Written By: Girl Tyler
The impact of the global pandemic hit individuals and families in a variety of ways. Some are better off than they started while others are experiencing a troubling financial crisis. Saving for a rainy day is an understatement because these days it rains a lot. There’s no way to predict what the economy will look like over the next six months. No matter who you are, everyone is moving into the New Year with a renewed perspective on money. Whether you want to build a healthy savings account, buy your first home, or slash your credit card balance in half, it all begins with setting workable goals and implementing a realistic strategy.
Marsha Barnes, Financial Social Worker and Founder of The Finance Bar passed along a few gems to help you plan ahead for the upcoming year. She says the key to reaching your financial goals starts with your language. How do you speak to yourself when it comes to money?
“Replace ‘I’ll try’ with ‘I will.’ Listen, if 2020 taught us anything it’s to not put meaningless words out into the universe and to stick with what we know we can accomplish,” Barnes said. “Yes, it’s time to get our financial homes in order. Verbalizing words like ‘I’ll try’ or ‘You only live once’ or ‘I don’t like the word budget,’ are all internal excuses that keep us from not making progress.
Your financial goals are less about your annual income and have more to do with your financial outlook. We’ve carried the emotional burdens of money passed down from our grandmothers, moms, and aunties. You have the ability to fix the cycle. Do the innerwork and check your money attitudes at the door.
“We often set out with great intentions to accomplish a financial goal; however, what we overlook is who we are at the core and what mental strength comes with taking us outside of our comfort zone,” Barnes said. Know your triggers. Do some soul searching and aim for goals that fit your lifestyle. Barnes added, “If you’re accustomed to using your credit card for random splurges consistently, remove getting out of debt or reducing debt from your 2021 financial to-do list. Recognize who you are (at this moment) with where you desire to be. Progress over perfection is the goal.”
Here are 7 ways to make your money work for you throughout 2021:
- Reduce spending and track every penny
- Set aside funds to pay off debt
- Monetize your passion
- Start investing
- Do a quarterly check-in with your goals
- Don’t get discouraged
- Reward yourself