2020 has been quite the year no doubts and it’s been hard to have those money conversations or even look at our finances- I’m currently avoiding opening my bank accounts because what I don’t know can’t hurt me, you feel me. Pan- de- mic!!
With all the many lessons this year has come with, one recurring theme for a lot of us has been that things will never be the same again. Whether in terms of work, money, career or life in general. In terms of personal finances, some people have been motivated to take this a little more seriously, some have realized that one stream of income is not enough and some have ventured into starting their own businesses. Whatever the case may be for you, I hope that you find a meaningful financial goal that you can achieve before the year runs out.
Here are some goals you can consider:
- Being more mindful about where your money has gone to in the past and what you are spending your money on for the next seven weeks.
- Creating a budget, updating your current or old budget and sticking to it till the rest of the year. There is a free expense and budget template at the bottom of this post.
- Building your emergency fund, retirement fund and sinking funds.
- Saving for the holidays and making a realistic budget on how much you can truly spend on festivities and gifts. This could include setting how much you want to spend on Black Friday in a few weeks, writing a list and only purchasing items on your list. (The fact that it is marked 80% off doesn’t change the fact that it still costs $400, lool)
- Thinking of ways you can cut down on your expenses such as your phone bill, gym memberships subscriptions and things you no longer use or may not be using at the moment.
- Getting honest with yourself about your finances, where you are financially and where you hope to be in the next year. Setting SMART Financial Goals.
- Thinking of ways to increase your income either by getting a side hustle, requesting a raise or getting another job.
- Setting mini financial goals for yourself that are attainable- this could be saving $20 every week or $200 before the year ends. Think of this as a financial goals sample before 2021.
- Making a plan to reduce your outstanding high interest debt.
- Getting an accountability partner.
- Educating yourself on personal finance, speak to someone.
- Celebrating your little wins!
Bonus: Subscribing to this blog for more finance tips, tricks, a community and finance conversations.
Hope you have enjoyed this post. Please share what mini goals you have set for yourself for the rest of the year and how you plan to achieve that. Personally, I want to save for the holiday gifts and to achieve that, I have cut down my wardrobe budget.