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  • Writer's pictureWarrick

2021 actions that could change your financial future... Forever

Make 2021 a year towards financial success

Hello fellow Protagonists,

Happy new year everyone!

It is time to get back in the driving seat and to start 2021. Let's set 2021 as the year that you are going to change your financial situation for the rest of your lives.

I believe that anybody can change their financial situation to some degree and this is still possible even during times of hardship, similar to what 2020 brought us.

Do not worry about what we may have set ourselves back in January 2020. It was a challenging year that people did not expect, so lets use that energy to move forward and see what we can achieve in 2021.

Have a look over these epic financial actions and see which of them tickle your fancy. Whether you pick n mix some of these actions, focus on all of them, or tailor them to suit your specific situations, I believe these actions could only support you in making 2021 the greatest year financially that you have ever had.

Remember, as usual, that I am no registered financial professional but I will only discuss actions that I have taken myself and felt made a great difference to my financial life and believe that it could also do the same for you. These are not a simple cut and paste set of actions but rather those actions that I have tried and tested.

Action 1: Pay off debt that you have

The fastest way to building wealth is to have excess money available to use. Debt is what prevents this successful cycle from kicking into gear.

Debt is basically paying for your future with your present.

There are two main systems for paying off debt, my favourite is to pick your smallest debt and focus on getting it paid off, even if this is a £100 store card. Tackling debt with higher interest rates makes financial sense but we all know that personal finance is an emotional human problem as well as a mathematical one.

Get the bug for destroying debt and I know this will change your life.

Eventually paying off larger debts, like our cars, can provides some serious stress relief and opens up extra money to use as we wish. This was a huge turning point for me in my journey and I posted about it here.

Action 2: Build an emergency fund

It is time to start putting some money aside for the unexpected. 2020 has shown us that shit happens, sometimes on a personal scale and sometimes on a global scale. The relief of having something to fall on if a large expense or job loss occurs, is massive.

It was not that long ago (back in 2019) that I distinctly remember using my savings to help pay towards our wedding and then having a month or two where any additional unplanned expense would have not been covered, as I had no available liquid cash.

It left a constant anxiety in the background which I did not want to repeat.

Trying to get a solid £1000 in an emergency fund could be a good place to start. From there it is completely up to you, though general advice is to store between 3-6 months worth of expenses. This depends on your preference to security and personal situations.

Either way you will not regret it I assure you!

Action 3: Read a spiritually based book

I know what you are thinking, "What on Earth does a spiritual book have to do with finances"?

Well I believe... everything.

Spiritual books help ground us as people to understand what is important in life. What is essential for us to spend money on and what is not.

I started my financial journey reading money based books and it did certainly help. The greatest changes occurred when I started to read more spiritually based books. You will be surprised how much you can accrue when you stop focusing so much on what you think makes you happier but doesn't, what other people think about your possessions and what the point of buying many of these possessions in the first place actually is.

I will do another post in the future about book recommendations but for now I would suggest focusing on something old and well known. A few google searches will get you there before I consider putting my own list together.

Action 4: Start thinking longer term with your money

It is true that we should be focusing on the present to improve our overall happiness. With our finances we want to also be focusing on the long game. Wealth comes from movements in positive directions and in the choices we make today that will impact us decades into the future.

Re-mortgaging houses and extending the term out will make monthly payments lower but will ensure we end up paying more interest in the longer term. Making minimum repayments on debts also has a similar effect.

It is also never too early to start thinking about what we want out of our lives in terms of retirement, or in reaching a point of financial independence where work can become optional.

As a Millennial, I personally refuse to accept that the government will sort me out when I get to retirement age. I also believe that the opt-in scheme is also too low to reach a comfortable level of retirement.

This means we need to improve our own financial intelligence and create ways to secure our finances for our own futures.

Think about how our decisions will impact us 20, 30, 40 years into the future rather than just what the impact would be this year.

Action 5: Start a side-hustle

Despite this being a pretty consistent tip on financial sources for years now. I only started my own money making side-hustle a few months ago.

The Daily Buff Is more of a hobby for now and has not made me a single penny during 2020 (which is cool as I love writing posts for different reasons) so I decided to flex my haggling muscles to earn a little bit of pocket money dealing with retro gaming and nerdy collectables.

I love both of these things so time spent on this was not seen as a chore, even if my actions of a particular day saw no financial benefit.

Side-hustles can take some time out of the week, especially when juggling a full-time job at the same time. This is why I would suggest taking up something that doesn't feel like additional work that you enjoy.

Even if you don't make any money I bet you will learn a valuable thing or two in the process.

So there are 5 actions to get your teeth into that I believe could make 2021 a year that changes your financial future for the rest of your life.

I think an overarching concept that helped me, that I want to pass to you is to not take things too seriously. Making moves in the right direction is 1000 times better than doing nothing or making decisions that are counter productive.

Enjoy the adventure!

GLHF (Good Luck Have Fun)


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