2020 is gone, and 2021 is here. How can you make the new year better than the last? How can you line up your finances so that there’s no need to worry about living paycheck to paycheck or living on your last cents?
Are there money lessons in 2020 that would help you make better financial decisions in 2021? Or even better, help you set more interesting financial goals in 2021?
In this article, you will be exposed to the top 2021 financial goals on Reddit. These goals are from real people, who believe with skill and discipline, they will achieve their financial target and make their lives better.
Hopefully, these goals would inspire you to set better money targets for yourself and learn some financial tactics for achieving more of your money goals.
If you didn’t hit your financial objective in 2020, the new year is another opportunity to try! Get started with GuardianWealth today.
“Has anyone written it down yet? Mine are:
I feel so focused this time around!”
One way to make your goals come alive and become achievable is by taking a pen and paper and writing them down. This may sound like cliché advice, but it works.
Writing your goals makes them tangible and easier to work towards. As the Redditor said, they feel so focused! You should be aiming for something, and writing your goals will give you an extra push.
Become a goal writer.
“I strive to be able to settle into an apartment with my partner and buy all furniture/appliances and be ready to transition into buying a home at the end of that lease, spring ‘22!”
Most Redditors seem to want a new home. Who wouldn’t? Nothing better than what you can call your own.
Maybe this is your goal too. All it should take is a good source of income, and discipline to save for the kind of home you want. Start saving for a home with GuardianWealth today.
“Thanks for reminding me that 2021 is gonna be an amazing year of crushing our financial goals:
This Redditor is not only saving for a long term goal of paying for their partners’ student loans but already working towards their wedding in 2022 — and has a budget target already!
They have their plan mapped out to achieve their objectives — and this is how it should be with your money goals in 2021. It would be best if you had your entire plan drawn out for what you want to achieve.
The details of your plan must be clear and easy to follow.
Here’s what the original poster had to say:
Your wedding will be so much more amazing because you’ve put so much effort into it ahead of time! Congratulations!
Nothing short of the truth! Start saving toward your financial goals with GuardianWealth today.
“Save a minimum of 10K for an emergency fund. If I achieve this, then I should have 12 months of expenses saved.
Increase my 457 contributions to 300 a month. I really want to do a no-spend year, not sure if it’ll happen, though.”
“[A no-spend year] It’s where you don’t buy anything aside from necessities (food, shampoo, toothpaste, etc.). Some people do it for a month or longer.”
A “no-spend year” sounds like an adventurous challenge. Think of it like survival mode. Anyone who takes this up must be in financial zen mode or is merely trying something new.
Suppose you are in a tight financial situation and need to get out fast. The no-spend year may not be the worst idea. Discipline is key if this will yield results.
“My goal for 2021 is to:
While everyone sticks to a 3-6 month emergency fund, this Redditor wants to do something different – 8 months!
The lesson here is: you must be willing to do more than everyone else if you want to get tangible results. You must understand your financial situation is different, and create your own goals and work towards them.
Start saving for emergencies with GuardianWealth today.
Do you see how this Redditor uses words like “Either…, But…, it seems…”, etc.? The general tone of the post does not show a definite plan to hit objectives – if this doesn’t work, another — maybe — should work.
To hit your financial targets, you must be clear on the process that will lead you there. Don’t play a guessing game or do a gamble. It should be “this is what I want, and this is how I will get it.” Start planning for your financial future with GuardianWealth today.
Another easy-to-spot goal among Redditors for 2021 is getting debts cleared: credit card debts, student loans, mortgage, etc.
Everyone wants more money freedom.
“Looking Back [at 2020]:
The Good: I reduced my credit card and car loan debt from $23,298 to $12,620, far surpassing my original goal for 2020.
The Bad: My son’s college graduation was canceled, and our “new to us” car ended up needing over $4,000 in repairs.
The Worst: I lost my mom to COVID, and I miss her so much.
