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2021 New Year’s Resolution Centered Around Being Smarter With Money

Almost three in four people say they have a 2021 New Year's resolution centered around being smarter with money

2020 was a hard year for most, especially when it came to money. In a new survey, 47 percent of people say that 2020 was a difficult year for them financially, and over half-point squarely at the pandemic as the cause. Twenty-three percent of those polled were laid off or furloughed, says Slickdeals, while 34 percent say they had some other type of sudden income loss.

But there were other causes, too. Nearly half (49 percent) say they were paying more bills in 2020 and 42 percent had some medical expenses for which to account. There was also a somewhat unique and unconventional reason finances struggled in 2020: 59 percent say they went overboard on spending due to the sheer amount of boredom the lockdown brought them.

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The survey of 2,005 respondents aimed to reveal how 2020 affected their financial status and how they look at bettering their situation in 2021.

money
Money and its usage. Pixabay

When it comes to how respondents plan to overhaul their financial situation in the new year, 38 percent say they are going to try to get completely out of debt. One-third say they’ll remove unnecessary bills, with another one-third plan on seeking out more deals and discounts while they shop.

ALSO READ: 46% Indians Borrowed Money to Run Households Amid Pandemic

Almost three in four people say they have a 2021 New Year’s resolution centered around being smarter with money. The survey respondents also point to shopping more wisely, refinancing their burdensome loans, getting a part-time job, and approaching their boss for a pay raise, among their new money goals.

They also plan on putting money into savings in the new year. The average respondent said they want to put $327 away per month, with 22 percent planning to save $500 or more. Eighty percent say that having more financial stability will result in a positive domino effect in their life. (IANS)

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