This year, your New Year’s resolutions might be more cautious than in the past given the continuing Covid-19 pandemic, but now is still the perfect time to chart a path for your future health, finances and more. We recognize that the pandemic has financially affected people in very different ways, however, our top financial resolutions for 2021 offer guidance and hope for everyone in the New Year.
Prioritize Objectives
As you plan for your future, it’s important to have goals and aspirations. They’re a part of what keeps us going. Everyone’s long-term objectives are different, and there are no right or wrong answers. For some, their goals remain the same now as they were prior to the pandemic. However, for others, the experience of Covid has altered long-term objectives due to changes in life values, health, or financial circumstances.
Whatever your aspirations are, take the time to sit down, reflect, articulate your goals, and set a specific plan as to how you’re going to move toward achieving them. Make sure you have actionable steps and a reasonable timeline. Schedule a monthly reminder for yourself to monitor how you’re progressing.
Remember That Money Isn’t Everything
Perhaps one silver lining of the pandemic is a new focus on what’s truly important in life. Material things will always be part of our lives and our goals, but the pandemic has hopefully taught us that our health, family and friendships can be our most valuable achievements and our greatest treasures. Take the time to embrace this recognition as you start the New Year, remembering to prioritize the most fundamental aspects of your well-being and of those you love.
Begin Looking Beyond the Pandemic
The beginning of vaccine administration gives hope that we’re getting closer to moving beyond the pandemic, making it an ideal time to consider what that means for you. In talking with clients, outlooks vary widely. Some people are enjoying more simple lives and hope to continue a trend of spending less in the future. Others are expanding their goals and budgets to enjoy life even more than before.
Whatever your plans are, we encourage you to be realistic about expectations. Extreme plans that involve a significant change in lifestyle seldom go well. For those planning to make long-term cutbacks, keep in mind that you might change your mind once the bustle of life returns to the world. Likewise, for those considering spending more on luxuries and life experiences, remember that you still need to manage your finances in order to enjoy life today and secure your future.
Focus on Recovery
In addition to thinking beyond how you might live your life post-pandemic, ask yourself how you can be part of the recovery. There are millions of people who have been negatively impacted by Covid. We can all try to forge a better path forward through numerous actions. Buying from local businesses and making charitable contributions are two direct ways to help, but money isn’t always required. You can donate your time or your kindness by helping someone else who might need emotional support, assistance with everyday tasks, or career guidance. The world has become far too isolated during Covid. Consider making it a point every week to reach out to help others (in person, or safely from home) to restore greater hope and opportunity.
Simplify
One recommendation that can help everyone’s personal finances is the act of simplifying. The easier you make your finances to manage, the better chance you have of managing them well. Easy steps such as consolidating accounts, setting up automatic bill pay and automatic savings deposits as well as utilizing budgeting apps such as You Need a Budget or Mint can help you keep a better pulse on your money. If getting ahead financially is one of your goals for 2021, give yourself the best chance of making that possible!
SageVest takes a personalized, individual approach in working with all clients, understanding and appreciating their short and long-term goals. We believe in updating our client’s financial plans annually as we know that life, circumstances and objectives are evolving. If you or someone you care about needs assistance formulating actionable steps toward successfully achieving life goals, please visit our newly updated website or contact us here.