I want to continue what’s been working. We take the first 10% of each paycheck for debt reduction and pay it as extra on our debt, along with continuing the snowball method we started several years ago. Back in 2016, we had over $40,000 in debt on 7+ cards. So it’s been slow but steady progress, and now the end is in sight. Should be debt-free by the end of 2022.
We also want to plan a trip to see our son (he got a job in the city he went to college) once COVID is under control. So hopefully, work will continue to go well, and we’ll be able to take a full week to go see him and visit the city.
We are also planning on paying off the car (and it’s repair bills) and look at trading it in and getting a more reliable one.
And at some point in 2021, I am also going to go on a solo weekend away so I can finally grieve. With all the craziness, restrictions, and uncertainties of 2020, I haven’t been able to do that yet. It’s been simply putting one foot in front of the other. Taking care of the kids, dealing with all the changes, working – due to COVID, no funeral, no family gathering, none of the traditional mourning rituals, so it’s been easier to bury the grief and continue to get through each day. But it’s there and needs expression, so hopefully, I’ll hold it together till I can have the opportunity to deal with it in my own chosen way. (I have a specific destination in mind, but have to wait so I can safely travel).”
Some people want to take it slow and steady — and that’s a good thing. Sometimes, fast and quick leads to more money problems. Why? Because there are always get-quick-rich schemes that look right at the beginning but cause you more losses than you ever had when you eventually see their true nature.
Like this Redditor, have a plan for your money goals. Will 10% of your earnings go into your debt repayment? 15% to savings?
Find what works for you in your current condition and stick to it; what matters is hitting your target at the year’s end, not getting too hasty. Start making a financial plan with GuardianWealth today.
On a topic with the title: “A look back on 2020 and goals for 2021… here’s what a Redditor had to say:
Exceeded savings goals, made significant headway of financial goals, hired a financial team for advice, got a disability and long term insurance. For all the chaos of the year, it was a good year monetarily.
I didn’t do well with working from home. Been there since March, and I’m a social creature. Not being able to vacation was a bummer.
Continue saving and planning. I’m probably more excited for 2022 than in 2021. It’s going to be a variant of 2020 savings goals next year.
Hopefully, go on the May planned vacation. I’m most excited for a vacation or the potential puppy in June.”
Saving is the old hammer that always hits right. This financial principle never gets old.
Find the discipline to save. Do you want a better money outcome at the end of 2021? Good. Learn to put aside a good percentage of your money for tomorrow.
In other words, pay yourself.
You may decide to save for your Emergency Fund (EF), a house, or a car you hope to buy soon. Whatever the objective, having enough money on the side is never a wrong choice. Start saving with GuardianWealth today.
“I’m hoping to break 6-figures TC in 2021! I’m currently at 88k – expecting a merit increase in March and promotion in August, however, it will be my first time getting either at my company, so I have no idea what to expect $ [money] wise.”
You should notice with this Redditor’s comment that reaching their objective depends on two factors they don’t necessarily control.
Will the Redditor be at the job by March? What are the chances they will get that merit increase or even the promotion in August? Their goal is hanging on events they expect would happen.
When setting goals, think of the factors you can control. For example, if you are working at company XYZ, reaching your goals should hang on what YOU CAN DO to get a raise.
How do you increase your contribution to the company? Will you need a conversation with your boss to decide on a raise? Etc. If you set goals based on factors you have no direct say over, it is likely you won’t hit the target.
And that’s it, the top ten money goals from the beautiful people on Reddit.
A key takeaway is that hitting a financial money target requires discipline and proper planning based on your current reality. If you say, “I will earn $300k next year,” what problems are you solving that’ll get you that amount in 365 days?
Do you have a job or business that pays well enough to give that amount of personal revenue? Or are you merely spitballing numbers?
Financial goals that are eventually achieved require a specific target, a deadline, and a method of achieving them. As you set your money goal for 2021, but all of that in mind. Start your journey to financial freedom with GuardianWealth today.