your quest. And remember, whether you choose to focus on just one change or tackle all of these suggestions, the important thing is that you’re taking steps to work towards healthier money habits.
Choose a goal
Usually each year brings with it life changes that cause you to reevaluate your financial priorities. Take the time to identify and write out the details of each goal for your life this year. Are you looking to buy a home? Is it time to invest in a new vehicle? Save more for retirement? Identify one (or more) goals so you can properly prepare for them with consistent financial choices over the next year.
Review your budget
Once you have identified this year’s goals, it only makes sense to reevaluate your existing budget. Plan for all upcoming changes in income, housing, or personal circumstances that will impact how you approach your goals. Also consider your savings goals. Do you have a reliable emergency fund? Or are you looking to focus more of saving towards retirement? It’s easy to open accounts that can really help you organize and accelerate your savings. And to help make even more informed plans, try the following exercise: take a fresh look at last year’s budget. What did you learn? Were there big differences in your income versus expenses? 2020 was a crazy year, but what changes could you make for 2021? Read our blog for more tips on revamping your budget.
Evaluate automatic subscriptions
Speaking of improving your budget, now is a great time to reevaluate your current subscriptions. Subscriptions or memberships that automatically charge your accounts monthly (or yearly) can be like a black hole to disposable income. Anything from a music streaming subscription, to a doorbell app, to your monthly cable bill can eat up extra funds. Take the time to list out these subscriptions and choose to keep only those which are essential.
Check in on your credit report
It’s easy to take a moment to check your credit report now, and resolve to set up a schedule of when and how you will monitor it in the future. We recommend checking your credit report at least monthly and with Sunflower Bank’s mobile banking platform, you can do so right from your phone at any time.
While there is a lot you can do to improve your financial health, remember that you don’t have to accomplish everything at once. Take your time, tackle items one by one, and don’t forget to celebrate accomplishments you make along the way (prudently, of course)! But the important thing now is to take the first step, and get started by clearly identifying the goals you want to focus on for the year. You can do this! Positive change is right around the corner, and our team of professionals want to offer guidance and expertise for you on your financial journey. Reach out to start a conversation today.