Hey BFF’s
I know you’re working on your 2021 resolution. I’m 90% sure you included physical fitness, which is great. But what about your financial fitness? Are you setting yourself up to be financially fit for 2021? If so great! If not (insert side eye), lets discuss ways for you to ensure your finances are in shape throughout 2021.
#1 – Create a plan. Are you looking to save more, pay down debt, buy a new car, take a dope vacation? Whatever it may be, create a SMART (Specific, Measurable, Actionable, Realistic, and Timebound) plan and stick to it. Start small and work your way up.
#2 – Pull your credit report from all three bureaus (Transunion, Experian, and Equifax) and check for errors. If you see an error, dispute it. Make sure you dispute the error from the bureaus it shows up on. There are plenty of free dispute letters online. Find one that matches your needs and mail it in. Or you can dispute directly from the Experian, Transunion, and Equifax site.
#3 – Create a budget and stick to it. Start small with a weekly budget for a month. Progressively work your way to creating a monthly and/or quarterly budget.
#4 – Save! I cannot stress the importance of saving. Build your emergency fund. I like to call it the I got it fund. If a rainy-day or monsoon comes guess what, “I got it.” Create different accounts if you have to. One for the kids, the dog, date night, shopping, etc.
#5 – Audit your finances. One day a week pay your bills, check your accounts, review what you spent this week, and allocate funds for the next week.
#6 – Find an accountability partner. Find someone you don’t mind sharing your financial goals with, who will hold you accountable.
#7- Invest more into your retirement. I pray everyone gets a raise this year. Whatever the incremental increase is, put that towards your retirement. Let’s say you get a 3% raise this year. Act like you never got it and put it towards your retirement.
#8 – Improve your credit score. Make sure you’re paying your bills on time every time. We don’t pay minimums over here, put more than the minimum payment. Although strive to pay it off each month. If you have to keep a balance, keep it below 30%.
Ok friends go get financially and physically fit for 2021.
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