In 2018, the US Census Bureau reported that there were nearly 1.5 million Americans who were 65 years old or older. By 2029, that number will reach nearly 3 million . If you’re one of them, here are some things you can do to be financially secure in the future.
Having money is awesome, but with control over it comes a lot of responsibility. It’s something that we all take for granted, but a lot of people don’t realise that they don’t have control over their money. Instead, they have to rely on someone else to take care of it for them. This isn’t the way it should be! Investing is something that can be taken very seriously yet should be done by the people who are passionate enough to do so.
Financial freedom can be achieved by following a few simple steps. It’s not rocket science, just a matter of learning the steps to take and sticking with them. There are only a few basic rules to follow.
This message is brought to you by Farther. All opinions are my own. It’s the beginning of the year, and as always, you may be thinking about your New Year’s resolutions. If financial freedom is your goal, you may be wondering what you can do and what changes you can make to get there. You may not even know where or how to start. Don’t worry about it. I have the best financial resolutions for you to take control of your finances this year! This article may contain affiliate links. For more information, see our complete information. Studies show that 80% of good intentions fail in February, so whatever you do, you need to be prepared to stick to your goals. Sometimes this can mean seeking expert help. And if paying off debt, building a healthy reserve, ending the paycheck to paycheck cycle, and being able to afford vacations and other luxuries sounds like a life you support, then you should definitely contact the experts at Farther. If you really want to take control of your finances once and for all, I’m going to explain to you exactly how F further can help you do that. But first, let’s talk about some of the financial decisions you’ll have to make in the new year. Once you’ve set your goals, we’ll discuss what you need to do to reach them and how you can use F plus to improve your financial game this year!
10 financial decisions that will change your financial life
1. Creating a budget and sticking to it
As cliché as it sounds, you can’t be financially successful if you act haphazardly. Most successful businesses started with a plan. Seriously, if you want to get your finances under control once and for all, you MUST have a plan for your money. You MUST know exactly what your monthly income is and how much money you need to spend to pay your bills to survive. Once you have established the basics, you can think about what you want to do with that extra income (or if you need to find a second or third job to make ends meet). Remember, your decisions must be in line with your goal of achieving financial freedom!
2. Increase in savings
What should you set aside for the coming year? Are you trying to build up an emergency fund? The down payment on the house? Holiday fund? Whatever you want to accomplish this year, saving money is always a good financial decision to add to your list! However, I recommend that you make it a specific and measurable goal. What does that mean? First, it must be an achievable goal. You’re not going to set a goal of saving $5,000 this year if you only have $200 left over each month after paying your bills, are you? And measurability means setting a goal that can be realistically monitored. Enter a numerical total. I want to set aside $150 each month to fix up our room. You know what I mean? You can now track your progress each month. It’s something that can really be measured. If you can’t find money to save now, why not increase your emergency fund this year? Stay motivated with coloring pages and accumulation trackers to keep track of your progress!
3. Debt repayment
Another mandatory item on your list of financial resolutions should be paying off debt! Think of that day oh-so-happy when you can finally do your scream without guilt. All the sacrifices you make in the coming year to get rid of your debt will be worth it in the end! What debt repayment goals should you set for yourself in the new year? Make sure you pay more than the minimum amount! In the future, for example, you will need to decide which method of debt repayment is best for you. For example, the debt-laundering method or the pyramid scheme method. Both, if applied correctly, will lead you to a debt-free life!
4. Adopt a frugal lifestyle
Adopting or maintaining a frugal lifestyle goes hand in hand with the other New Year’s resolutions on this list. If you want to pay off debt or save more money, a frugal lifestyle is a must! What does it mean to live frugally? Living frugally means saving money whenever possible and spending it on things that add value to your life. It means living consciously and saving money throughout the year so you can spend it on things that add value and joy to your life. How can you live frugally? In fact, it’s a lifestyle! Change small, unimportant habits that will ultimately save you a lot of money. Little things like turning off the lights when you leave a room, drying your clothes on the line or showering for shorter periods can save you hundreds of pounds on your electricity bill. You can shop wholesale, take advantage of discount coupons or take advantage of the sale on items you normally buy at home. Little things like this can save a lot of money. You can then use this money to pay off debts, buy luxury items or use it as an emergency fund. It all depends on your personal goals!
