How To Make Your Personal Finance Resolutions for 2021 Count?

2020 was a terrible year in many ways. However, amongst the many downs, there were some ups as well – which brings the question, are we in for a similar experience in 2021?

One thing’s for sure, it is still up to us to manage our expectations appropriately.

By setting an actionable resolution, you will be one step closer to managing your long term financial goals! 

Pen down some of your financial goals of 2021. Be it saving a portion of your income, spending less, investing more or grow your assets etc.

Source: Markus Winkler

Once you have these numbers set in stone, you can start working backwards to find out how much you need to invest or save every month

Place these goals somewhere very visible, like pasting it on the wall or saving it as your phone’s wallpaper. And refer to them frequently to remind yourself of it. You can even work with someone to keep each other accountable.

But if you’re thinking: “I have trouble achieving my financial goals every year, what’s gonna make this year so special?”

We have a few recommendations that will help if you stick to them:


Tracking your finances is the first step to ensuring that you are on track to your financial goals.

Trust me, as you age, your financial commitment increases. The growing number of various bills, subscriptions, bank accounts, expenses, investments, income and many more. Before you realise it, you find yourself unable to keep track of everything. 

Source: Scott Graham

When you are not immediately aware of what you have, what are the chances of making a sound financial decision? It is pretty unlikely that you be on track to your financial goals if you are unaware of your progress.


How does one know if he/she is spending more than he/she should? How can you make sure that you are saving up enough money according to your goal?

By allocating different bank accounts for different purposes, your spending, savings and investing budgets becomes quite clear to you.

Source: MayoFi

For example, i allocate 30% of my income into a bank account to invest, then 20% into another account for savings. Only after doing that, then I allow myself to spend the rest.

This way, my investments and savings amount would not be affected and i can spend the remaining 50% of my income as and when i like, without worrying about overspending.


Tracking expenses may sound like it’s not very useful and tedious at the same time. But i promise you, it is a strong indicator of your monthly cash flow.

After i started tracking my expenses, i found out that my bank account hasnt been growing because i am spending more than i earn and i was able to isolate and reduce all the unnecessary spendings.

By being aware of your total money outflow as well as your money inflow from income, you will have a very clear picture of whether your bank account will be increasing or decreasing.

Source: Susan Yin

On top of that, you will also feel the guilt of spending excessively on unimportant things, which, in my opinion, works very well to cut my expenses greatly.

Do you really need that new iphone when your current phone still works amazingly well? Could you have invested that $2000 and let it grow? Hmmmmm..


Knowledge is power.

When a person expands his mindset and knowledge, almost everything is attainable. Most of the time, people miss out on things in life because they are unaware of it.

Be familiar with topics like different ways of saving, budgeting, investing and insuring.

I believe that if people put in the effort to improve their financial literacy early, I am very very sure it will benefit them later on in life.

Source: Matthew Feeney

I hope that these pointers are valuable and effective for you. It is fine even if it helps just a little. Remember, progress takes time. Don’t be to hard on yourself! Have a great 2021!