Stop feeling overwhelmed by your financial goals for 2021
Improving finances is one of the top-cited resolutions North Americans make every year. But balancing between other important areas of your life will make sure that the rest of your year, and your life, are more than just dollar signs.
Here’s how you can stop feeling overwhelmed by your financial goals and start achieving a better balance between your finances, your work, and your personal well-being.
Pick a theme for 2021: For MeVest Founder Lesley-Anne Scorgie, the theme was easy to pick — do more with what she has. This means not trying to reinvent the wheel; rather, use her money more efficiently, grow MeVest by giving current MeVest customers even better value versus chasing a new segment, and using up things in her home, her fridge, her closet, and storage rather than buying anything new. Your 2021 theme could be about being more satisfied with your finances, your work and your well-being. Or, perhaps it's all about growth, such as saving more, getting a promotion, and being physically and emotionally stronger. Choose a theme that you can be passionate about.
Limit your financial goals to two realistic ones: Financial goals are hard to achieve when there are too many of them. Limit these to two realistic ones, such as save $5 per day (which, by the way, is $1,825 in a year, or enough for a vacation), open up a TFSA (Canada) or Roth IRA (USA), pay an extra $100 per week on your line of credit (which is an extra $5,200 in payments), learn how to master your budget, or cut back your spending by using only cash.
Love your work: We spend one third or more of our time working, so make the most of your work and you’ll be happier, and that typically means you’ll do a better job, which leads to making more money. Set up to two professional goals, and one we suggest is that you fall in love with your work in 2021. The other goal could be about achieving a raise or promotion, taking courses, or learning a new element of your professional craft.
Be well: What would improve your physical and mental health this year? Going to the virtual gym? Using a guided meditation app like Calm or Headspace? Eating better? Speaking to a counsellor on a regular basis? Making dating a priority? Sleeping more? Stop eating processed foods? Reducing clutter? Purging your home? Aim to set two goals in this category that you can stick to.
