The year 2020 will go down as one of the most turbulent in a generation. While we were plodding along quite nicely, planning our annual summer vacations, considering some home renovations, and thinking about the next step in our careers, all of these came to a dramatic halt when the coronavirus pandemic took hold. Now, we were more worried about keeping our jobs and staying healthy. Fast forward to 2021 and our priorities have really shifted. However, this is not to say that we don’t care about our money – the money matters have simply shifted. Take a look at the sorts of money issues you should be considering in 2021.
If you are keen to see your savings work more aggressively for you in 2021, you need to withdraw a proportion from your bank account to invest in alternative options. Think about bricks and mortar, Forex trading, wine, and cryptocurrency as potential opportunities. Saving for a rainy day is crucial, especially since Covid has emerged. If you want to top up your retirement fund for your twilight years, a second pad which you can rent out and pocket the income from could be ideal. You’ll need to prove affordability to your home loan company but you could have a low risk long term investment that could see you pocketing the equity come retirement date. This long term investment will tie up your cash effectively and see you making a more lucrative return than if your money remained in your bank account.
If you have spent your days at home wondering about the possibility of a new house move, you might want to downsize to save some cash. It may feel like you are going down a few rungs on the housing ladder but you shouldn’t worry too much about status. The most important aspect of starting a new chapter is understanding your money situation and giving yourself a cushion rather than stretching yourself. This global pandemic has allowed us to focus more on our well being and happiness than money. This is why people are considering moving out of the cities and into the countryside for a more relaxing pace of life. If you are planning a move, use this as a great excuse to research the insurance industry and update your life insurance policy.
Covid-19 has seen many people worried about their job stability. If you are eager to make your financial situation a little less turbulent just in case redundancy is looking, think about shifting your debt. Get online and research credit cards. Find a card that offers zero per cent on balance transfers. This way, any payments you make towards your debt will clear the capital and you will have no interest to worry about. You could even consider a personal loan to consolidate your debts into just one monthly repayment. This is ideal if your debt is large and you want to pay it off as quickly as possible.
Follow this guide and consider the sorts of money issues you should be prioritizing this year. Financial success and freedom beckons.
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