As the year begins, many people are thinking about their resolutions for 2021. It can be losing weight, starting an exercise routine, buying a new car, a new house, going on a trip. Perhaps, some intend to start saving, especially after the economic crisis aggravated by the coronavirus pandemic.
Therefore, experts recommend eight financial goals that you can include in your list of purposes:
1- HAVE A MONTHLY BUDGET
If you are not used to keeping track of your money, this is an excellent time to start. You must know how much money you are spending and what you are spending it on. It is even more important to know how much money goes into your pocket.
There are several applications for IOs and Android that you can download for free. One that I recommend is Monthly Budget. It allows you to make graphs, download files, check your balance, see how much you have spent, and send you alerts when you are about to lose track of your budget.
2- REDUCE ANT EXPENSES
The worst you can do to your finances is having ant expenses and not being aware of them. We are talking about coffee in the morning, potato chips in the afternoon, and everything that disappears in a moment and contributes to empty your wallet.
It helps if you assigned a destination to each peso that goes to your pocket, so you will have it destined to something specific and hardly use it for something else.
3- DON’T DO UNNECESSARY SHOPPING
Even when it''s a sales season, always take at least a minute to think if you really need what you will buy, especially when you go to the supermarket. Always try to carry a list of what you should purchase, and whenever you see something that is not on the list, remember to ask yourself: do I want it or do I need it?
4- PAY DEBTS ON TIME
Debts are one of the most common problems people deal with, and it is not wrong to have debts. What is alarming is when they get out of control and do not know what to do.
Ideally, if you have debts, you pay them immediately, but if you do not have the capital to cover the total amount, make a payment plan to reduce them as much as you can.
5- MULTIPLY YOUR SOURCES OF INCOME
Many people are looking for ways to save or cut down on expenses focusing only on how much money goes out of their wallets. The real problem is that they don''t consider how much money comes in. It would be helpful to look for investments that help you multiply your money.
6 - DIVERSIFY YOUR INVESTMENTS
If you are new to investing, start now. You do not need to invest large amounts of money or be an expert. You can begin in Cetes from $ 100. The joke is that you decide to start.
On the contrary, if you have been investing for a long time, it is time to take the next step and take a risk. Remember that no investment is risk-free, but you must look for other vehicles that leave you higher returns.
7- PLAN YOUR FUTURE (RETIREMENT PLAN)
No matter how old you are, you should always think ahead, and that implies ensuring it. Some plans allow you to choose how much and how to save according to your needs. Look for the best options to start a retirement plan that will enable you to have the lifestyle you are used to when you grow old or in case of disability.
8- INVEST IN FINANCIAL EDUCATION
If you have no idea how you can start to manage your money better, plan your financial goals, boost your money, invest or start your business, the best thing you can do is invest in your Financial Education.
To achieve any goal you set yourself, you must have discipline and commitment. It does not matter how much you want to achieve it if you do not adopt those two words to your lifestyle and make your actions become a habit that will always help you achieve your goals.
Traducción: Valentina K. Yanes