Money Monday: Starting Over

The beginning of a new year is the perfect time for self-reflection. This is why this week’s Money Monday is all about evaluating your last year, personally and financially. Everyone makes new year’s resolutions, but taking the time to evaluate what you did right and the mistakes you made financially over the last year is more beneficial. It gives you a solid foundation for your goals, making them more attainable over the next 12 months. Here are a few tips for how you can start 2021 fresh and with a clear mind ready to take on all your goals!

Assess Your Year

Take the time to look back at your last year - what your budgets were, whether you kept to them or strayed here and there, where you had to expand your budgets, etc. This will help you examine and evaluate where you did well and where you may need to improve. This evaluation process may feel defeating at times, but it will show you the areas where you need to take different steps to aid in reaching your goals.

Eyes On Your Goals

Thinking about your goals is great, but physically seeing them every day will help keep you on track every month. Write down your goals for the new year and how you plan to achieve them, individually or holistically. Then place them in a spot - your bathroom mirror, monthly calendar, daily phone reminders - where you can see them to constantly remind you what you’re working towards. This will motivate you in times when sticking to a budget may seem pointless.

Make A New Budget

The budget that worked for you in 2020 may not be what will work for you in 2021. Take a good look at where you are financially and what you expect your income to look like for 2021. This will help you form a new budget for the year. Make sure to keep savings, financial goals, and monthly expenses in mind for a more realistic budget.