As the new year quickly comes around, it’s time to consider what this year’s resolution will be. These resolutions aren’t about working out, eating healthy or losing weight – they're all about money. 2021 is the year to re-think your finances, stick to a budget and rid yourself of debt! Keep reading to find a resolution that works for you. 

Build an Emergency Fund 

If you haven’t started building an emergency fund, that’s the perfect goal to set for the year. Having a back-up when things go wrong can give you more confidence during the unknown. Start setting aside a portion of your paycheck and put it towards a fund that covers a couple months of expenses. Who knows what this year will hold, and we want you to be prepared! 

Save, Save, Save 

If you haven’t opened a savings account yet or just have neglected it for too long, it’s a great year to work on building it. This doesn’t happen overnight, so setting a year-long goal with smaller goals periodically makes saving more realistic and doable. Combine this with your other resolutions, like cutting down on sweets, to put the money you would have spent towards your savings instead. 

Tackle Your Debt 

Everyone’s debt situation is different, so becoming debt-free may or may not be possible in just a year. Either way, a year dedicated to paying off your debt will make a huge difference. Whether you’re holding onto student debt, credit card debt or a different form, you need to set an attainable goal for when you hope to be debt-free and work hard to reach that goal. 

Focus on Retirement 

There’s no such thing as saving for retirement too early. Opening an IRA and putting money aside will lead you to a financially secure retirement. This year, focus on building your retirement fund and investing in your future as much as possible. 

Rethink Your Budget 

Don’t let the idea of a budget scare you away – it doesn’t have to be as complicated as it may seem. If you’ve created a budget before but haven’t stuck to it, start the year off by recreating a budget that is realistic and doable. This is a simple resolution with the hardest part being your commitment to following the budget. 

Finding a New Year’s Resolution isn’t a difficult task – the hard work starts with you following through and sticking to the resolution you choose. Get started on your resolution with Fairfax State Savings Bank by opening a savings account, learning about IRAs and more.