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How to Set Financial Goals for 2021 in Just 3 Steps

Child day dreaming

It is that time of year again. The time we spend looking into the future and imagining a new life for ourselves. Some of us start planning out a strict workout routine while others are focused on spending more time outside. Although all resolutions are encouraged, taking a dive into your financial resolutions for 2021 could put you in the position you want to be in a year from now. We are sharing just 3 steps you can take to head into the new year with a plan that will actually make a difference in your financials.

1. Be realistic

It might be easy to get caught up in the idea of a complete change in your spending habits. Although that might sound like a good idea, it will be harder to keep up with these types of goals after a couple of weeks. If you are looking to cut back on ordering take-out, maybe just allow yourself to order on weekends. If you are working towards lowering your credit card debt, maybe continue to make those payments while only using your credit card every other month.

2. Be specific

Just throwing out ideas is a good way to start, but before the new year begins make sure to quantify these ideas. Separate your goals into short-term and long-term goals, and whether they are specific to saving, budgeting or spending your money. Wherever you can, put down the goal you have as a number so when 2022 comes around you will have a way to reflect and celebrate a goal you were able to reach!

3. Adjust as you go

If there is anything we learned in 2020, its that we never know what the year ahead of us is going to look like. Setting your financial goals is important place to start, but as the year goes by it is okay to adjust some details depending on how life is going. Hopefully you land that promotion you are working towards and you can increase your savings goal. Even if you encounter more bills than what you were expecting, changing that goal to reflect your new payments can help you still stay mindful of how you’re spending your money.

As a client, there are budgeting and saving tools available to help you with your 2021 financial goals. Within the Mobile app you can use the personal financial management tools that help clients understand their spending trends of 2020, which can help adjust their 2021 goals accordingly. Goalkeeper, within our Marketplace, is also available to help our customers start saving efficiently in order to meet those goals.

About the author

Kathleen Barrett

As the Director of Marketing at LendingClub, Kathleen has had experience in the financial services industry for over ten years. Ten years ago, while working for a non-profit focused on helping consumers work their way to financial freedom, Kathleen found her passion for financial education. Her current role puts her at the forefront of online banking trends, allowing her to share her expert advice for your personal financial needs.