For many families, the financial disaster that was 2008 was actually felt in 2009 and even into the 2010s. That’s because damage to the economy trickles down in such a way that a delay is felt—and so that after the markets dip, wages will depress, and you’ll find that products are more expensive in the store. All of this means that 2021—and even 2022—are likely to be tough years, financially. And that’s why it’s worth saving cash now—so that you’re prepared for the bumps on the road ahead.
Setting a target is a great way to get started if you’ve made the responsible decision to enter 2021 with a new economic outlook and the motivation to save, save, save. Setting a target could mean that you want to place a figure on what your household is able to save per month; or it might instead mean that you aim to end the year with, say, $5,000 more to your name. However you choose do it, setting targets will help you work towards savings goals that will reduce your household expenditure in 2021.
Alongside your savings goals will be a whole new budget for your family to follow. Maybe you already had a budget before this year, or maybe you’ve created one of the first time recently. Whatever your budgeting experience, now’s the time to get all hands on deck in reducing your expenditure, noticing unhealthy spending habits, and getting your dollars to go further for your family. No more take-out coffees or lazy order-in meals—you’re trying to save on unnecessary spending in 2021.
There’s always going to be a time for a family to take stock and realize that they are probably not quite going to make it over the line in one particular month. As a family, you’ll be incredibly averse to have the debt collectors come knocking, and instead, you’ll be willing to go to great lengths to ensure you pay your rent or your mortgage payment. That means looking into the litany of short-term loan options available on the market today. Car title loans are recommended if you own a vehicle: here’s a great place to get started in learning about how these simple, short-term loans can work for your family in 2021.
There are new industries popping up all over the world in the wake of the coronavirus. It’s clear that the world is experiencing a watershed moment, and that those involved in high-level business planning are looking to new opportunities for investment, and new companies to invest in. All of these companies will be digital-first, or digital-only. As such, if you’re interested in boosting your family’s financial security, a great way to do it can be to get yourself trained in the skills required for you to be a valuable asset in these new companies. Digital skills—from coding to CMS management—are what you’ll need for better jobs in 2021.
Make 2021 the year you saved responsibly by following the tips outlined above.