5. Increase in revenue
Let increasing your income be your financial decision this year! I can’t tell you how important it is to diversify your income! According to The Balance , the economy lost a record 20.8 million jobs due to company closures in April 2020. On a personal level, my family also suffered when my husband was sent home without pay for several weeks. But thankfully, we diversified our income and were able to cover all of our expenses (and more!) with the salaries from our side hustle! So think about how you can generate additional income next year. Do you know how to bake and decorate cakes like no other? Why not start a small home business and promote it through social media? Are you good at writing? Blog and website owners are always looking for content creators! You can make a good living as a freelance writer. You can earn between $80 and $120 for a 1200 word article. Create a website like Fiverr to promote your services. You can even consider options such as working from home as a transcriber or proofreader. Or, if you want to stick with a real job, get a babysitting job, offer lawn maintenance services, get a second job or a part-time job.
6. Credit enhancement
Building a good credit history is a long process, but you have to start somewhere, right? Make it one of your resolutions this year to work on improving your credit score. If you are considering a low interest mortgage or even a credit card with good rewards, you definitely need a good credit history! Practical tips for improving your credit score in the coming year include lowering your credit utilization ratio, correcting errors on your credit report, and regularly using your unused credit cards (for necessary purchases for which you have cash anyway). There are many other ways to improve your credit score in less time. If you need expert help and advice in this area, you can count on the experts at Farther !
7. Increase in net assets
Why not set a goal of increasing your net worth this year? Your net worth is the ratio of what you own (your assets) to what you owe (your liabilities). And yes, simply put, more net worth means more of what you own and less of what you owe. If you are pursuing financial freedom, it is imperative that you work on increasing your net worth.
8. Ending bad financial habits
Let one of your financial resolutions this year be to give up all your bad money habits. Impulse buying, going with the Joneses and losing control of your spending and budget should be a thing of the past! In the new year, take the time to analyze all your spending habits, triggers and areas you can improve. Then look for solutions that can really help you.
9. Read more books about personal finance
You should strive to improve your knowledge every year. And reading books is a great way to do that! This year, take on the task of adding some books on personal finance to your reading list. Some of my recommendations are The Total Money Makeover Dave Ramsey and Rich Dad Poor Dad :. What the rich teach their children about money that the poor and middle class don’t learn Robert T. Kiyosaki!
10. Benefit scheme
Meal planning is a game changer and should be on every new years financial resolutions list! If you set up a meal plan for each week and stick to it, you will find that you can save hundreds of dollars each month! Reserve one day a week, preferably Friday evening or Saturday morning, and plan all breakfasts, lunches and dinners for the coming week. Ask family members for ideas and create a plan that fits your schedule. For example, if the kids have dance class or baseball practice in the evening, you probably don’t have the time or energy to toil on the stove. In that case, a potluck dinner might be the best option! Also consider doubling your recipes to have leftovers for another day and simplify your life. Once you’ve found the dishes, look in your pantry and make a list of the ingredients you’ll need. Go to the store once and buy everything on your list. Make sure your meals and shopping list fit within your budget. For this to work, you need to stick to your budget and your meal plan!
Keep New Year’s resolution
You can make a whole list of New Year’s resolutions, put them in a drawer and save them until the 31st. December forgotten. Or you can make this the year you make the 20% good resolutions that don’t fail in February. If you want to get rid of debt, end the paycheck cycle, put much of your income into monthly savings, and enjoy luxuries without guilt over spending, you need to stick to these decisions! To help you meet your financial resolutions this year, here are some tips: – Choose the solutions you really want to implement. – Make sure you have a solid plan that outlines exactly how you will implement these decisions. – Think about the triggers that cause you to fall back into your old habits. – Replace old habits with new ones. – Make sure you set SMART goals: Specific, measurable, achievable, relevant and time-bound. – Know when you need expert help and be prepared to accept it. Which brings me to my last point. If you need help with your plumbing, call a plumber. And if you have electrical problems, you need an electrician. You always go to an expert for a solution you can trust, right? So why is it different with your finances? Sometimes it is useful to seek professional help to avoid getting into even deeper trouble!
