Things to leave behind in 2020
It’s 2021, and that means leaving behind a somewhat controversial 2020. As we start off the year, we’ve put together some tips on what you should you should aim to leave behind in the last year, what habits are no longer working for us, so you can look to replace them in the year ahead.
Stop using productivity hacks and instead…
…set yourself an annual budget.
In Excel set your dream budget, which details how much you would ideally like to save, and your income and expenses each month. Then set a new tab, which details how much you actually spend and save.
This will help you set clear goals, and work to achieve them, as you’ll be able to see a comparison of your month to your target.
Stop dreaming about your moving into a new house or your first home and instead…
…Talk property with your parents and a mortgage broker.
In an ideal world we may be able to get our dream first home, or new house, entirely on our own, but recent stats have shown that family and friends supported nearly one in four purchases in 2020.*
Talk with a mortgage broker about what you can realistically afford, and what your expected deposit would be. So if you need any support from your friends and family, you have a plan where you can show how serious you are, and how any money would be spent. In this chat, be prepared and open for questions before you ask for additional help.
Don’t be unsure on how to handle your debt…
…Resolve to understand your debt.
Often debt becomes so daunting that it can be easy to select to ignore it, or can even make you feel unsure of where to start. This year choose to understand your debt.
Understand where it’s coming from, who you owe it to, learn about how much you owe, when it can be paid off and how much interest it’s included.
Once you begin to take the steps to understand your debt, it may be easier to start a plan and begin the steps to becoming debt free.
*https://www.theguardian.com/money/2020/sep/01/more-uk-homebuyers-turn-to-bank-of-mum-and-dad-as-covid-crisis-bites