2020 has been a year like no other, defined by the COVID-19 pandemic, self-isolation, and a global financial recession. And while it may have been the most challenging year ever, there’s no reason 2021 has to be the same. With a little planning and some focus, it is possible to make 2021 your best financial year yet. Take a look at these 3 ways to help you get started.

1. Start a budget

For your finances to really work for you, start with a budget. It’s the basis of all financial planning. Write down your income and expenses to determine your cash flow. Track your spending constantly, and invest in an emergency fund. Even the smallest savings can grow into something significant. 

2. Set your financial goals

Decide what it is you want to accomplish over the course of the next year in terms of your finances. Do you want to earn more? Invest more? Learn more? Write down your goals to make them more real and to encourage you to stay on track.

Include milestones – smaller tasks – to help you stay focused on achieving your goals. For example, if your goal is to be debt-free in a year, your milestones could include:

• Calculating your current cash flow and working out how much extra you need to pay into your debt to be debt free
• Automatically transferring an amount from your salary to go straight into paying back your debt so you’re not tempted to spend
• Creating a savings fund and setting aside an amount to go into an emergency fund to cover those unexpected expenses that often land you in more debt
• Cutting back on spending any money on eating out, entertainment or coffees for a set period of time
• Celebrating once you clear each debt!

3. Invest more in yourself

If 2020 has taught us anything, it’s that things can change in an instant. Those sudden changes had many people rethinking where they currently are in life, focusing more on the changes they want to make to themselves in the years ahead.

Whether for you that’s learning a new skill via an online course, or finding a better balance between work and home life, decide what changes you want to make in 2021 and then make them!

Be your best financial self in 2021

Part of ensuring 2021 is your best financial year yet, is knowing your mortgage rate is as good as it gets! If you’ve struggled with financial lows this year, there’s never been a better time to get back on track financially with the start of a new year.

Begin by reviewing your existing mortgage, working with a Mortgage Express adviser. Our team has access to a panel of lenders and can work with you to determine if you’re on the best rate available to you. Contact us today to get started.

Disclaimer:

While all care has been taken in the preparation of this publication, no warranty is given as to the accuracy of the information and no responsibility is taken by Mortgage Express Limited for any errors or omissions. This publication does not constitute personalised financial advice. It may not be relevant to individual circumstances. Nothing in this publication is, or should be taken as, an offer, invitation, or recommendation to buy, sell, or retain any investment in or make any deposit with any person. You should seek professional advice before taking any action in relation to the matters dealt within this publication.

A Disclosure Statement is available on request and free of charge.