How Far can help you achieve financial success
And that’s where Far can help you. They take pride in helping clients who dream of a better future. They will help you make the most of your income so you can finally build your dream home, start your business, retire or find the financial freedom to travel the world! They will help you keep your money . A team of qualified financial experts will chart a course for you and create a solution to manage all aspects of your financial life, so you can finally say goodbye to debt and get on the road to achieving your financial goals. Best of all, you can use their wealth management platform to manage your money in less than 10 minutes! Far has redefined the private banking experience, giving you access to something previously reserved for billionaires around the world! Now you can get personal financial advice for successful money management and investments! The technology does all the work, so you can sit back and not lift a finger. They can help you save money, maximize your income and use deferred tax accounts to reduce your tax liability. In fact, it’s not difficult. If you want to keep your financial resolutions and achieve financial freedom sooner rather than later, Far is a good place to start!
Financial planning posts for new year
The 7 best budget planners to master money management this year How to take control of your finances with a 50-30-20 budget The 10 best handbags not to spend too much on this year
Final thoughts on financial New Year’s resolutions
Every year millions of people around the world make New Year’s resolutions and a week later they have already forgotten them. You may have fallen into this group of people more than once in the past. If this is going to be the year of financial freedom, choose the financial resolutions from this list that fit your goals and take action. When you see the progress being made over the next few months, you won’t regret it! Do you have any other financial solutions? What are your short and long term financial goals? Share it with us in the comments below. We would love to hear from you! Don’t forget to follow us on Pinterest and Instagram for year-round inspiration!
Did you like this message? Postpone!
10 Financial intentions for financial freedom in 2021
1. Spend less than I make 2. Pay off Debt 3. Save for the Future 4. Invest in the Stock Market 5. Learn New Skills 6. Support Charity 7. Motivate Others 8. Lose Weight. Read more about 2021 financial goals and let us know what you think.
Frequently Asked Questions
What resolutions can you make for 2021 to help you with money or finances?
Everyone knows the New Year brings with it a sense of optimism and excitement for the coming year, but what tangible goals can you set for the next 12 months, to help further your financial goals for the year ahead? The markets are scary this year. The last few months have seen a massive rebound that has caused a lot of volatility, and we have not seen the end of it. With the next few months being driven by the markets, I wanted to make a list of personal resolutions for people that will help them with money or finances in this year and moving forward.
What should I do financially in 2021?
In this post we’ll share with you 10 financial resolutions that you can use to achieve financial freedom in 2021. These resolutions will help you make long-term, sustainable financial decisions that will help you reach your goals faster. Financial freedom in the year 2021? This is an ambitious goal, but it’s a lot easier to see your financial future than it may seem. Here are 10 things to do in the next 12 months to help you achieve your financial dreams.
How do you budget for New Years?
In 2017, Americans collectively spent an estimated $13 billion on New Year’s Eve-related spending, and the trend will likely continue into this year, since it’s a time when many people will be putting money aside for their future. However, if you want to avoid overspending on your New Year’s Eve revelry, it’s important to keep your finances in check. In present day, many people find themselves feeling lost. They may have lost their job, their dreams, and they don’t understand why. They’ve been taught one thing, but their experience says a different thing. The first step to financial freedom is understanding yourself. You need to know who you are and what you want before you can take steps to achieve your goals.
Feedback,financial resolutions for 2021financial literacy in 2021financial resolutions for 20202021 financial goals2021 financial tipsnew year financial resolutions 2021,People also search for,Privacy settings,How Search works,financial resolutions for 2021,financial literacy in 2021,financial resolutions for 2020,2021 financial goals,2021 financial tips,new year financial resolutions 2021,top financial topics 2021,7 financial resolutions