The start of 2021 is only a few weeks away. Are you satisfied with your current financial state in 2020? Is there any wish or goal that you haven’t done yet because of your financial situation? If you answer yes, then it is the right time to start planning a financial resolution so your finances will get better in the upcoming year.
Sure, the COVID-19 pandemic has made everything gone awry, especially the considered effects on your financial state. However, this doesn’t mean that you can’t improve your finances. Let’s see these financial resolution tips that you can learn.
Talk Openly About Finances
This is the first step in making a financial resolution. Be honest and open about your financial state, with yourself, spouse, parents, or your closest friends. Transparency is highly needed to make you aware of your monthly income and expenses. Therefore, you can judge whether your monthly expenses are lower than your income or the other way around.
If it turns out that your expenses are bigger than your income, then you should start learning on how to determine your prioritized needs and which needs are just mere impulse.
Evaluate Your Last Year’s Financial Budget
The next step in creating a financial resolution is to evaluate your last year’s financial budget. Try to remember all your expenses throughout 2020 and how much money you’ve spent. Is the total in line with your set budget, or exceeds beyond limit?
Let’s review it. Track your net income and expenses in the past nine months. This strategy allows you to know whether you have lived in accordance with your financial capacity or not.
Diversify Your Savings
Diversification is an effort to allocate some amount of money that you have to several different savings. For example, you save a certain amount of money in a savings account at bank A, another sum of money in a deposit account at bank B, and the rest to buy gold.
With this step, you have more than one financial “safety net,” each with various benefits. If someday your savings at bank A is empty, you can still fulfill your needs by liquefying your deposit at bank B or selling your gold. Therefore, it’s better for you to diversify your savings so you can make your financial resolution come true and ensure a more secure life.
Check and Improve Your Credit Score
Credit score is a score or grade that each person has, related to their credit activities and used by creditors to determine the appropriate credit. Each person’s credit score, which ranges between 000 to 999, is different from the others. Score above 720 means that your credit history is safe, whereas score below 640 indicates that you must be more careful in managing your credit.
It’s important to remember that the higher your credit score is, the lower your credit risk will be, and vice versa. In other words, if you have a good or high credit score, then you can easily apply for cash loans because you aren’t rated as “risky” by the creditors.
Try to reflect on your credit score throughout 2020; is it good or bad? If you feel that it needs to be improved, do it as soon as possible because it will highly affect your credit score in the future. Make the efforts to improve and increase your credit score part of your financial resolution to celebrate the new year. If you are planning to buy a car or house in 2021 or the upcoming years, then you should start improving your credit score from now on.
Actively Keeping Your Financial Account Privacy
In order to achieve your financial resolution, your financial account privacy must be kept at all times. This effort can be done by you as well as the bank. Just like how PermataBank has released the PermataMobile X application with digital token feature and mobile PIN to ensure the Clients’ privacy and security.
These two features allow Clients to no longer go through repeated authentication processes, such as waiting for OTP SMS. As for the digital token, this feature even allows the Clients to say goodbye to the risky OTP SMS.
Interested to try it? Let’s activate your Digital Token + Mobile PIN now! Once you have downloaded PermataMobile X on your phone with the registered phone number, you only need to activate these two features directly on the app. So, every time you want to pay your bills or perform other banking transactions, you don’t have to change the application or wait for the OTP SMS.
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