I don’t know about you, but I stayed up until midnight to make sure 2020 ended! Here’s to a better 2021. Most of our New Year’s resolutions changed last year. Saving money became washing our hands. Funding our 401k plans became staying six feet apart. For some, staying safe, keeping a roof over their heads and food on the table became the year’s goals. Next year, as soon as your life begins to return to normal, set some financial resolutions. Here are some goals you might consider.
- If you don’t have an emergency fund, create one. The long-lasting economic impact of COVID-19 has caused me to realize how much this matters. Even if you have a job you believe to be secure, start saving a fund that could pay your bills for several months. Break the task into small pieces of two weeks at a time to stay motivated and enthusiastic.
- Review your investment portfolio holdings, expected return, and risk tolerance level. They should allow you to hold your investments through an unexpected downturn like what we experienced last March.
- Fund your company’s retirement plan at least as high as the match. It’s free money you shouldn’t turn down.
- No one wants to think about their estate plan. Still, make sure your documents are up to date and express your wishes.
Of course, your financial plan is more than these steps. However, these resolutions can help make 2021 a more prosperous year!