Better money management is a somewhat common new year’s resolution, but is also hard to achieve without a clear list of goals in mind. According to a study by Fidelity Investments, 65% of Americans plan to make at least one financial resolution for the new year.
If you wish to form better spending and saving habits in 2021, then allow us to give you some tips! Check out these ideas for financial new year’s resolutions.
Replenish Your Emergency Fund
2020 couldn’t have been a better example of a year where an emergency fund was essential. Financial setbacks due to the COVID-19 plagued most Americans in some form or another, and for many, emergency savings accounts came in handy to fill in the gaps. Whether you dipped into your emergency fund this year or haven’t set one up at all, building funds in the form of an “emergency” or “rainy day” savings should be a priority for 2021. When times are uncertain, you can still expect financial stability to be covered.
Revisit Your Debt
Encouraging you to pay off those credit card bills on time would be a financial resolution that doesn’t have much substance. Instead, try implementing a smarter strategy for your debt next year. As the saying goes — not all debt is “bad”. So it might be a good idea to distinguish between the “good” debt (used to pay for a purchase that has long-term value, like a mortgage) and “bad” debt (debt racked up from high interest rates on a credit card.) Maybe 2021 is the year you plan on finally tackling those home renovation projects. Consider refinancing your mortgage with terms that fit for you and your budget.
Sign Up for Mobile and Online Banking
Resolve to never leave your couch in order to check an account again! If you haven’t already signed up for online and mobile banking with 1st Ed, it’s about time that you got on board for insanely easy account monitoring…. wherever and whenever! Make payments, check balances, and even transfer funds from various accounts with Mobile and Online Banking. Talk about staying on top of your finances!
Let Your Purchases Pay Off
Spending less money on groceries or coffees weekly is a financial resolution that most probably hope to achieve next year, but it’s not very easy to remain consistent. Opt for a resolution that will reward you for the purchases you already make by choosing a debit or credit card equipped with perks.
As a member of 1st Ed, you’ll receive 1 point for every $4 in debit signature transactions and 1 point for every $1 in credit transactions with your Visa Platinum. Then redeem those points for rewards that are so much more fulfilling than a cup of coffee.
If strong 2021 money management is on your mind, then thankfully, you’ve come to the right place. Take a look at our helpful list of educational resources and links that will assist you in reaching financial goals in the new year.