She Strengthens

Take Control of Your Finances in 2021

Set Realistic Money Goals

Ditch the vague New Year’s resolutions and set specific, achievable financial objectives instead. Use the SMART Method to ensure your goals are:

• Specific: Clearly define what you want to achieve, such as saving for a down payment on a home.
• Measurable: Determine the exact amount you need to reach your goal.
• Attainable: Make sure your goal is reasonable based on your income and lifestyle.
• Relevant: Align your goals with your values and long-term wants.
• Time-based: Assign a realistic timeline to your goal.

Rebuild Your Emergency Fund

The pandemic left many people financially strained. Take this opportunity to reassess your liquidity needs. Have you depleted your savings? When was the last time you calculated how much you should have set aside? Update your emergency fund to reflect changes in your lifestyle.

Optimize Your Budget

Identify areas where you can cut back on unnecessary expenses. Track your spending for 30 days or review last month’s expenses to spot opportunities for improvement. Ask yourself:

• What purchases didn’t bring value?
• How can you avoid unnecessary spending in the future?

Tax Season Prep

Brush up on your tax knowledge to maximize your deductions and avoid costly mistakes. Consult a professional to ensure you’re taking advantage of all eligible deductions and accounting correctly for your business.

Reboot Good Habits

Did you have to dip into your retirement savings or accumulate credit card debt last year? Now’s the time to get back on track. Identify good money habits you want to reinstate, such as regular savings or investment contributions.

Protect Yourself with Insurance

2020 taught us to prepare for the unexpected. Review your insurance coverage, including life, health, disability, and renters/homeowners insurance. Create a plan to acquire appropriate coverage if you’re lacking.

Get Expert Financial Guidance

You don’t need a fortune to get expert financial advice. Schedule a complimentary call with a financial planner to learn how to make smart money moves in 2021.