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What a trip! Last year was tough on everyone, but we’ve finally made it to the other side! While we may not be ready or able to get back to normal activities, we can begin our journey toward financial recovery, and Professor Pig has set these guideposts for you.
Set Your Sights
Start by taking a fresh, honest look at your finances. Whether you are still out of work or have simply come to realize your income may not be as stable as you once thought, the start of the New Year is a great time to reevaluate your financial goals.
If you are still experiencing financial hardships, you may need to continue concentrating on the bare necessities a bit longer or set your focus on getting out of debt. If your income has stabilized, maybe having kids learning and parents working from home has made a larger home a new priority.
Whatever your financial destination in 2021, setting your sights on new goals and mapping your journey to reach them is the best way to go.
Map Your Journey
Reaching your financial goals starts with a balanced budget. It is just as important as balancing the tires on your car! Revisit your monthly expenses and adjust your budget accordingly. Many of us are spending less on things like gas and tolls but more on groceries and cleaning products. Utility bills have likely gone up as we spend more time at home. If you’ve fallen behind, do your best to catch up quickly to avoid additional interest as well as fines or penalties.
In many cases, the pandemic has created new ways to save money or curb extra expenses, like working out at home rather than in a crowded gym or cooking at home rather than eating out.
Whether you can remain on the same path as last year or need to set a new route, mapping out your journey to financial recovery will help you reach your goals in record time.
Put Yourself in the Driver's Seat
You are in control of your financial journey. Even in the face of economic hardship, making the right choices can put you on the path toward recovery and wealth.
With your destination in mind and map in hand, head over to SmartyPig.com, and set up new high-yield accounts that align with each of your savings goals for the New Year. Put these accounts on cruise control with automatic recurring deposits. Committing to saving any extra income you receive from a raise, bonus, or tax return will put you in the fast lane to financial recovery!
Recovering from a year like 2020 will undoubtedly take time. Remember that no matter your financial situation or goals, it is okay to go slow and take it one mile at a time to get where you want to be.