7 January 2021

New Year, New Experiences: Improve Your Financial Health in 2021

From hardships to unexpected experiences, we can all learn from 2020 and prepare for a better financial future post-COVID.

The new year holds promise of fresh starts for many – especially this year. The start of this new decade has been transformative to say the least, and many people are excited to start anew in 2021. But there are some lessons from 2020 we should take with us as we continue to adjust to our new normal this year.

 

Regroup after financial health hardships

From businesses shutting their doors to companies experiencing layoffs and furloughs, 2020 was not the most lucrative year for many. Fortunately, officials are hopeful that the US economy will improve throughout 2021 and predict unemployment rates to follow.

If you are one of the many that did not reach financial goals set at the start of 2020, don’t despair. Instead of making it your New Year’s resolution to lose that quarantine weight gain, we encourage you to focus on your financial health in 2021. Continue reading for ways we can all learn from 2020 and prepare for a better financial future.

 

Prepare for a new normal – and be ready to fund new experiences

As we all put 2020 behind us, let 2021 be a fresh start for your financial health. Here are a few money management tips that may help you financially prepare for new experiences in 2021:

  1. Create a budget and don’t spend more than you earn. With apps like Mint, you may get a better view of all of your finances in one easy-to-use platform. From there, you may create a sustainable budget that includes outlined financial goals.
  2. Invest your money wisely. Going beyond budgets, there are tools like Personal Capital that may allow you to both visualize your finances while also providing options for investment decisions that may make sense for your goals.
  3. Start a savings account. Services like Qapital may make it easy to set savings goals and rules so that you may set yourself up for a financially healthy future.
  4. Don’t overspend on international money transfers. Traditional money transfer methods may come with high costs and hidden fees, but with digital money transfer solutions like Paysend, people can send money abroad for a flat fee of just $2.

 

If 2020 taught us anything, it’s to expect the unexpected…or at least try to prepare for it. By focusing on your financial health now, you may be ready to resume travel plans, gather with friends and family for momentous celebrations, send money to family and friends abroad and make the memories that were postponed in 2020.

The new year is here but it’s never too late to improve your financial health. Set goals for your spending, saving and investing so you may prepare yourself for a financially healthy future.

While you’re at it, make sure you’re getting the best transfer rates by clicking here to learn more about Paysend’s international money transfers.

 

*Paysend does not guarantee nor expressly endorse any particular product, service or third-party content included in this post.

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